canada sovereign wealth fund

Overall, Canada needs SWF’s in order to prepare for economic downturns, to achieve intergenerational equity, and to support various initiatives and objectives. If all revenue from the resources is spent on current consumption, there will be no benefits left for future generations once the resources are depleted. Some countries may have more than one SWF. First, Ontario takes such a large part of Canada’s economy that the consolidated fund will be incomplete without it. Saudi Arabia’s sovereign wealth fund built stakes in two major Canadian oil sands players during the energy market rout. A sovereign wealth fund is a state-owned investment fund comprised of money generated by the government, often derived from a country's surplus reserves. Second, a transparent and autonomous governance of SWF can be achieved through consolidation. Author Madelaine Drohan speaks to the Star about sovereign wealth funds, why Angola has one, but Canada doesn't. That system will lead to substantial economic gains in the longer term. Size of Norway’s SWF put in perspective Now, $17 billion is a large sum of money. Sovereign wealth funds are entities that manage the national savings for the purposes of investment. REPORTS BANK OF CANADA FINANCIAL SYSTEM REVIEW DECEMBER 2008 43 STABILIZING EFFECTS OF SWFS SWFs can prove to be a stabilizing force in several ways. So do Timor Leste and Angola, but not Canada’s federal government. However, it might come as a surprise that Canada also has a sovereign wealth fund; Alberta’s Heritage Fund which was built from Alberta’s oil income has a portfolio of $17.5 billion [1]. Consolidating the provincial SWF’s and placing them under one investment institution will allow the consolidated fund to have a clear mandate, transparent and autonomous governance, and the ability to attract other provinces to join it. Qatar's sovereign wealth fund looks to Canada QIA CEO’s meeting with the business community is a sign of future opportunities for both countries QIA CEO Sheikh Abdulla Bin Mohammed Bin Saud Al Thani (left) meet Canadian Prime Minister Justin Trudeau during the Qatari leader’s visit to … To begin with, there needs to be strong public support to justify deferring resource revenue for future consumption. The Public Investment Fund amassed shares in … Sources: Truman (2007), IMF International Financial Statistics, Ministry of Finance of the Russian Federation, Sovereign Wealth Fund Institute. Set up in 2007 with $200 billion in capital and a mandate to … Alberta’s premier Jim Prentice has already warned Albertans of impending cuts to services due to lower oil revenues [7]. Also, while the United States does not have a federal sovereign wealth fund, several of its constituent states have their own SWFs, and one state, Texas, has two. As a result of management decisions I won’t bore you with here, it hasn’t amounted to much – about $17 billion in 2014, according to the last data available. Sovereign Wealth Fund Investment Under Canada's New Guidelines It should be noted at the outset that certain types of investment may not be significantly affected by the Guidelines. For one, Norway has blacklisted two Israeli companies related to construction of settlements in West Bank [10]. Michael Kandev mkandev@dwpv.com Third, the fund can be used to achieve certain objectives deemed just and equitable. British Columbia looks set to join them if the Liberal government lasts and follows through on its budget promise to set up a Prosperity Fund for natural gas revenues. In other words, no contribution has been made from non-renewable resource revenue for the past twenty years. The amount of money held by the largest sovereign wealth funds has more than doubled since … Conventional sovereign wealth funds such as Singapore’s Temasek Holdings and Norway’s Government Pension Fund invest overseas, relying on state assets such as foreign exchange reserves, accumulated trade surpluses and natural resource exports. Second, the fund should be headquartered in Toronto, the financial hub of Canada, where the fund can recruit the best talent and enjoy spillover knowledge from surrounding financial institutions; a strong support from Ontario is crucial to locate the consolidated fund in Toronto. However, if Alberta, Quebec, and British Columbia already have created