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Assessing the effectiveness of sovereign wealth fund governance and regulation through the Santiago principles and the international forum of sovereign wealth funds.

Chijioke-Oforji, Chijioke (2019). Assessing the effectiveness of sovereign wealth fund governance and regulation through the Santiago principles and the international forum of sovereign wealth funds.. (Unpublished Doctoral thesis, City, University of London)

Abstract

The rise, in the last decade, of government-owned investment vehicles – Sovereign Wealth Funds (SWFs) has provoked concern in several economies where these entities invest. Common concerns associated with these funds include a potential for strategic or geopolitical investments, a lack of transparency, poor governance and operational independence, anti-competitive conduct and a potential to disrupt the proper functioning of international capital markets.

The intersection or some might say, collision of the activities of SWFs and the concerns of their hosts sparked an international campaign to codify a set of best practices for these entities. Far from the genuine international regulation intended by their hosts, the emergent construct was a self regulatory framework reflected in the Santiago Principles and the International Forum of Sovereign Wealth Fund Funds (IFSWF).

Questions have long been raised about the ability of these twin structures to effectively regulate the activities of SWFs in the broader public interest. This thesis responds to this debate. Its central argument is that the Santiago Principles and the International Forum are unlikely to constitute an effective Self-Regulatory regime for SWFs. This conclusion is premised on the limited ambition of the principles, relative to the founding policy objectives, the absence of independent monitoring and enforcement, the underwhelming levels of compliance even with this deeply troubled standard and the limited governance, Transparency and accountability of the forum.

Publication Type: Thesis (Doctoral)
Subjects: K Law
Departments: Doctoral Theses
Doctoral Theses > The City Law School Doctoral Theses
The City Law School
URI: https://openaccess.city.ac.uk/id/eprint/22628
[img] Text - Accepted Version
This document is not freely accessible until 31 August 2022 due to copyright restrictions.

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