BAKU, Azerbaijan, November 5. A delegation led
by Israfil Mammadov, Executive Director of the State Oil Fund of
the Republic of Azerbaijan (SOFAZ), is participating in the 16th
Annual Meeting of the International Forum of Sovereign Wealth Funds
(IFSWF) held in Muscat, the capital of the Sultanate of Oman. The
IFSWF is the first and only organization bringing together the
world’s sovereign institutions, representing a substantial combined
asset value.
The event, hosted by the Oman Investment Authority under the
theme “Embracing Disruption and Searching for Resilient Futures”
brings together sovereign wealth funds from IFSWF member states to
discuss sustainable and resilient investment strategies. Over 200
representatives from more than 100 financial and development
institutions are attending the meeting.
During the event, a new IFSWF Board was appointed. In the
election for the position of Deputy Chair of the Board, Israfil
Mammadov, Executive Director of SOFAZ, was elected by majority
vote. It should be noted that the Deputy Chair role spans a
three-year term, after which the elected individual will
automatically assume the role of Chair of the Board for the
subsequent three years.
His election to this role not only underscores SOFAZ’s
commitment to sustainable and resilient approaches in sovereign
fund management but also highlights Azerbaijan’s dedication to
promoting responsible investment and advancing global best
practices in sovereign fund governance.
In his remarks, Israfil Mammadov emphasized the continued
relevance of the Santiago Principles in today’s world, noting that
rising protectionism and shifting geopolitical dynamics are
reshaping the investment landscape. “As sovereign wealth funds, our
focus must extend beyond generating returns to ensuring
sustainability, resilience, and adaptability for the benefit of our
nations” he stated.
As part of the meeting, representatives from the largest
sovereign wealth funds of their respective countries—the Government
of Singapore Investment Corporation (GIC), the Abu Dhabi Investment
Authority (ADIA), the China Investment Corporation (CIC), and
Australia’s Future Fund—were elected as members of the Board.
The International Forum of Sovereign Wealth Funds, headquartered
in London, was established by the International Working Group of
Sovereign Wealth Funds (IWG) meeting in Kuwait on April 5-6, 2009
and had its first inaugural meeting in Baku on October 8-9, 2009.
IFSWF is a voluntary group of sovereign wealth funds, which meets,
exchanges views on issues of common interest and facilitates an
understanding of the Santiago Principles and sovereign fund
activities. Co-organized by SOFAZ, the IFSWF held its 14th Annual
Meeting in Baku in 2022 under the theme “Mobilizing Capital for
Change.”
