
Meet the press: Abang Johari announcing the appointment of the state sovereign wealth fund’s board of guardians. With him (from left) are Talat Mahmood, Deputy Premier Datuk Amar Douglas Uggah, Wan Lizozman and State Secretary Datuk Amar Mohamad Abu Bakar Marzuki. — ZULAZHAR SHEBLEE/The Star
KUCHING: Sarawak’s Sovereign Wealth Future Fund is set to start operations next year following the appointment of its board of guardians, says Premier Tan Sri Abang Johari Tun Openg.
He said the nine-member board, whose appointment was approved by the state Cabinet on July 27, would be led by former Federal Court judge Tan Sri Sulong Matjeraie as chairman.
The other members include former Sarawak Cabinet minister Tan Sri Leonard Linggi, former PETRONAS chairman Tan Sri Ahmad Nizam Salleh, former Shell Malaysia chairman Datuk Iain John Lo, and former Sarawak Economic Development Corporation general manager Datuk Soedirman Aini.
Investment experts Grainne Dooley and Mohsen Fahmi are also on the board, while state Attorney General Datuk Seri Talat Mahmood Abdul Rashid and state financial secretary Datuk Seri Wan Lizozman Wan Omar are ex-officio members.
Abang Johari said the board’s initial term would be for three years.
“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 yesterday.
He said the fund would start with an initial appropriation of RM8bil from the state and subsequently receive scheduled annual appropriations.
“The fund is estimated to grow sustainably with no withdrawals except in critical events or when it performs better than targeted.
“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,” he said.
Abang Johari added that the fund’s accounts and annual report of activities would be laid before the Sarawak legislative assembly and its annual budget approved by the state Cabinet.
He also said the fund would subscribe to the international Generally Accepted Principles and Practices (GAPP) for sovereign wealth funds, which advocates transparency, accountability, a good governance structure and sound investments.
In addition, Abang Johari said 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 fund.
“This will also allow us to network and share knowledge on best practices with other sovereign wealth funds,” he added.