GRF · Capital Nexus

投资治理

Investment governance concerns how public and quasi-public investors are mandated, overseen and held to account: sovereign wealth funds, public pension reserves, public development banks, state-owned enterprises and central bank reserve portfolios. It asks who sets the mandate, who executes, who checks, and how conflicts between political, fiduciary and policy objectives are managed. This page sets out the principles, the roles they separate and the evidence that oversight bodies use.

02问题

Investment governance: how the risk develops.

Roles, oversight and conflicts. The dossier below sets out how the risk develops, what is measured, where the data come from, how it is modelled and who decides.

机制

Separating owner and manager

Good practice separates the owner who sets the mandate and 风险偏好 from the manager who executes and the board that oversees. When the roles merge, accountability blurs and political direction can bypass the mandate.

机制

Conflicts of objective

A fund asked to earn returns, support domestic development and stabilise the budget faces trade-offs. Unstated priorities resolve conflicts case by case and weaken oversight of every one of them.

机制

Information asymmetry

Managers know more than owners and owners more than citizens. Disclosure of mandates, holdings policy, costs and performance against benchmark is what lets oversight work.

机制

Quasi-fiscal leakage

Directed lending, below-market support or withdrawals outside the rules turn an investment vehicle into an off-budget spending channel and move risk to the public balance sheet without a vote.

03地理

拉丁美洲和加勒比的人口与危害。

来自 NASA GIBS 的拉丁美洲和加勒比人口密度、夜间灯光与洪水。每个图层都注明其日期。

交互式地图需要JavaScript;图层列表和来源见下文。

图层 3

本页面的人口与危害

关于此图层
证据
估计值
来源
世界网格化人口 v4.11(NASA SEDAC(哥伦比亚大学 CIESIN))
提供方
NASA SEDAC(CIESIN,哥伦比亚大学)
许可协议
CC BY 4.0
年份版本
null;基于人口普查的估算,静态(2020)
分辨率
约 1 公里网格
不确定性
基于普查的 2020 年每平方公里人口估算,作为风险暴露背景展示;不是受任何危害影响的人口数。
可通过以下方式到达
gibs.earthdata.nasa.gov,仅在您允许加载实时地图后访问
关于此图层
证据
观测
来源
VIIRS 黑色大理石(VNP46A2)(NASA LAADS DAAC)
提供方
NASA LAADS DAAC
许可协议
NASA 开放数据
年份版本
每日;卫星辐亮度,已校正月光和大气影响
构建时的最新内容
2026-10-12
分辨率
约 500 米网格
不确定性
所示日期的卫星夜间辐亮度;灯光是用电和停电情况的代理指标,不是对供应或可及性的测量。
可通过以下方式到达
gibs.earthdata.nasa.gov,仅在您允许加载实时地图后访问
关于此图层
证据
观测(云层造成缺口)
来源
VIIRS 全球洪水产品(NASA LANCE)
提供方
NASA LANCE
许可协议
NASA 开放数据
年份版本
每日;卫星探测;云层造成缺口
构建时的最新内容
2026-10-14
分辨率
约 250 米网格
不确定性
卫星探测;云层造成缺口。按提供方发布的原样提供的卫星或模型栅格数据。云层、扫描带缺口和反演误差会造成缺口和噪声;这些数值是指标,不是某一地点的测量值。
可通过以下方式到达
gibs.earthdata.nasa.gov,仅在您允许加载实时地图后访问
关于此图层
证据
观测(云层和过境时间造成缺口)
来源
VIIRS NOAA-20 375 米(FIRMS)(NASA LANCE FIRMS)
提供方
NASA LANCE FIRMS
许可协议
NASA 开放数据
年份版本
每日;卫星探测;云层和过境时间造成缺口
构建时的最新内容
2026-10-13
分辨率
约 500 米网格
不确定性
所示日期的卫星热点探测结果,包括天然气火炬和工业热源;不是已确认的火情、事件报告或预警。
可通过以下方式到达
gibs.earthdata.nasa.gov,仅在您允许加载实时地图后访问
关于此图层
证据
观测
来源
VIIRS NOAA-20 校正反射率(NASA LANCE)
提供方
NASA LANCE
许可协议
NASA 开放数据
年份版本
每日;卫星图像
构建时的最新内容
2026-10-14
分辨率
约 250 米网格
不确定性
卫星图像。卫星或模型栅格数据,按提供方发布的原样呈现。云层、条带缺口和反演误差会造成缺口和噪声;数值是指标,而非某地的测量值。
可通过以下方式到达
gibs.earthdata.nasa.gov,仅在您允许加载实时地图后访问
关于此图层
证据
模型生成(GIBS 发布的最新年份)
来源
MODIS Terra 和 Aqua 土地覆盖(MCD12Q1)(NASA LP DAAC)
提供方
NASA LP DAAC
许可协议
NASA 开放数据
年份版本
每年;卫星分类;GIBS 发布的最新年份
构建时的最新内容
2024-01-01
分辨率
约 500 米网格
不确定性
所示年份的卫星土地覆盖类别,含农田;该分类存在已知误差,并非农场登记册。
可通过以下方式到达
gibs.earthdata.nasa.gov,仅在您允许加载实时地图后访问

