Saudi Gazette report

RIYADH — The Public Investment Fund (PIF) has announced its voluntary compliance with the Global Investment Performance Standards (GIPS) from the CFA Institute, showcasing its ongoing dedication to global best practices.

This commitment is in line with PIF's world-class governance and transparency standards, encompassing all its activities.

Introduced in 1999, the GIPS standards are global voluntary benchmarks rooted in the fundamental principles of full disclosure and fair representation of investment performance.

Administered globally by CFA Institute, these standards have been embraced by over 1,700 firms and asset owners in 48 markets worldwide. While not mandatory, PIF sought verification by an independent party.

As one of the very few sovereign wealth funds globally adhering to the GIPS standards, PIF emphasizes its unwavering commitment to the highest levels of transparency and good governance.

This announcement follows the recent release of PIF's annual reports, bond prospectus, and its standalone credit rating, measured by Moody’s, ranking as the second-highest among sovereign wealth funds globally.

Yasir Al Salman, chief financial officer at PIF, stated, "Adopting the GIPS standards demonstrates PIF’s commitment to not only working with compliant investment management firms but ensures we continue to operate with integrity, transparency, and maintain the highest standards in our reporting."

Karyn Vincent, CFA, CIPM, senior head of Global Industry Standards for CFA Institute, commended PIF for attaining compliance with the GIPS standards, highlighting the fund as a leader advancing the investment profession with a higher standard.

Vincent encouraged more sovereign wealth funds to follow PIF's lead in promoting fairness, transparency, and ethics in investment performance, emphasizing the significance of such standards in the investment process.