The International Working Group (IWG) of the sovereign wealth funds was established to demonstrate to the countries which receive the investments, that these are carried out under strictly economic and financial criteria. That is why, during 2008, the IWG worked on the development of a voluntary set of Generally Accepted Principles and Practices (GAPP) that are based on the following guiding objectives:
Help to maintain the stability of the global financial system, the free movement of capital and investment; comply with all regulations and disclosure requirements in the countries in which they invest; invest on the basis of the economic and financial criteria and under risk and return considerations; and have a transparent corporate governance that provides adequate operational controls, risk management and accountability. The IWG reached an agreement on GAPP’s in Santiago of Chile, September 22th 2008 - called the "Santiago Principles" - and presented them to the International Monetary and Financial Committee (IMFC), the IMF's policy advisory body; in October 2008 in Washington DC.
