In October 2008 the International Working Group (IWG) of Sovereign Wealth Funds (SWFs) adopted the Generally Accepted Principles and Practices (GAPP) for SWFs known as the Santiago Principles (SP).

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) was closely involved in identifying and drafting GAPP, as a member of the International Forum of Sovereign Wealth Funds (IFSWF).

The purpose of GAPP is to identify a framework of generally accepted principles and practices that properly reflect appropriate governance and accountability arrangements as well as the conduct of investment practices by SWFs on a prudent and sound basis.

In accordance with GAPP 24 SOFAZ has published its first self assessment report on its adherence to these Principles and intends to review it on an annual basis.

The International Forum of Sovereign Wealth Funds (IFSWF) was established by the International Working Group of Sovereign Wealth Funds (IWG) on April 5-6, 2009 in Kuwait City, and had its first inaugural meeting in Baku on October 8-9, 2009 . IFSWF is a voluntary group of Sovereign Wealth Funds (SWFs), which will meet, exchange views on issues of common interest, and facilitate an understanding of the Santiago Principles and SWF activities.

For more details: http://www.oilfund.az/SOFAZ_self-assessment(eng).pdf