The MIF enabling law should “articulate a clear objective” and identify the sources of funding to allow for future surpluses or revenue as the country’s economy evolves, the think tank said.
In addition, Milken Institute proposed a governance structure with clear delegation of duties, operational accountability and disclosure policies based on the Santiago Principles, referring to 24 internationally accepted principles and practices for SWFs. “Consider using investment professionals and independent experts to manage and oversee the fund for enhanced financial expertise and political neutrality,” Milken Institute added.
Another suggestion is that the SWF should be equipped with a long-term investment strategy, along with performance benchmarks that are aligned with short- and long-term goals, minimal currency risk, as well as a range of indicators to measure financial performance, ESG [environmental, social and governance] risk, and developmental goals.
The deputy speaker added that in conducting an inventory of what could be sold, the strategic value of a company “should come ahead of the chance to make a fast buck out of the sale.”
jiandradeINQ RonWDomingoINQ By Michael Milken who was convicted for securities fraud. 😀
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