SOFAZ - State Oil Fund of the Republic of Azerbaijan
SOFAZ - State Oil Fund of the Republic of Azerbaijan
11/05/2024 | Press release | Distributed by Public on 11/05/2024 05:15
Israfil Mammadov, Executive Director of SOFAZ, elected Deputy Chair of the International Forum of Sovereign Wealth Funds Board
STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN
Israfil Mammadov, Executive Director of SOFAZ, elected Deputy Chair of the International Forum of Sovereign Wealth Funds Board
05 Nov 2024 15:08:00
Israfil Mammadov, Executive Director of SOFAZ, elected Deputy Chair of the International Forum of Sovereign Wealth Funds Board
05 Nov 2024 15:08:00
A delegation led by Israfil Mammadov, Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), is participating in the 16th Annual Meeting of the International Forum of Sovereign Wealth Funds (IFSWF) held in Muscat, the capital of the Sultanate of Oman. The IFSWF is the first and only organization bringing together the world's sovereign institutions, representing a substantial combined asset value. The event, hosted by the Oman Investment Authority under the theme "Embracing Disruption and Searching for Resilient Futures" brings together sovereign wealth funds from IFSWF member states to discuss sustainable and resilient investment strategies. Over 200 representatives from more than 100 financial and development institutions are attending the meeting.
During the event, a new IFSWF Board was appointed. In the election for the position of Deputy Chair of the Board, Israfil Mammadov, Executive Director of SOFAZ, was elected by majority vote. It should be noted that the Deputy Chair role spans a three-year term, after which the elected individual will automatically assume the role of Chair of the Board for the subsequent three years.
His election to this role not only underscores SOFAZ's commitment to sustainable and resilient approaches in sovereign fund management but also highlights Azerbaijan's dedication to promoting responsible investment and advancing global best practices in sovereign fund governance.
In his remarks, Israfil Mammadov emphasized the continued relevance of the Santiago Principles in today's world, noting that rising protectionism and shifting geopolitical dynamics are reshaping the investment landscape. "As sovereign wealth funds, our focus must extend beyond generating returns to ensuring sustainability, resilience, and adaptability for the benefit of our nations" he stated.
As part of the meeting, representatives from the largest sovereign wealth funds of their respective countries-the Government of Singapore Investment Corporation (GIC), the Abu Dhabi Investment Authority (ADIA), the China Investment Corporation (CIC), and Australia's Future Fund-were elected as members of the Board.
The International Forum of Sovereign Wealth Funds, headquartered in London, was established by the International Working Group of Sovereign Wealth Funds (IWG) meeting in Kuwait on April 5-6, 2009 and had its first inaugural meeting in Baku on October 8-9, 2009. IFSWF is a voluntary group of sovereign wealth funds, which meets, exchanges views on issues of common interest and facilitates an understanding of the Santiago Principles and sovereign fund activities. Co-organized by SOFAZ, the IFSWF held its 14th Annual Meeting in Baku in 2022 under the theme "Mobilizing Capital for Change."