The Fondo de Ahorro de Panama Ranked again as one of the Most Transparent Sovereign Wealth Funds by the Sovereign Wealth Fund Institute’s Linaburg-Maduell Transparency Index
Panama | February 13, 2017
The Fondo de Ahorro de Panama (“FAP” or “Fund”) has been recognized, for the year 2016, as second most transparent globally, according to a report by the Sovereign Wealth Fund Institute (“SWFI") and it’s 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 fourth quarter of 2016, giving the Fund a score of 10 points out of 10. This score ranks the FAP in the No. 2 position, alongside other global sovereign wealth funds from countries such as, New Zealand, Norway, Australia, Canada, Chile, and the United States.
José. N. Abbo, Chairman of the Board of Directors, notes that “in just a few years of operations, we have positioned ourselves within the top of the most respected sovereign wealth funds globally, setting an example and a model for transparency”. Similarly, Abdiel A. Santiago M., Secretary of the Fund, commented that "achieving this score again, affirms the Fund's commitment to the highest standards in corporate governance and investments/operational transparency, and keeps us motivated to work harder to maintain our standing among such a select list of sovereign wealth funds".
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 FAP was created by Law 38 of June 5, 2012, which main objectives are:
- Establish a long-term savings mechanism for the Panamanian State; and
- Establish a stabilization mechanism in the case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.
Contact: Administration, +507-394-5776/5706, firstname.lastname@example.org
For additional information visit www.fondoahorropanama.com