最新可用

NASA GIBS / EOSDIS · ASTER GDEM (METI, NASA) · Blue Marble (NASA) · © OpenStreetMap贡献者 (ODbL) · Natural Earth

正在加载最新的NASA影像。

拖动以移动。按住 Ctrl 或 ⌘ 并滚动、双指缩放或使用按钮缩放;悬停可查看指针下的数值;重置可返回该区域。

拉丁美洲和加勒比的人口与危害。NASA 发布的卫星和模型产品,各带自己的日期。它们是指标,而非对任何地点的评估。

数据:NASA GIBS · ASTER GDEM · Blue Marble · © OpenStreetMap 贡献者 · Natural Earth · NASA EONET · 美国地质调查局来源与许可

  • We acknowledge the use of imagery provided by services from NASA’s Global Imagery Browse Services (GIBS), part of NASA’s Earth Science Data and Information System (ESDIS). Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). NASA 开放数据
  • We acknowledge the use of imagery provided by services from NASA’s Global Imagery Browse Services (GIBS), part of NASA’s Earth Science Data and Information System (ESDIS). Colours redrawn from the published colour map; values averaged into hexagonal cells where shown (modified). NASA 开放数据
  • Center for International Earth Science Information Network (CIESIN), Columbia University. 2018. Gridded Population of the World, Version 4 (GPWv4): Population Density, Revision 11. NASA Socioeconomic Data and Applications Center (SEDAC). 采用 CC BY 4.0 许可。颜色依据已发布的色标重绘;显示处的数值已按六边形网格平均(经修改)。 doi:10.7927/H49C6VHW. CC BY 4.0
  • VIIRS Black Marble 夜间灯光,NASA 戈达德航天中心;由 NASA Level-1 与大气档案和分发系统(LAADS DAAC)分发;影像来自 NASA GIBS。颜色依据已发布的色标重绘;显示处的数值已按六边形网格平均(经修改)。 NASA 开放数据
  • VIIRS 近实时产品(洪水、地表温度、积雪覆盖、校正反射率),NASA LANCE;影像来自 NASA GIBS。颜色依据已发布的色标重绘;显示处的数值已按六边形网格平均(经修改)。 NASA 开放数据
  • NASA 资源管理火灾信息系统(FIRMS),VIIRS 375 m 活跃火点产品,NASA LANCE;矢量瓦片来自 NASA GIBS。颜色依据已发布的色标重绘;显示处的数值已按六边形网格平均(经修改)。 NASA 开放数据
  • MODIS 陆地产品(植被指数、总初级生产力、土地覆盖),NASA LP DAAC 和 LANCE;影像来自 NASA GIBS。颜色依据已发布的色标重绘;显示处的数值已按六边形网格平均(经修改)。 NASA 开放数据
  • ASTER GDEM 是 METI 和 NASA 的产品(ASTER Global Digital Elevation Model V003,NASA LP DAAC);影像来自 NASA GIBS。颜色依据已发布的色标重绘;显示处的数值已按六边形网格平均(经修改)。引用格式:NASA/METI/AIST/Japan Spacesystems and U.S./Japan ASTER Science Team (2019). ASTER Global Digital Elevation Model V003. doi:10.5067/ASTER/ASTGTM.003. NASA 开放数据
  • 使用 Natural Earth 制作。免费矢量和栅格地图数据,见 naturalearthdata.com。 公有领域
  • © OpenStreetMap 贡献者(ODbL),经由 NASA GIBS(海岸线、边界、道路和地名)。颜色依据已发布的色标重绘;显示处的数值已按六边形网格平均(经修改)。 ODbL
  • Blue Marble,NASA Earth Observatory;影像来自 NASA GIBS。颜色依据已发布的色标重绘;显示处的数值已按六边形网格平均(经修改)。 NASA 开放数据
  • 地球仪和平面地图上的背景信息:海岸线、边界、道路和地名来自 NASA GIBS 参考图层(OpenStreetMap 数据,ODbL,© OpenStreetMap contributors);Blue Marble 影像可作为可选底图;3D 地形和高程读数来自 ASTER GDEM 高程色彩指数(5 m 至 200 m 分级,为便于辨识而作了夸张处理)。边界按已发布的样式绘制,不代表对任何领土的立场。
  • 实时事件:NASA Earth Observatory Natural Event Tracker(EONET);事件仅供参考,并保留其原始来源链接。
  • 实时:NASA EONET。事件仅供参考,不是主管机构的预警。
  • 背景:© OpenStreetMap contributors (ODbL),经由 NASA GIBS。© OpenStreetMap contributors (ODbL),由 NASA GIBS 渲染。
  • 实时:美国地质调查局。事件仅供参考,不是主管机构的预警。
  • NASA GIBS: We acknowledge the use of imagery provided by services from NASA’s Global Imagery Browse Services (GIBS), part of NASA’s Earth Science Data and Information System (ESDIS).
  • 可选图层(图层列表中有 5 个来源:实时、预报、观测和背景)在打开时会在地图上和此处显示其提供方署名;预报为模型输出,派生指数为估计值。

