DOHA, Nov 20 (KUNA) -- Members of the International Forum of Sovereign Wealth Funds (IFSWF) signed "The Doha Agreement" at their sixth annual meeting in the Qatari capital on Thursday.
The Doha Agreement guarantees IFSWF's independency, legal personality, independent budget, and headquarters in London, UK, after being affiliated with the International Monetary Fund (IMF).
"I am pleased that this year's event has achieved concrete steps toward delivering on a three-year strategy which we believe will have value for our members and for global markets more broadly," Bader Al-Saad, IFSWF Chair and CEO of Kuwait Investment Authority (KIA) said during the meeting, according to a press release by IFSWF.
Al-Saad also expressed his pride in meeting Qatari Amir Sheikh Tamim bin Hamad Al-Thani, indicating that the Qatari leader stressed importance of independency for sovereign funds in order to work professionally without being distracted by political influences.
IFSWF members had been seeking independency since the Forum's formation, making sure sovereign funds work under governance systems that are uncontrolled by politics in order to attain profits that guarantees a prosperous future.
The International Forum of Sovereign Wealth Funds (IFSWF) was established by the International Working Group of Sovereign Wealth Funds (IWG) in Kuwait City on April 5-6, 2009 (see "Kuwait Declaration").
IFSWF is a voluntary group of Sovereign Wealth Funds (SWFs), which will meet, exchange views on issues of common interest, and facilitate an understanding of the Santiago Principles and SWF activities. (pickup previous)