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Sovereign Funds Agree on Conduct

Posted Mar 20, 08 5:35 PM CDT in World,  Business 

(Newser) – Investment funds bankrolled by the governments of Abu Dhabi and Singapore agreed today with US Treasury Secretary Henry Paulson on guidelines aimed at allaying fears of political interference by the sovereign wealth funds, the Wall Street Journal reports. Decisions should be “based solely on commercial grounds," a statement reads, "rather than to advance … the geopolitical goals of the controlling government."

The statement also said recipients of funds' investments shouldn’t discriminate against the funds. Other international bodies are also working on developing best practices for the funds, which have drawn attention as they accumulate wealth and invest in US companies. The two biggest players, one from Singapore and the other from Abu Dhabi, recently ranked at the bottom of a best-practices “scorecard.”

Source Wall Street Journal

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Chart shows the number of sovereign wealth fund deals and their value   (AP Photo)
Treasury Secretary Henry Paulson speaks to the media outside the White House.   (AP Photo/Ron Edmonds)
Treasury Secretary Henry Paulson speaks to the media outside the White House in Washington, Monday, March 17, 2008, following a meeting with President Bush.   (AP Photo/Ron Edmonds)
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