HP-1197: Deputy Secretary Kimmitt Statement on IWG Agreement <script type="text/javascript"> var wmNotice = "UNT Web Archive - External links, forms, and search boxes may not function within this collection. Url: http://treasury.gov/press/releases/hp1197.htm time: 5:55:15 Jan 09, 2009"; var wmHideNotice = "hide"; var contextRoot = "https://webarchive.library.unt.edu/eot2008/"; </script> <script type="text/javascript" src="https://webarchive.library.unt.edu/eot2008/js/disclaim.js"></script> <br>on Generally Accepted Principles and Practices for Sovereign Wealth Funds



	October 11, 2008 HP-1197 Deputy Secretary Kimmitt Statement on IWG Agreement on Generally Accepted Principles and Practices for Sovereign Wealth Funds Washington– Deputy Secretary of the Treasury Robert M. Kimmitt issued the following statement on today's release of the International Working Group of Sovereign Wealth Funds' (IWG) Generally Accepted Principles and Practices for Sovereign Wealth Funds: "I welcome today's release of the International Working Group of Sovereign Wealth Funds' (IWG) Generally Accepted Principles and Practices for Sovereign Wealth Funds, known as the `Santiago Principles.' During these difficult times in the financial markets, we are encouraged by the cooperative spirit and actions of the 26 countries with SWFs that worked on these principles. I am confident that these Principles, along with efforts by the Organization for Economic Cooperation and Development (OECD) to promote sound inward investment policies by recipient countries, will reduce protectionist pressure by helping support a stable global financial system and a level playing field for worldwide open investment. Providing clarity and more certainty in turbulent times is welcome, and the United States congratulates the IWG on its achievement. "The Santiago Principles respond to key macroeconomic, financial market, and investment issues raised by the rapid growth in the size and number of Sovereign Wealth Funds globally. Implementation of the Principles by Sovereign Wealth Funds will promote a better understanding of their institutional and operational practices. On the recipient side of the investment equation, the broadly-accepted principles identified by the OECD – non-discrimination, transparency, predictability, proportionality, and accountability – characterize open investment policies and are guideposts against which countries that receive sovereign wealth investments can measure their inward investment policies." Note: The International Working Group of Sovereign Wealth Funds (IWG) report is available at: http://www.iwg-swf.org/. -30-