Research Handbook on Sovereign Wealth Funds and International Investment Law
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Research Handbook on Sovereign Wealth Funds and International Investment Law

Edited by Fabio Bassan

Research on the role of sovereign investments in a time of crisis is still unsatisfactory. This Research Handbook illustrates the state of the art of the legal investigation on sovereign investments, filling necessary gaps in previous research. Current focus is based on investment flows and trends, grounded in economic scenarios and objectives. Conversely, investigations from a legal standpoint are still few, namely disregarding the host states’ concerns about sovereign investments goals and tools. Hence, most of the many relevant drivers that affect current sovereign investments, be they FDI or portfolio investments, remain unexplained. This book investigates the juridical foundation of sovereign investments and extends our frontier of understanding.
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Chapter 4: Santiago GAPPs and codes of conduct: Limits and chances of negotiated rules

Locknie Hsu


It has been six years since the Santiago Principles (the Principles) were established by the International Working Group on Sovereign Wealth Funds. The Principles are non-binding and represent an effort to promote self-governance among SWFs, given their unique nature and relationship with governments. Questions raised regarding the Principles include their effectiveness in promoting their objectives, compliance and what institutional mechanisms may best increase the chances of compliance. What is perceived as the Principles’ disadvantage – the fact that they are non-binding principles – might also be argued to be their strength. This chapter examines the activities and debates that have occurred since establishment of the Principles, the implications and the way forward. It discusses the formation of the Principles and the standing body, the International Forum of Sovereign Wealth Funds. The diversity of the members of the Forum and associated challenges are also addressed in assessing the Principles’ effectiveness. The chapter also includes a discussion of the surveys carried out by the International Forum of Sovereign Wealth Funds in 2011 and 2013, the inherent language of the Principles, institutional aspects of the Forum, and suggestions for further work.

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