KUCHING (August 14): Prime Minister Datuk Patinggi Tan Sri Abang Johari Tun Openg announced today that the Sarawak Sovereign Wealth Future Fund will begin operations on January 1st next year with an initial grant of RM 8 billion from the government.
“Our sovereign wealth fund will then receive a scheduled annuity. The fund is projected to grow sustainably without any pullbacks except if any potential critical events occur or the fund performs better than targeted.
“The Fund will be managed in accordance with the investment policy and mandate of the Fund, that is, to ensure long-term risk-balanced real growth in its invested assets.
“The fund’s account and annual report will be submitted to the Sarawak State Legislature (DUN) and its annual budget will be approved by the State Cabinet,” he said at a press conference at Wisma Bapa, Malaysia in Petra Jaya. .
Abang Johari said the Fund will be professionally and transparently managed by a Protection Board, which consists of experts and professionals in the fields of finance, investment, law and governance.
He said the elections for the Conservation Board nomination were clearly described in the 2022 Sarawak Sovereign Wealth Future Fund Board Regulations adopted at the Sarawak DUN on November 22 last year.
He said the State Cabinet approved on July 27 this year the appointment of nine members of the Fund Protection Board, including the President, to join the Board.
The Prime Minister said that the Fund’s Protection Board will be headed by Tan Sri Datuk Seri Panglima Sulong Matjeraie, a former Federal Court Judge at the Palace of Justice in 2012.
Sulong has over 30 years of legal and judicial experience. Prior to his career in the judiciary, he had served the state government for 17 years in various leadership capacities.
Currently, Sulong is the Chairman of the Board of Universiti Malaysia Sarawak (Unimas) and also holds several directorates in publicly traded companies.
Abang Johari also announced eight outstanding professionals as members of the Fund Protection Board.
1. Tan Sri Datuk Amar Leonard Linggi Jugah, chairman of Limar Group and active in charities and community services. He is also the chairman and trustee of the Tun Jugah Foundation and the Dayak Cultural Foundation, respectively.
He became one of the pioneers responsible for the establishment of the Dayak Chamber of Commerce and Industry in 2003 and is still the Advisor to the Chamber High Council.
2. Tan Sri Ahmad Nizam Salleh is the former chairman of Petroliam Nasional Berhad (Petronas) from 2018 to 2021 and before that he served in various leadership positions for Petronas for 37 years.
Ahmad Nizam is currently the chairman of KLCC Group of Companies and chairman of Pelaburan Hartanah Berhad.
3. Datuk Iain John Lo is the former chairman of Shell Malaysia Ltd. and has over 30 years of extensive experience and roles in the Shell business, both in Malaysia and abroad.
He is currently the independent non-executive director of RHB Bank Berhad, RHB Investment Bank Berhad and Digi Telecommunication.
4. Grainne Dooley has substantial experience in investment and fund management, is well qualified in corporate governance and has an impressive knowledge of financial matters, having served on numerous highly regulated financial services boards.
He currently holds non-executive board roles at fund management companies such as Interactive Brokers (Ireland), Haven Green Investment Management and Forestay Capital II.
5. Mohsen Fahmi spent most of his career in the US and UK, with his last assignment at Pacific Investment Management Company LLC (PIMCO) USA as a member of the Investment Committee involved in setting investment strategy for the company’s US$2.0 trillion assets.
He is also a member of the Charitable Foundation Investment Advisory Committee.
6. Datu Soedirman Aini has served the provincial government for 24 years in various leadership capacities, and before that he worked for Petronas for 13 years.
Currently, he is the director of Permodalan Nasional Berhad and sits on the boards of several government affiliated companies and non-governmental organisations.
7. Dato Sri Talat Mahmood Abd Rashid is the Sarawak State Attorney General and will be an ex officio member of the Board.
9. Dato Sri Dr Wan Lizozman Wan Omar is the State Financial Secretary of Sarawak and will be an ex officio member of the Board.
Abang Johari believed that the diverse and extensive experience and strong credentials of these outstanding professionals would be an invaluable and huge advantage for the Fund as it progresses in achieving its goals.
“After completing their assignments, we aim to launch the Fund in 2024, putting all structural and governance frameworks in place,” he said.
He told a question that such appointments would be designed for a period of three years.
He pointed out that the main purpose of the Fund is to protect and invest in the funds for the sustainable growth and maximum return of the Fund, in the interests of the State and future generations of the people of Sarawak.
He pledged that the establishment of the Fund will adopt international best practices, including the Generally Accepted Principles and Practices for Government Wealth Funds (GAPP), better known as the ‘Santiago Principles’, which have also been adopted by most sovereign wealth funds. In the world.
“GAPP advocates the principles of transparency, accountability, good governance structure and sound investment. These principles are also adopted and institutionalized in the establishment of the Fund.
“We will participate as a member of the International Sovereignty Fund in our effort to apply the highest standard of governance and transparency in managing our sovereign wealth fund, while allowing us to network with other global sovereign wealth funds and share knowledge on best practices. Wealth Funds (IFSWF) Most of the established global sovereign wealth funds are members of the IFSWF,” he said.
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