{"id":3688,"date":"2026-04-29T18:55:17","date_gmt":"2026-04-29T18:55:17","guid":{"rendered":"https:\/\/laip.ly\/en\/?page_id=3688"},"modified":"2026-04-29T20:15:00","modified_gmt":"2026-04-29T20:15:00","slug":"santiago-principles","status":"publish","type":"page","link":"https:\/\/laip.ly\/en\/governance\/santiago-principles\/","title":{"rendered":"Santiago Principles"},"content":{"rendered":"
\n

\"\"<\/p>\n

Santiago Principles<\/h1>\n<\/div>\n
\n
\n

The Santiago Principles\u00ae are a globally recognised set of standards that guide how sovereign wealth funds (SWFs) operate, invest, and manage risk. They were developed and are voluntarily adopted by members of the International Forum of Sovereign Wealth Funds (IFSWF) and consist of 24 principles, known as the Generally Accepted Principles and Practices (GAPP).<\/p>\n

At their core, these principles are designed to build trust. They help ensure that investment decisions are made on clear economic and financial grounds, while supporting transparency, accountability, and sound governance. In doing so, they contribute to the stability of the global financial system and encourage long-term investment.<\/p>\n

At the Libya Africa Investment Portfolio (LAIP), the Santiago Principles are not treated as a formal requirement alone. They are part of how we operate. They shape our internal policies, guide our decision-making, and reflect our commitment to managing national assets responsibly and sustainably.<\/span><\/p>\n<\/div>\n<\/div>\n

\n

Framework Overview<\/h3>\n
\n

The 24 principles are organised into three main areas that reflect the full investment lifecycle, from establishing a clear legal foundation to ensuring strong governance and managing risk and performance effectively.<\/p>\n<\/div>\n<\/div>\n

    \n
  • \n

    I. Legal Framework and Investment Objectives (Principles 1\u20135)<\/h3>\n
    \n

    This area focuses on clarity, ensuring that the organisation operates within a well-defined legal structure, with clear objectives and alignment with national economic policy.<\/p>\n

    In practice, this means that LAIP:<\/strong><\/p>\n

      \n
    • operates within a clear legal and regulatory framework that defines its role and responsibilities;<\/li>\n
    • sets out its investment objectives within a long-term strategy;<\/li>\n
    • takes into account the state\u2019s fiscal and monetary policies when shaping its investment approach, while maintaining operational independence; and<\/li>\n
    • provides relevant and timely information to stakeholders and oversight bodies to support transparency.<\/li>\n<\/ul>\n<\/div>\n<\/li>\n
    • \n

      II. Governance and Institutional Independence (Principles 6\u201321)<\/h3>\n
      \n

      Strong governance sits at the centre of the Santiago Principles. This area focuses on how decisions are made, how responsibilities are defined, and how accountability is maintained.<\/p>\n

      At LAIP:<\/strong><\/p>\n

        \n
      • roles and responsibilities are clearly defined between the Board of Directors and Executive Management;<\/li>\n
      • professional and ethical standards are applied across the organisation;<\/li>\n
      • financial statements are subject to independent audit in line with recognised standards;<\/li>\n
      • all activities comply with applicable laws and regulations in the countries where we operate and invest; and<\/li>\n
      • ownership rights are exercised in a way that supports long-term investment objectives.\n

        Investment decisions are based on careful analysis of risk and return and are taken independently, guided by economic and financial considerations.<\/li>\n<\/ul>\n<\/div>\n<\/li>\n<\/ul>\n

        \n

        III. Risk Management and Performance Monitoring (Principles 22\u201324)<\/h3>\n
        \n

        This area focuses on maintaining a disciplined approach to risk while continuously assessing performance.<\/p>\n

        At LAIP:<\/strong><\/span><\/p>\n

          \n
        • risk is managed through a comprehensive framework covering financial, operational, and legal exposures;<\/span><\/li>\n
        • risks are regularly assessed using established tools and methodologies;<\/span><\/li>\n
        • performance is reviewed against strategic objectives and relevant benchmarks; and<\/span><\/li>\n
        • investment strategies are updated as global economic conditions evolve.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n
          \n

          The Complete Reference Framework <\/h3>\n<\/div>\n
            \n
          • \n

            Principle 1<\/h3>\n

            Legal Framework<\/h3>\n
            \n

            A clear and publicly disclosed legal framework, including its regulatory basis.<\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 2<\/h3>\n

            Objectives <\/h3>\n
            \n

            A clear statement of the fund\u2019s purpose and investment objectives.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 3<\/h3>\n

            Policy Coordination <\/h3>\n
            \n

            Consistency with, and support for, relevant fiscal and monetary policies.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 4<\/h3>\n

