Chapter 22:20
Sovereign Wealth Fund of Zimbabwe Act
10/2013
GAPP 12
12. The SWF's operations and financial statements should be audited annually in accordance with recognized
international or national auditing standards in a consistent manner.
GAPP 13
13. Professional and ethical standards should be clearly defined and made known to the members of the
SWF's governing body(ies), management, and staff.
GAPP 14
14. Dealing with third parties for the purpose of the SWF's operational management should be based on
economic and financial grounds, and follow clear rules and procedures.
GAPP 15
15. SWF operations and activities in host countries should be conducted in compliance with all applicable
regulatory and disclosure requirements of the countries in which they operate.
GAPP 16
16. The governance framework and objectives, as well as the manner in which the SWF's management is
operationally independent from the owner, should be publicly disclosed.
GAPP 17
17. Relevant financial information regarding the SWF should be publicly disclosed to demonstrate its
economic and financial orientation, so as to contribute to stability in international financial markets and enhance
trust in recipient countries.
GAPP 18
18. The SWF's investment policy should be clear and consistent with its defined objectives, risk tolerance,
and investment strategy, as set by the owner or the governing body(ies), and be based on sound portfolio
management principles.
(a) GAPP 18.1 Sub-principle The investment policy should guide the SWF's financial risk exposures
and the possible use of leverage.
(b) GAPP 18.2 Sub-principle The investment policy should address the extent to which internal and/or
external investment managers are used, the range of their activities and authority, and the process
by which they are selected and their performance monitored.
(c) GAPP 18.3 Sub-principle A description of the investment policy of the SWF should be publicly
disclosed.
GAPP 19
19. The SWF's investment decisions should aim to maximize risk-adjusted financial returns in a manner
consistent with its investment policy, and based on economic and financial grounds.
(a) GAPP 19.1 Sub-principle If investment decisions are subject to other than economic and financial
considerations, these should be clearly set out in the investment policy and be publicly disclosed.
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