图层与日期

  • 人口密度,2020 年:人口:哥伦比亚大学 CIESIN,世界网格化人口 v4.11(2018),NASA SEDAC, CC BY 4.0 · 静态
  • 夜间灯光,每日:VIIRS Black Marble(VNP46A2),NASA LAADS DAAC · 2026年10月12日
  • 洪水水体,3 日合成:VIIRS 全球洪水产品,NASA LANCE · 2026年10月14日
  • 活跃火点与热异常:VIIRS NOAA-20 375 m(FIRMS),NASA LANCE FIRMS · 2026年10月13日
  • 真彩色:VIIRS NOAA-20 校正反射率,NASA LANCE · 2026年10月13日
  • 土地覆盖类型(IGBP),年度:MODIS Terra 和 Aqua 土地覆盖(MCD12Q1),NASA LP DAAC · 2024

04指标

衡量什么,以及衡量得如何。

每个指标都注明其单位、频率、背后的来源类型以及数值将附带的证据标签。此处不显示数值:数值由计划依据其自身权限提供。

指标单位节奏来源类型标签
Published investment mandate and 风险偏好disclosed (yes or no)年度Fund and agency publications已声明
Santiago Principles self-assessment publisheddisclosed (yes or no)年度IFSWF member records已声明
Independent board memberspercent of board seats年度Annual reports and governance statements已报告
Withdrawals and transfers against statutory rulescompliant or non-compliant per transfer年度Budget and fund accounts, audit reports已发布统计
State-owned enterprise ownership policy in forcedisclosed (yes or no)每次审查Government ownership reports已声明
Audit opinion on fund financial statementscategory (unqualified, qualified, adverse, disclaimer)年度Supreme audit institution or external auditor已发布统计
Related-party and directed transactions disclosed计数年度Annual reports已报告
05监测

公共投资储备。

团队跟踪该主题时会使用的界面:其指标、状态与决策。名称为示例,数值仅作示意。

公共投资项目库

Investment governance · Member state A · Budget cycle 1

4 projects unscreenedGRF · Capital Nexus

流程

沿海道路改造交通高风险重做评价
地区医院卫生中已完成委员会
灌溉工程农业中已完成融资
太阳能微电网能源低已完成采购

委员会

下次会议
week 6
法定人数
6 members
冲突
已申报,已记录
GRF 的角色
召集与方法

投资周期

  1. 标识需求
  2. 筛选气候与灾害
  3. 评价cost-benefit
  4. 选择委员会
  5. 金融组合
  6. 实施监测
  7. 评估事后
Public investment pipeline: the screen’s structure, terms and states for Investment governance.示例名称和示意数值;是设计方案,并非记录或实时系统。
06来源

证据来自何处。

具名公共数据集与机构记录,各自注明许可类别。依协议获得的来源仅按其条款使用,绝不再次发布。

来源它提供什么许可类别
International Forum of Sovereign Wealth Funds publicationsSantiago Principles and member self-assessmentsPublic, IFSWF terms
OECD Guidelines on Corporate Governance of State-Owned Enterprises and country reviewsStandards and peer reviews for state ownershipCC BY 4.0
OECD Pension Markets in Focus and public pension reserve fund dataAssets, allocation and governance features of pension fundsCC BY 4.0
IMF Fiscal Transparency EvaluationsCoverage of public corporations and funds in fiscal reporting免费,IMF 版权与使用条款
Annual reports and audited statements of public investorsMandates, governance statements, costs and performancePublic records, terms per institution
Supreme audit institution reports (INTOSAI members)Audit opinions and performance audits of public investment vehiclesPublic records, terms per institution
07政策情景

