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Singapore’s Project Finance Company

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Tharman Shanmugaratnam

The Government of Singapore wants to advance the course of its local industries to emerging markets and transforming economies. Many countries assist local corporations expand through cross-border financing through state-owned export-import banks (EXIMs) and export credit agencies (ECAs). The United States has the Export-Import Bank of the United States. Japan has the Japan Bank for International Cooperation (JBIC), even China and South Korea has their own.

The Government of Singapore is addressing the country’s restricted capacity for big ticket and long-tenure project financing needs in cross-border financing. To address the issue, the Government of Singapore is pushing for the creation of the Project Finance Corporation (PFC). The PFC is expected to be operational in the latter half of 2012 and will be backed by a number of stable financial institutions, including Temasek Holdings. The PFC will also include Japan’s Sumitomo Mitsui Banking Corporation, Standard Chartered Bank PLC, and Singapore DBS Group Holdings Ltd.

Ultimately, the goal of the proposed PFC is to plugs gaps in the financing of larger, long-tenure overseas projects.

From a sovereign wealth fund investor (SWF) standpoint, this is a strategic endeavor for Singapore. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

NZ Super Names Three New Board Members

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New appointments have been made to the Board of the Guardians of New Zealand Superannuation Fund (NZ Super). The appointments were made on July 19, 2018. The three new board members are Catherine Drayton, Simon Botherway and Henk Berkman.

According to the NZ Super press release, “Simon Botherway’s appointment runs from 1 August 2018 to 30 September 2021. He is a professional director with a history in investment, investment regulation and supervision. Other board roles have included his current position as Chair of Serko, a director on Callaghan Innovation and previously being the Chair of the FMA Establishment Board and a member of the Securities Commission.

Henk Berkman will serve from 1 October 2018 to 30 September 2022. He has been Professor of Finance, Department of Accounting and Finance at the University of Auckland since 2008. Mr Berkman has held previous professorial positions at Massey University, University of Sydney and the University of Maastricht.

Catherine Drayton will serve from 1 November 2018 until 30 September 2022. She is a Christchurch-based director who previously led the Assurance and Advisory Practice for PwC in Central Eastern Europe. Her public sector governance experience includes her current role as Chair of Christchurch International Airport and as a member of the University of Canterbury Council. Her experience as a Director of Ngai Tahu Holdings has provided her with iwi governance experience.”

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AIMCo Names Former Talisman Energy Executive to Board

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The Alberta Investment Management Corporation (AIMCo) appointed Jacqueline (Jackie) Sheppard as a member of the board of directors for a term set to expire on June 30, 2021. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Grant & Eisenhofer Reveals Fortis Investors to Receive $1.5 Billion in Mega Settlement

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Law firm Grant & Eisenhofer won a landmark case for its clients after a seven-year legal duel in Dutch courts. On July 13, 2018, the Amsterdam Court of Appeals officially approved the largest securities settlement ever reached in Europe, paving a path for international insurance company Ageas N.V./S.A. to begin payment of US$ 1.5 billion (€1.3 billion) to multiple groups of institutional and individual investors from Europe and the United States. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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