BY JACINTHA JOLENE & SARAH HAFIZAH CHANDRA
KUCHING: The Sarawak Sovereign Wealth Future Board will be managed in a professional and transparent manner by members of the Board of Guardians.
Finance and New Economy Minister Datuk Patinggi Tan Sri Abang Johari Tun Openg said that the board will comprise experts and professionals in the field of finance and investment.
According to him, the ownership in the Fund and all investments and income and returns from investment is vested in the state.
“The Board of Guardians will only be the custodians of the monies in the Fund.
“For the above reasons, the law, if passed will require a high degree of integrity, accountability, transparency, and professionalism from the Board of Guardians and all those in charge of the custody and management of the fund,” he said when tabling the Sarawak Sovereign Wealth Future Board Bill 2022 at the DUN Sitting today (Nov 22).
Abang Johari said the Bill incorporates features of good governance and international best practices in the management and investment of money in the Fund as enshrined in the Santiago Principles.
In addition, he said it is imperative that the Fund and the people managing the Fund be independent of any political interference.
“Therefore, a person will not be eligible to be appointed as a Guardian if he is, at the time of his appointment, a member of a political party or a Member of Parliament or the Legislature or local authority of any state in Malaysia,” he said.
From a governance structure perspective, he said the composition of the Board of Guardians and the establishment of committees such as the risk committee, the remuneration committee, the internal audit committee, the investment committee, and the shariah advisory committee, will be modelled based on the Malaysian Code on Corporate Governance.
“An independent investment advisory panel will also be established to advise on the management and administration of the Fund,” he said.