比较文书:规则、激励和信息。

三类文书与基线并列比较,各有其滞后和采纳速度,在你设定的覆盖率和遵守率下运行;效应量是教学数值,应以证据替换。情景:关于未来的明示假设,不是预测。本页地图显示的是拉丁美洲和加勒比;模型本身不限于某一地点。

控制措施

结果的基线趋势
每年 2.0%
该工具的覆盖范围
70%
合规
75%
效应量,相对于教学取值
100%
未来年数
20 年

读数

期末时点降幅最大
监管
相对基线的降幅
21%
数字、方法与来源
年份基线监管经济激励信息与能力
0100.099.598.899.1
1102.0101.2100.199.8
2104.0102.5101.199.9
3106.1103.5101.6100.0
4108.2103.7101.8100.7
5110.4103.2101.7102.1
6112.6102.0101.6103.9
7114.9100.4101.6105.9
8117.299.2102.1108.0
9119.598.6102.9110.1
10121.998.9104.2112.3
11124.399.7105.7114.5
12126.8101.1107.4116.8
13129.4102.7109.4119.2
14131.9104.5111.4121.6
15134.6106.5113.5124.0
16137.3108.5115.7126.5
17140.0110.7118.0129.0
18142.8112.9120.4131.6
19145.7115.1122.8134.2
20148.6117.4125.2136.9

方法

  1. 政府工具 Hood (1983), The Tools of Government, Macmillan
  2. 胡萝卜、大棒与说教 Bemelmans-Videc, Rist and Vedung (1998), Transaction
  3. 创新扩散 Rogers (2003), Diffusion of Innovations, Free Press
  4. 不确定性扇形图(参数蒙特卡罗) Spiegelhalter, Pearson and Short (2011), Visualising uncertainty about the future, Science 333
  5. 单因素敏感性(龙卷风图) Saltelli and others (2008), Global Sensitivity Analysis: The Primer, Wiley

数据

The model runs on the teaching values set by the controls. To calibrate it for a place, read it against these admitted layers and series, which this page’s map can draw:

  • 边界 Natural Earth
  • 城市 Natural Earth
比较政策工具:规则、激励和信息。示意性教学模型:依据控件设定的数值运行,而非实测数据。方法:政府工具(Hood (1983), The Tools of Government, Macmillan);胡萝卜、大棒与说教(Bemelmans-Videc, Rist and Vedung (1998), Transaction);创新扩散(Rogers (2003), Diffusion of Innovations, Free Press)。
08决定

由谁决定,以及证据服务于什么。

Capital Nexus 负责准备证据。以下决定由所列主管机构依据其自身规则作出,绝不由平台作出。

谁来决定问题本页面服务的证据
Finance ministries as ownersHow to set the mandate, 风险偏好 and withdrawal rules, and how to separate them from day-to-day directionMandate texts, ownership policies and comparative governance practice
Boards of funds and state-owned enterprisesWhether governance, conflicts policy and disclosure meet the stated standardSelf-assessments, board composition and related-party disclosure
Parliaments and public accounts committeesWhether transfers and directed investment followed the rulesAudit opinions, transfer records and statutory rules
最高审计机关Which vehicles and transactions to audit for compliance and performanceDisclosure gaps, related-party transactions and quasi-fiscal activity

该主题产生的产出

  • Role maps of owner, manager, board and auditor for each vehicle
  • Comparative briefs against the Santiago Principles and OECD guidelines
  • Conflict registers setting out stated and unstated objectives
  • Question sets for parliamentary and audit oversight
09实施

从授权到评估,按支柱划分。

一项工具从授权到评估所经历的步骤,每一步都标明由哪个支柱执行,以及哪些决定仍由主管当局作出。这是带有说明性取值的教学模型,不是预测。本页地图显示拉丁美洲和加勒比地区;模型本身并不绑定某个地点。

