KUCHING: Datuk Seri Wong Soon Koh has expressed his approval of the announcement made by Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg regarding the composition of the Board of Guardians for the Sarawak Sovereign Wealth Future Fund.
The Parti Sarawak Bersatu (PSB) president remarked that the appointed individuals are highly qualified, as the Premier noted, consisting of “experts and professionals in fields of finance, investment, legal, and governance.”
“As we all know, a Sovereign Wealth Fund is a state-owned investment fund operated and managed on behalf of the people of Sarawak. The fund is to be invested globally in real and financial assets, such as stocks, bonds, real estates, precious metals or in alternative investments such as private equity funds or hedge funds,” Wong said.
“I would like to applaud the Premier for appointing a good spectrum of leaders from different professional backgrounds to the Board of Guardians.”
Wong emphasised the importance of adhering to the constitution of the Sarawak Sovereign Wealth Fund of Board Ordinance, 2022, passed by the State Legislative Assembly on Nov 22 last year. He underlined the comprehensive nature of the Bill, which encompasses management principles and incorporates checks and balances at all levels.
He also highlighted that the management of the Fund is based on the ‘Santiago Principles,’ global standards that stress transparency and accountability in the operation of Sovereign Wealth Funds.
He also praised Abang Johari for meticulously studying various models used to manage and operate Sovereign Wealth Funds through visits to the United Kingdom, Norway, and Singapore.
However, Wong cautioned against political manipulation of the Fund and stressed the importance of managing it with utmost transparency and accountability.
Premier Abang Johari had earlier announced the appointment of nine distinguished professionals to the Board of Guardians, with former Federal Court judge Tan Sri Datuk Seri Panglima Sulong Matjeraie serving as the chairman.
