Press Release

The Fondo de Ahorro de Panama is Ranked One of the Most Transparent by the Sovereign Wealth Fund Institute’s Linaburg-Maduell Transparency Index

Panama | July 11, 2016

The Fondo de Ahorro de Panama (“FAP” or “Fund”) has been ranked second most transparent, according to a report by the Sovereign Wealth Fund Institute (“SWFI") and its Linaburg-Maduell Transparency Index, which measures the levels of transparency of more than 50 global sovereign wealth funds.

The SWFI recently published its transparency index for the second quarter of 2016, giving the Fund a score of 10 points out of 10, recognizing the Fund's commitment to the highest standards in corporate governance, investment strategies and operational transparency.  This score ranks the FAP in the No. 2 position, alongside other global sovereign wealth funds from countries such as, Norway, Australia, Canada, Chile, the United States and New Zealand.

Fred Kardonski, Chairman of the Board of Directors, notes that “being ranked second in terms of transparency, just behind Norway’s, is an important recognition that has been awarded to our country’s sovereign wealth fund.  Mr. Kardonski, added “speaking for the Board, the Secretariat, and the executive team, we are proud to have reached this position in just three years since our creation; this represents a great honor to our country". Abdiel A. Santiago M., Secretary of the Fund, commented that "this ranking, more than a score, shows the world our commitment to integrity and reaffirms our focus on implementing best practices in terms of corporate governance and operations, particularly given that we are a global investor and one with a long term horizon".

The Linaburg-Maduell Transparency Index rates the transparency carried out by sovereign wealth funds, and was developed by the SWFI in 2008 by Carl Linaburg and Michael Maduell. This index is considered an industry standard and its methodology is based on the following principles: the reason for the creation of the fund, the origin of wealth, its government ownership structure, up-to-date independently conducted audited annual reports, and a clearly outlined investment strategy and management.

For more information about the Index and the SWFI, please visit:


About the Fondo de Ahorro de Panama

The Fund was created by Law 38 of June 5, 2012, whose main objectives are:

  1. Establish a long-term savings mechanism for the Panamanian State; and
  2. Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.

Contact: Administration, +507-394-5776/5706,

For additional information visit