  1. 授权与问题界定 主管当局(计划之外)
    主管当局依其自身规则界定问题和授权。 Howlett、Ramesh 和 Perl(2009)
  2. 证据与系统模型 Foundry
    对系统及其反馈、数据和已说明的局限进行建模。 OECD (2014),原则 2
  3. 在情景下评估备选方案 Foundry
    在情景下比较各项政策工具,并显示不确定性。 Hood (1983)
  4. 与利益相关方演练 宇宙
    在演练中与将实施和承担这些方案的各方一起检验方案。 OECD(2014),原则 3
  5. 起草标准或指南 Nexus Standards
    行之有效的做法被编纂为标准或指南,并公开征求意见。 Nexus Standards 流程
  6. 由主管当局决定 主管当局(计划之外)
    主管当局在计划之外,依据记录在案的证据作出决定。 Howlett、Ramesh 和 Perl(2009)
  7. 能力与培训 Risk Academy
    负责实施的人员接受关于所决定文书及其数据的培训。 仙台框架(2015),优先事项 2
  8. 监测与公开报告 报告
    指标连同来源、局限和更正一并发布。 OECD(2014),原则 5
  9. 评估与修订 Nexus Standards
    结果反馈至标准和模型:循环闭合。 Howlett、Ramesh 和 Perl(2009)

方法

  1. 政策周期 Howlett, Ramesh and Perl (2009), Studying Public Policy, Oxford University Press
  2. 关键风险治理 OECD(2014),Recommendation of the Council on the Governance of Critical Risks
  3. 有向图的分层绘制 Sugiyama, Tagawa and Toda (1981), IEEE SMC 11
从授权到评估,按支柱划分:所记录的各个步骤及其所属支柱;来源按各步骤所引。
10核心问题

专家提出的问题。

  1. 01

    Who is responsible for what?

    How duties are divided between owners, boards, managers and advisers.

  2. 02

    How are conflicts managed?

    How personal, political and commercial conflicts of interest are identified and controlled.

  3. 03

    Is oversight effective?

    Whether boards, auditors and legislatures have the information and independence to hold managers to account.

  4. 04

    How are long-term risks governed?

    Whether governance structures can address risks that unfold over decades.

11孪生与级联模拟器

Exercise a cascade in investment governance with the people who decide.

Assembled from the Nexus Standards area profile 灾害与气候风险融资: the hazards it names, the 系统 and communities that carry the loss, the controls and institutions that dampen it and the data that observe it. Pick an initiating event and step through the cascade to see where mandates meet and which decisions fall to whom. The Map view places the run on an example geography with open data. Every weight is a stated assumption. An exercise for dialogue, not a forecast, an assessment or a position. To model a place of your own choosing, open the full System Builder.

灾害

  • 热带气旋
  • 地震
  • 冰塞洪水
  • Storm surge (在下游引发)
  • 强降雨(在下游引发)
  • 河流洪水(在下游引发)
  • Flash flood (set off downstream)
  • 危险海浪(在下游引发)
  • 大范围停电(在下游引发)
  • 大规模流离失所(在下游引发)
  • 沿海洪水(在下游引发)
  • Aftershock sequence (set off downstream)
  • Fault surface rupture (set off downstream)
  • Soil liquefaction (set off downstream)
  • Slope slide (set off downstream)
  • Rockfall (set off downstream)
  • Tsunami (set off downstream)
  • Building collapse (set off downstream)

控制措施

  • NS-0 章程与原则
  • NS-3 风险记录 UNI(语法、旧编码对照、分配机构)
  • NS-9 情境 UNI(部署、实例、计划实例)
  • NS-10 政策和条款(机器可读的义务:定义、约束、评估和执行)
  • NS-11 验证与监测(证据、证明、零信任符合性观测)
  • NS-14 符合性及与外部标准的对照
  • NRS-F8 参数化与指数型风险转移
  • NRS-F7 灾害风险融资与预先安排的融资
  • NRS-H113 危害类别:金融体系脆弱性(NHS-1 soc.financial-system)
  • NRS-H114 危害类别:宏观经济与财政冲击(NHS-1 soc.macro-fiscal)
  • NRS-D1 风险知情的发展与项目筛查
  • NRS-H28 危害类别:气候状态转变(NHS-1 eco.climate-state)

观测

  • ERA5 再分析(Copernicus Climate Data Store)(仅列作参考)
  • CHIRPS quasi-global gridded precipitation (listed for reference)
  • USGS earthquake GeoJSON summary feeds (listed for reference)
  • 为国家减少灾害风险行动提供的国际公共支持总额(仙台指标 F-1)
  • 灾害造成的直接经济损失与全球国内生产总值之比

示例地理范围

  • 西欧:152 个六边形网格
  • 过去半小时降雨率(IMERG),NASA GIBS
  • 今夜夜间灯光与停电(VIIRS 昼夜波段),NASA GIBS
  • 穿透云层的地表水,30 m(OPERA DSWx-S1 雷达),NASA GIBS
  • 地表土壤湿度(SMAP),NASA GIBS
12机制

问题的驱动因素。

Principal-agent problems are central. Those who invest capital may have incentives that differ from those whose capital it is: short-term performance, fees, political goals or career interests.

