21.10.2010 - Sovereign wealth funds entitled to protection: FRC
From Accountancyage.com: The UK Government should hold fire when criticising foreign government investment funds if they subscribe to a newly released investor code, a key regulator has said. The UKs reporting regulator, the Financial Reporting Council (FRC), hopes its new Stewardship Code will provide a frame work for investment funds to engage with companies, including sovereign wealth funds, which are owned by foreign governments. Sovereign wealth funds hold an estimated $3.97 trillion stake (2.49 trillion) in the world economy. Controlled by foreign governments, they are reluctant to engage with their investment companies out of concern their comments will be viewed through a political prism..............................................Full Article: Source
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