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Mozambique: Extractives for Prosperity, Vol. II May 2013 Appendix 2B: Generally Accepted Principles and Practices (“GAPP”) – Santiago Principles From the “International Working Group of Sovereign Wealth Funds,” http://www.iwgswf.org/pubs/gapplist.htm/. GAPP 1. Principle  The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s). GAPP 1.1 Subprinciple The legal framework for the SWF should ensure the legal soundness of the SWF and its transactions. GAPP 1.2 Subprinciple The key features of the SWF's legal basis and structure, as well as the legal relationship between the SWF and the other state bodies, should be publicly disclosed. GAPP 2. Principle  The policy purpose of the SWF should be clearly defined and publicly disclosed. GAPP 3. Principle  Where the SWF's activities have significant direct domestic macroeconomic implications, those activities should be closely coordinated with the domestic fiscal and monetary authorities, so as to ensure consistency with the overall macroeconomic policies. GAPP 4. Principle There should be clear and publicly disclosed policies, rules, procedures, or arrangements in relation to the SWF's general approach to funding, withdrawal, and spending operations. GAPP 4.1 Subprinciple publicly disclosed. The source of SWF funding should be GAPP 4.2 Subprinciple The general approach to withdrawals from the SWF and spending on behalf of the government should be publicly disclosed. GAPP 5. Principle  The relevant statistical data pertaining to the SWF should be reported on a timely basis to the owner, or as otherwise required, for inclusion where appropriate in macroeconomic data sets. GAPP 6. Principle  The governance framework for the SWF should be sound and establish a clear and effective division of roles and responsibilities in order to facilitate accountability and operational independence in the management of the SWF to pursue its objectives. GAPP 7. Principle  The owner should set the objectives of the SWF, appoint the members of its governing body(ies) in accordance with clearly defined procedures, and exercise oversight over the SWF's operations. 288
Mozambique: Extractives for Prosperity, Vol. II May 2013 GAPP 8. Principle  The governing body(ies) should act in the best interests of the SWF, and have a clear mandate and adequate authority and competency to carry out its functions. GAPP 9. Principle  The operational management of the SWF should implement the SWF’s strategies in an independent manner and in accordance with clearly defined responsibilities. GAPP 10. Principle  The accountability framework for the SWF's operations should be clearly defined in the relevant legislation, charter, other constitutive documents, or management agreement. GAPP 11. Principle  An annual report and accompanying financial statements on the SWF's operations and performance should be prepared in a timely fashion and in accordance with recognized international or national accounting standards in a consistent manner. GAPP 12. Principle  The SWF's operations and financial statements should be audited annually in accordance with recognized international or national auditing standards in a consistent manner. GAPP 13. Principle  Professional and ethical standards should be clearly defined and made known to the members of the SWF's governing body(ies), management, and staff. GAPP 14. Principle  Dealing with third parties for the purpose of the SWF's operational management should be based on economic and financial grounds, and follow clear rules and procedures. GAPP 15. Principle  SWF operations and activities in host countries should be conducted in compliance with all applicable regulatory and disclosure requirements of the countries in which they operate. GAPP 16. Principle  The governance framework and objectives, as well as the manner in which the SWF's management is operationally independent from the owner, should be publicly disclosed. GAPP 17. Principle  Relevant financial information regarding the SWF should be publicly disclosed to demonstrate its economic and financial orientation, so as to contribute to stability in international financial markets and enhance trust in recipient countries. GAPP 18. Principle  The SWF's investment policy should be clear and consistent with its defined objectives, risk tolerance, and investment strategy, as set by the owner or the governing body(ies), and be based on sound portfolio management principles. GAPP 18.1 Subprinciple The investment policy should guide the SWF's financial risk exposures and the possible use of leverage. GAPP 18.2 Subprinciple The investment policy should address the extent to which internal and/or external investment managers are used, the range of their activities and authority, and the process 289
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Page 238 and 239: Mozambique: Extractives for Prosper
Page 294 and 295: Mozambique Capstone Appendix 3A: Ec
Page 296 and 297: Mozambique Capstone Appendix 3B: So
Page 304 and 305: Mozambique Capstone Appendix 3C: Tr
Page 306 and 307: Mozambique Capstone Appendix 3C: Ib
Page 308 and 309: Mozambique Capstone Appendix 3D: Wo
Page 310 and 311: Mozambique Capstone Appendix 3D: IF
Page 312 and 313: Mozambique Capstone Appendix 3D: IF
Page 314 and 315: Mozambique Capstone Trading Across
Page 316 and 317: Mozambique Capstone Appendix 3E: Na
Page 318 and 319: Mozambique Capstone Appendix 3E: Re
Page 320 and 321: Mozambique Capstone Profiles of the
Page 322: Mozambique Capstone Mozambique Caps
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