Panama’s sovereign savings fund was recognized as the world’s second most transparent according to a report by the Sovereign Wealth Fund Institute (“SWFI”) and its Linaburg-Maduell Transparency Index, which measures levels of transparency of more than 50 sovereign funds worldwide.
According to a press release of the Panama’s Sovereign Savings Fund, the SWFI recently published its transparency index for the second quarter of 2016, qualifying Panama’s sovereign savings fund with 10 points of 10, recognizing its commitment to manage its operations with the highest standards of corporate governance, investment strategies and transparency. With this rating, Panama’s sovereign savings fund is in the second position, only one spot below Norway.
This Linaburg-Maduell Transparency Index was developed in 2008 and has since been used worldwide, by sovereign wealth funds in their official annual reports and statements, as the global standard benchmark.
“Being qualified as second worldwide, behind Norway in terms of transparency, is a very important recognition that is given to our country’s sovereign fund” said Fred Kardonski, Chairman of the Panama’s Savings Sovereign Fund Board of Directors.
Similarly, Abdiel Santiago, Panama’s Sovereign Saving Fund Secretary, said that “this qualification -more than just a score – represents our commitment to the world on integrity and reaffirms our focus on implementing best practices of corporate governance and operations”.