            Funding and Withdrawal Rules <\/h3>\n
            \n

            Transparent and well-defined rules governing funding and withdrawals.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 5<\/h3>\n

            Reporting <\/h3>\n
            \n

            Regular reporting to enhance transparency and accountability.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 6<\/h3>\n

            Governance Framework <\/h3>\n
            \n

            A sound governance framework with a clear division of roles and responsibilities.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 7<\/h3>\n

            Operational Independence <\/h3>\n
            \n

            Operational independence in the implementation of strategies.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 8<\/h3>\n

            Owner\u2019s Role <\/h3>\n
            \n

            A clearly defined role for the government as owner.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 9<\/h3>\n

            Management Mandate <\/h3>\n
            \n

            Management operating within a clearly defined mandate.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 10<\/h3>\n

            Accountability and Appointment <\/h3>\n
            \n

            Clear processes for the appointment, oversight, and accountability of management.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 11<\/h3>\n

            Financial Reporting <\/h3>\n
            \n

            Financial statements prepared in accordance with recognised standards and subject to independent audit.<\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 12<\/h3>\n

            Oversight <\/h3>\n
            \n

            Effective internal and external oversight mechanisms.<\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 13<\/h3>\n

            Professional and Ethical Standards <\/h3>\n
            \n

            Adherence to high professional and ethical standards.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 14<\/h3>\n

            Dealings with Third Parties <\/h3>\n
            \n

            Compliance with applicable laws and regulations in recipient countries.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 15<\/h3>\n

            Asset Protection <\/h3>\n
            \n

            A legal framework that safeguards the fund\u2019s assets and rights.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 16<\/h3>\n

            Administrative Independence <\/h3>\n
            \n

            Administrative and financial independence in operations.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 17<\/h3>\n

            Disclosure <\/h3>\n
            \n

            Timely disclosure of material and relevant information.<\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 18<\/h3>\n

            Investment Policy <\/h3>\n
            \n

            A clear and consistent investment policy framework.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 19<\/h3>\n

            Investment Decisions <\/h3>\n
            \n

            Investment decisions based on risk and return considerations.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 20<\/h3>\n

            Market Integrity <\/h3>\n
            \n

            Respect for market integrity and fair competition.<\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 21<\/h3>\n

            Ownership Rights <\/h3>\n
            \n

            Exercise of ownership rights in line with investment policies.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 22<\/h3>\n

            Risk Management <\/h3>\n
            \n

            A robust and comprehensive risk management framework.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 23<\/h3>\n

            Performance Measurement <\/h3>\n
            \n

            Measurement and disclosure of investment performance.<\/span><\/p>\n<\/div>\n<\/li>\n

          • \n

            Principle 24<\/h3>\n

            Review and Compliance <\/h3>\n
            \n

            Regular review of implementation and compliance with the Principles.<\/span><\/p>\n<\/div>\n<\/li>\n<\/ul>\n

            \n

            Why It Matters<\/h3>\n
            \n

            For LAIP, adherence to the Santiago Principles is about more than alignment. It is about building trust and delivering long-term value.<\/strong><\/p>\n<\/div>\n<\/div>\n

            \n
            \n

            It helps us to:<\/span><\/p>\n

              \n
            • protect and grow national assets responsibly;<\/span><\/li>\n
            • maintain confidence among stakeholders and partners;<\/span><\/li>\n
            • manage risk in a consistent and disciplined way; and<\/span><\/li>\n
            • ensure that our investments support long-term strategic priorities.
              <\/span><\/li>\n<\/ul>\n

              By embedding these principles into how we work, LAIP continues to strengthen its role as a long-term investor contributing to sustainable economic development.<\/span><\/p>\n<\/div>\n<\/div>\n


              \n<\/p>\n","protected":false},"excerpt":{"rendered":"

              Santiago Principles The Santiago Principles\u00ae are a globally recognised set of standards that guide how sovereign wealth funds (SWFs) operate, invest, and manage risk. They were developed and are voluntarily adopted by members of the International Forum of Sovereign Wealth Funds (IFSWF) and consist of 24 principles, known as the Generally Accepted Principles and Practices […]<\/p>\n","protected":false},"author":5,"featured_media":1029,"parent":28,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-3688","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nSantiago Principles • Libya Africa Investment Portfolio<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/laip.ly\/en\/governance\/santiago-principles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Santiago Principles • Libya Africa Investment Portfolio\" \/>\n<meta property=\"og:description\" content=\"Santiago Principles The Santiago Principles\u00ae are a globally recognised set of standards that guide how sovereign wealth funds (SWFs) operate, invest, and manage risk. 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