The State Oil Fund of Azerbaijan (SOFAZ) has entered the top five most transparent sovereign funds in the world.
As reported in the Public Relations Department of the Fund, created by national leader Heydar Aliyev as an important part of a successful oil strategy to ensure a fair distribution of oil and gas revenues between current and future generations, the State Oil Fund from the beginning, playing an important role in the socio-economic life of the country, has been recognized worldwide as an exemplary organization in the areas of asset management, corporate governance, institution building, accountability and transparency, and has received high awards. The Foundation has made a significant contribution to maintaining the country’s high prestige.
In the compiled by the prestigious American Peterson Institute for International Economics (PIIE), which assesses the performance of sovereign wealth funds in terms of transparency and accountability, and published in February this year, the table of Sovereign Funds on transparency and accountability for 2019 by the State Oil Fund of Azerbaijan from 92 points ranked fifth among 64 sovereign wealth funds.
The 2019 spreadsheet was compiled based on an assessment of various areas such as global sovereign wealth fund management, governance, sustainability, transparency and accountability, and the application of the Santiago principles. SOFAZ scored almost maximum points in each category in 2019.