## Press Release: International Working Group of Sovereign Wealth Funds is Established to Facilitate Work on Voluntary Principles

_IMF News, May 1, 2008_

## Source details

**Canonical URL:** [Press Release: International Working Group of Sovereign Wealth Funds is Established to Facilitate Work on Voluntary Principles](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0897)

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## Bibliographic details
- Published: May 1, 2008

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### Meeting summary and timeline
- Press Release No. 08/97
- Date: May 1, 2008
- From April 30-May 1, 2008, representatives of Sovereign Wealth Funds (SWFs) met at IMF Headquarters in Washington, D.C.
- The meeting facilitated a useful exchange of views among the SWFs, recipient countries, and representatives from the Organization for Economic Cooperation and Development (OECD) and the European Commission.
- Participants agreed that SWFs invest on the basis of economic and financial risk and return related considerations.
- An International Working Group of Sovereign Wealth Funds (IWG) was formally established by the meeting to present by October 2008 a set of SWF principles that properly reflects their investment practices and objectives.

### IWG composition and leadership
- The IWG is comprised of representatives from 25 IMF member countries.
- The IWG is co-chaired by:
  - a senior representative of the Abu Dhabi Investment Authority (ADIA), and
  - the Director of the IMF's Monetary and Capital Markets Department,
  - who were selected by the participating SWFs.

### Objectives and planned work
- Aim: to agree on a common set of voluntary principles for SWFs, drawing on the existing body of principles and practices.
- Purpose: to help maintain the free flow of cross-border investment and open and stable financial systems.
- The IWG will conduct working level meetings over the coming months.
- The IWG will provide SWFs with opportunities to give and receive feedback and will strive to enhance good mutual understanding among its members and other parties.
- Deadline: present a set of SWF principles by October 2008.

### Role of the IMF
- Throughout this effort, the IMF will provide the secretariat to facilitate the group's discussions and meetings.

### Members and observers
- IWG member countries are: Australia, Azerbaijan, Bahrain, Botswana, Canada, Chile, China, Equatorial Guinea, Iran, Ireland, South Korea, Kuwait, Libya, Mexico, New Zealand, Norway, Qatar, Russia, Singapore, Timor-Leste, Trinidad & Tobago, the United Arab Emirates, the United States, and Vietnam.
- Saudi Arabia, the OECD, and the World Bank will participate as permanent observers.

*Source: IMF Press Release No. 08/97, May 1, 2008.*

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## References

- [PRESS CENTER](http://presscenter.imf.org/)
- [October 2007](https://www.imf.org/external/np/cm/2007/102007a.htm)
- [April 2008](https://www.imf.org/external/np/cm/2008/041208.htm)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0897_