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OECD Ministers adopt declaration on sovereign wealth funds
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On the occasion of the OECD Ministerial Council Meeting in Paris on 4-5 June 2008, Ministers adopted the OECD Declaration on SWFs and Recipient Country Policies.
France, represented by Christine Lagarde, Minister for the Economy, Industry and Employment, chaired the meeting. The text on Sovereign Wealth Funds from the Chair's Summary is reproduced below:
SWFs have become a key player in the new financial landscape. Ministers welcomed the benefits that SWFs bring to home and host countries and agreed that protectionist barriers to foreign investment would hamper growth. They recognized the rapidity by which the OECD has responded to the mandate given by the G7 Finance Ministers and other OECD Members. Ministers praised the Report by the Investment Committee on SWFs and the guidance they give to recipient countries on preserving and expanding an open environment for investments by SWFs while protecting legitimate national security interests. They expressed their support for the work at the IMF on voluntary best practices for SWFs as an essential contribution and welcomed the continuing co-ordination between the OECD and the IMF. Ministers looked forward to future work on freedom of investment by the OECD, including surveillance of national policy developments. They adopted the OECD Declaration on SWFs and Recipient Country Policies and were joined by Ministers from Chile, Estonia and Slovenia, who adhered to the Declaration. This Declaration constitutes another example of the OECD’s capacity to set international standards.
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