Board competence and independence matter. Research on public and pension fund governance associates clearer mandates, competent and independent boards and transparent reporting with better outcomes.

Political interference is a specific risk for public capital. Directed investment, appointments and opaque decisions can divert capital from its mandate and damage trust.

Long horizons challenge governance. Risks such as 气候变化 unfold over periods longer than board terms and performance cycles, so structures must deliberately consider them.

Delegation chains lengthen accountability. When capital passes from owners to boards, managers, external managers and advisers, each link adds cost and distance, and governance must make the chain visible enough for oversight to work.

Why now: public investment programmes are being asked to account for climate and disaster risk, and project appraisal rules are being revised in several countries. Capital Nexus compares appraisal and oversight arrangements and records options for the institutions that hold investment decisions.

13工具与承诺

How investment governance is governed: instruments, mandates and commitments.

政策制定者、外交官或发展机构所使用的文书、授权、行为方和问责安排,并注明设定它们的协定。结构遵循所列框架。所绘制的任何状态或进展均为说明性,并非记录。

发展成果

The Sustainable Development Goals and targets that outcomes on investment governance are reported against.

目标目标时限该主题如何关联
目标 1,无贫穷具体目标 1.5,增强贫困和脆弱人群的韧性通过该具体目标的商定指标报告的成果
目标 17,促进目标实现的伙伴关系具体目标 17.4,长期债务可持续性通过该具体目标的商定指标报告的成果
目标 10,减少不平等具体目标 10.5,金融市场的监管与监测通过该具体目标的商定指标报告的成果
目标 16,和平、正义与强大机构具体目标 16.6,有效、负责和透明的机构通过该具体目标的商定指标报告的成果
Goals and targets of the 2030 Agenda, chosen from the page’s fields; indicators are reported by countries, not by the Forum.
《仙台框架》(减少灾害风险) · 联合国减少灾害风险办公室《巴黎协定》 · 《联合国气候变化框架公约》《2030 年可持续发展议程》和可持续发展目标 · 联合国《国际卫生条例》 · 世卫组织
14方法与局限

证据如何收集,以及止于何处。

方法或数据显示内容其局限
Governance codes and reviewsStructures and practicesFormal structures may differ from practice
Comparative studiesLinks between governance and outcomesCausality is hard to establish
Disclosure reviewTransparency of decisionsDisclosure can be selective
Case analysisGovernance failures and responsesHindsight bias
15方法

如何研究,以及方法无法说明的内容。

  1. 政策、制度与决策科学职责授权与决策权梳理 · 制度评估综合在此应用
  2. 金融经济学与宏观金融压力下的债务可持续性 · 主权与银行的反馈回路在此应用
  3. 经济学与发展经济学公共投资评估 · 政策选择的财政归宿 · 冲击的间接成本在此应用
16问题

问题与解答。

What are the Santiago Principles?
Generally accepted principles and practices for sovereign wealth funds, covering legal framework, objectives, governance, accountability and investment and risk management. Funds report against them voluntarily through the International Forum of Sovereign Wealth Funds.
What is quasi-fiscal activity?
Spending or support delivered through public institutions other than the budget, such as directed lending at below-market rates. It has fiscal cost even when it does not appear as budget expenditure.
Why separate owner and manager?
So that the mandate is set openly by an accountable authority, executed professionally, and changed only through a visible procedure rather than by instruction on individual transactions.
Does Capital Nexus advise funds on governance?
No. It convenes dialogue and publishes analysis. It gives no advice to any fund or institution.
Why does investment governance matter for risk?
Because poorly governed capital is more likely to be misallocated, exposed to hidden risks or diverted from its purpose.
How does GRF manage its own conflicts?
Through its governance and its rule that hosting or sponsorship confers no authority. See transparency, rights and safeguards.
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报告 is the Consortium’s quarterly publication. What you know about this subject can become evidence, a case or a correction in the next edition, credited to you and published under CC BY 4.0 where it is your own work.

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