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‘Board of guardians’ to manage Sarawak’s sovereign wealth fund

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The eight finance and investment professionals will manage the state’s sovereign wealth fund.

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Free Malaysia Today
Sarawak premier Abang Johari Openg says the state government is looking for guardians who can act professionally and transparently. (Bernama pic)

KUALA LUMPUR:
The Sarawak government will form a “board of guardians”, comprising eight finance and investment experts and professionals, to provide professional management for the state’s sovereign wealth fund.

Sarawak premier Abang Johari Openg said the state government was looking for guardians who can act both professionally and transparently to ensure the fund is well-protected.

“We have to check the personality, integrity and background of our professionals on the board. (They will) not (only be) Sarawakians or Malaysians.

“The board will be multinational and comprise people who have experience in investment in the capital market and as well as multiplying seed capital,” he told reporters at the Fifth Malaysian Banking and Finance Summit 2023 here today.

Abang Johari also said the sovereign wealth fund needed to comply with the Santiago Principles in order to maintain a stable global financial system and free flow of capital and investment.

In terms of managing the fund, he said the state government would ensure that returns will be well calibrated by maximising the fund.

“I have learnt that sovereign wealth funds are a strategy for many countries to invest excess capital in markets or other investments.

“Therefore, we must build up Sarawak’s wealth for the future when our oil and gas reserves run out,” he added.

Sarawak is setting up a sovereign wealth fund with an initial amount of RM8 billion to strengthen the state’s financial sustainability.

On Nov 22 last year, the Sarawak state assembly unanimously passed the Sovereign Wealth Future Fund Board Bill 2022.

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