Former Federal Court judge Tan Sri Sulong Matjeraie has been appointed chairman of the Sarawak sovereign wealth fund board of guardians. - ZULAZHAR SHEBLEE/The Star
KUCHING: Former Federal Court judge Tan Sri Sulong Matjeraie has been appointed to lead the Sarawak Sovereign Wealth Future Fund's board of guardians, says Tan Sri Abang Johari Tun Openg.
The Sarawak Premier also announced the appointment of eight other board members comprising experts and professionals in the fields of finance, investment, legal and governance.
They include former MP and Sarawak Cabinet minister Tan Sri Leonard Linggi, former PETRONAS chairman Tan Sri Ahmad Nizam Salleh and former Shell Malaysia chairman Datuk Iain John Lo.
Former Sarawak Economic Development Corporation general manager Datuk Soedirman Aini and two investment and fund management experts Grainne Dooley and Mohsen Fahmi are also on the board.
Sarawak Premier Tan Sri Abang Johari Tun Openg (centre) announcing the appointment of the state sovereign wealth fund's board of guardians, flanked by Deputy Premier Datuk Amar Douglas Uggah (left) and state financial secretary Datuk Seri Wan Lizozman Wan Omar. - ZULAZHAR SHEBLEE/The Star
State Attorney General Datuk Seri Talat Mahmood Abdul Rashid and state Financial Secretary Datuk Seri Wan Lizozman Wan Omar were appointed as ex-officio members of the board.
Abang Johari said the board of guardians' term would run for three years.
"I believe the diverse and extensive experience and strong credentials of these distinguished professionals will be invaluable and of great advantage to the fund moving forward in achieving its objectives.
"Upon finalising their appointments, we target the fund to commence in 2024, having put in place all the structural and governance frameworks," he told a press conference here on Monday (Aug 14).
The board's appointment comes after the legislative assembly passed the Sarawak Sovereign Wealth Future Fund Board Ordinance on Nov 22 to establish a body as custodians of the fund.
Abang Johari said Sarawak's sovereign wealth fund would start with an initial appropriation of RM8bil from the state and subsequently receive scheduled annual allotments.
He said the fund was estimated to grow sustainably with no withdrawals except in critical events or when it performs better than expected.
"The fund will be managed strictly in accordance with its investment policy and mandate to deliver long-term risk-balanced real growth in its invested assets.
"The fund's account and its annual report of activities will be laid before the Sarawak state assembly and its annual budget will be approved by the state Cabinet," he said.
Abang Johari also said the fund would subscribe to the international Generally Accepted Principles and Practices for sovereign wealth funds, which advocates transparency, accountability, good governance structure and sound investment.
He added that Sarawak would join the International Forum of Sovereign Wealth Funds as part of efforts to apply high standards of governance and transparency in managing its wealth fund.
"This will also allow us to network and share knowledge on best practices with other global sovereign wealth funds," he said.
