The Santiago Principles or formally the Sovereign Wealth Funds: Generally Accepted Principles and Practices (GAPP)[1] are designed as a common global set of 24 voluntary guidelines that assign best practices for the operations of Sovereign Wealth Funds (SWFs).[2][3][4][5][6] They are a consequence of the concern of investors and regulators to establish management principles addressing the inadequate transparency, independence, and governance in the industry. They are guidelines to be followed by sovereign wealth fund management to maintain a stable global financial system, proper controls around risk, regulation and a sound governance structure.[7]
As of 2016 30[8] funds have formally signed up to the Principles and joined the IFSWF representing collectively 80% of assets managed by sovereign funds globally or US$5.5 trillion.[9]
The principles are maintained and promoted by the International Forum of Sovereign Wealth Funds (IFSWF)[10][1] and whose membership have to either have implemented or aspire to implement the principles.[11]
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