The Fondo de Ahorro de Panamá Gains Full Membership to the International Forum of Sovereign Wealth Funds
Panama | March 22, 2017
The Fondo de Ahorro de Panamá (“FAP” or the “Fund”) has been admitted as a full member of the International Forum of Sovereign Wealth Funds (“IFSWF”). The IFSWF established the Santiago Principles, which promote best practices for corporate governance, transparency and prudent investment management for sovereign wealth funds.
The IFSWF’s Board of Directors assessed FAP’s management and membership application based on three fundamental pillars: legal framework, institutional framework and investment framework. The IFSWF reviewed FAP's compliance with each such pillar, which is composed of a series of principles and practices established in the Santiago Principles.
José N. Abbo, Chairman of the FAP’s Board of Directors, said “On behalf of our Board, we thank the IFSWF’s Board of Directors for our admission to this select group of sovereign wealth funds, recognizing our achievements in strengthening our institution and in transparency.” Abdiel A. Santiago M., Secretariat of the FAP commented, “We are proud to belong to this global community of sovereign wealth funds, and look forward to working with our fellow members on the collaborative application of the Santiago Principles. Notably, obtaining IFSWF membership is testament to our Board’s commitment to transparency and to the development of the FAP as a world-class public investor.”
The International Forum of Sovereign Wealth Funds (IFSWF) is a global network of sovereign wealth funds (SWF`s) established in 2009 to enhance collaboration, promote a deeper understanding of SWF activity and raise the industry standard for best practice and governance. Central to the IFSWF are the Santiago Principles, which consist of 24 generally accepted principles and practices voluntarily adopted by IFSWF members. The principles endorse transparency, good governance, accountability and prudent investment practices whilst encouraging a more open dialogue and deeper understanding of SWF activities.
For more information about the IFSWF please access here: http://www.ifswf.org/.
About the Fondo de Ahorro de Panamá
The Fund was created by Law 38 of June 5, 2012, whose main objectives are:
- Establish a long-term savings mechanism for the Panamanian State; and
- 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, email@example.com
For additional information visit www.fondoahorropanama.com