18. The SWF’s investment policy should be clear and consistent with its defined objectives, risk tolerance, and investment strategy, as set by the owner or the governing body(ies), and be based on sound portfolio management principles.
18.1. The investment policy should guide the SWF’s financial risk exposures and the possible use of leverage.
18.2. The investment policy should address the extent to which internal and/or external investment managers are used, the range of their activities and authority, and the process by which they are selected and their performance monitored.
18.3. A description of the investment policy of the SWF should be publicly disclosed.
SGRF has Investment Guidelines that govern SGRF investment activities which include risk tolerance. We also have a Risk Policy and risk appetite statement. In place. This is included in SGRF Investment guidelines and investment processes. SGRF’s investment policy includes the breakdown of internal versus external allocations in public markets. There is an explicit cap for external allocations and Board approval is required for any changes. External allocations follow a defined selection and monitoring process. All allocations need to be in line with asset allocation strategy and overall portfolio guidelines. A brief high-level investment statement is included on SGRF website.