As Danantara Indonesia takes on a bigger role in shaping the national economy, one question deserves more attention: what governance standards should a sovereign wealth fund (SWF) be held to?
The answer, at least on paper, lies in the Santiago Principles: 24 guidelines agreed in 2008 by SWF-owning countries and the IMF, covering funds like Saudi Arabia's PIF and the Qatar Investment Authority.
In this brief, Mandala breaks down the Santiago Principles: their intent, their enforcement gaps, and the reform proposals now on the table, as Danantara's expanding mandate makes SWF governance a pressing question for Indonesia.
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Economics
Sovereign Wealth Fund Risk Management: Santiago Principles
Publication
•
April 20, 2026
In this brief, Mandala breaks down the Santiago Principles: their intent, their enforcement gaps, and the reform proposals now on the table, as Danantara's expanding mandate makes SWF governance a pressing question for Indonesia.
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The purpose of this document is to provide general information about Sovereign Wealth Fund Risk Management: Santiago Principles. The contents of this document should not be construed as specific recommendations or advice. For questions about the contents of this document, please contact Mandala Consulting. The information in this article is accurate as of the publication date. However, due to the rapidly changing nature of the law in Indonesia, the accuracy of the information will be limited.