malaysiangFormer Federal Court judge Tan Sri Sulong Matjeraie has been appointed as the chairman of the Sarawak Sovereign Wealth Future Fund’s Board of Guardians.
Sarawak Premier Tan Sri Abang Johari Tun Openg, who announced the appointment during a press conference here today, had also named eight individuals as members of the board.
Members include Tun Jugah Foundation chairman, Tan Sri Leonard Linggi Jugah; former Shell Malaysia Chairman, Datuk Iain John Lo; former Petronas Chairman, Tan Sri Ahmad Nizam Salleh and global investment expert, Grainne Dooley.
Other members were Pacific Investment Management Company investment strategist, Mohsen Fahmi; Permodalan Nasional Bhd director, Datuk Soedirman Aini, Sarawak State Attorney-General, Datuk Seri Talat Mahmood Abdul Rashid; and State Financial Secretary, Datuk Seri Dr Wan Lizozman Wan Omar.
Abang Johari said the appointments were approved by the Sarawak Cabinet on July 27 and their tenures will be for a period of three years, with the fund to be operational effective Jan 1 next year.
“I believe the diverse and extensive experiences and strong credentials of these distinguished professionals will be invaluable and of great advantage to the fund in achieving its objectives,” he said.
On Nov 22 last year, the Sarawak Legislative Assembly unanimously passed a Sovereign Wealth Future Fund Board Bill 2022, with an initial allocation of RM8 billion.
Abang Johari said the state government would be required to make the initial and annual appropriations of fund, which would depend on the state’s financial standing.
“The fund is expected to grow sustainably with no withdrawals, except for critical events or when the fund performs better than expected,” he said.
He said the fund will be managed strictly in accordance with investment policy and its mandate to deliver long-term risk-balanced real growth in its invested assets.
“The fund’s account and annual report of activities will be presented before the Sarawak State Assembly and its annual budget will be approved by the State Cabinet,” he added.
Source: BERNAMA News Agency
