Sovereign Wealth Fund Accountabilities
A major question looms for many policymakers. Who are sovereign wealth funds accountable to? By examining each sovereign fund’s governance framework, it is paramount to see who is at the top and who do they answer to? There are no generic answers to these questions. Sovereign wealth funds have many key constituencies to address including domestic and foreign parts.
Sovereign wealth funds have a domestic component that must be addressed. This public accountability stems from the sovereign wealth fund being a part of the nation or state. Usually, sovereign wealth funds have a well-defined mission with strategic goals in mind. In democratic regimes, sovereign wealth fund management usually answers to elected officials. In monarchies, the head of state is the primary stakeholder of the fund. For example, the Alaska Permanent Fund manages the state’s oil wealth.
It is accountable to the State of Alaska and its citizens.
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