Santiago Principles & State Control
Analyzing the spectrum of transparency and political independence across global wealth vehicles.
FrameworkSantiago Principles
High_ScoreNBIM (Norway)
Low_ScoreLIA (Libya)
The Santiago Principles
In 2008, fearing protectionist backlash against state-owned capital, a group of SWFs created a voluntary set of 24 guidelines for transparency and governance. Compliance remains highly variable.
Political Independence
The core governance metric is independence from the state's immediate political objectives. NBIM operates under a strict parliamentary mandate executed by the central bank. Conversely, funds in absolute monarchies often see direct royal intervention in asset selection.
Santiago Compliance Estimator
Score a fund out of the 24 principles to gauge institutional trust.