a consolidated fund, it is much easier for other provinces and territories to simply join. For example, Norway uses its funds to invest in green technology; the fund has announced that it will “accelerate investments in renewable energy, waste management and energy-storage companies” [8]. Consolidation of the provincial SWF’s is necessary to ensure that the fund has a clear mandate, transparent and autonomous governance, and the ability to include more provinces and territories over time. Considering that Alberta’s fund was created fourteen years prior to that of Norway’s (1976 for Alberta and 1990 for Norway), it is rather shocking that Alberta’s fund is so small. Website Design: Camille Point & Alec Regino. At the country level, they have allowed states to manage capital inflows, while addressing long … A well-managed sovereign wealth fund will create long-term and predictable funding to direct into our cherished Canadian health care system. IFSWF also grants associate membership to those SWFs that require an amendment to national law to become a full member. Currently, Alberta and Quebec’s funds are managed by their respective provincial pension funds; Alberta Investment Management Corporation manages Alberta’s [2] and Caisse manages Quebec’s [4]. And the Northwest Territories has put a structure in place for its own Heritage Fund. AIMCo: Sovereign Wealth Fund in Canada, North America Her Majesty The Queen In Right Of The Province Of Alberta As Represented By Alberta Investment Management Corporation (AIMCo) is a Sovereign Wealth Fund located in Edmonton, AB Canada, North America. This will protect the fund from sabotage, which unfortunately happened to Alberta’s provincial fund. Fund Accounting Sovereign Wealth Fund Global Stock Market Saudi Arabia Renewable Energy Investors The Borrowers San Francisco Skyline Workplace. Now, $17 billion is a large sum of money. First, a consolidated SWF is necessary to ensure that the fund has a clear mandate. Sovereign wealth funds are entities that manage the national savings for the purposes of investment. However, existing SWF’s in Canada are fragmented amongst the provinces and territories. First, the Guidelines do not apply to acquisitions that are not large enough to be reviewable under the Investment Canada Act , 6 nor do they capture minority investments. A sovereign wealth fund (SWF), also known as a sovereign investment fund or a social wealth fund, is a state-owned investment fund. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. Featured image from Flickr Creative Commons, BC LNG picture from Commonsensecanadian.ca, [1] http://www.swfinstitute.org/fund-rankings/, [2] http://www.scribd.com/doc/182399660/MacKinnon-A-Saskatchewan-Futures-Fund-pdf, [3] http://www.corporateknights.com/article/rainy-days-leave-alberta-wet?page=show, [4] http://www.lacaisse.com/sites/all/files/medias/en/nouvelles-medias/documents/ra2013_rapport_annuel_en.pdf, [5] http://www2.news.gov.bc.ca/news_releases_2009-2013/2013PREM0018-000231.htm, [6] http://www.canadianbusiness.com/economy/learn-from-albertas-mistake/, [7] http://www.cbc.ca/news/canada/calgary/oil-price-drop-will-lead-to-tough-times-for-alberta-premier-jim-prentice-says-1.2854229, [8] https://www.bloomberg.com/news/2014-12-01/norway-wealth-fund-targets-3-billion-in-green-technology-stakes.html, [9] http://www.regjeringen.no/en/dep/fin/Selected-topics/the-government-pension-fund/responsible-investments/companies-excluded-from-the-investment-u.html?id=447122, [10] http://www.thenational.ae/world/middle-east/norway-blacklists-israeli-firms-linked-to-settlements. In other words, while pension funds can be easier to sustain in the long term (increase contributions if necessary), the same cannot be said for SWF’s. It is a well-established fact that Norway has a massive sovereign wealth fund (abbreviated “SWF”) from its oil resource, totaling US$893 billion; other oil producers such as the U.A.E. CPPIB remains accountable to the federal government, but has Board of Directors separate from the government. A sovereign wealth fund just wants to earn a high return. At the national level, Canada has never undertaken such a bold and prudent initiative. Canada P&C earnings were down 18 per cent in 2020 driven by higher PCLs.” However, he expressed concern about the U.S. P&C results, which saw earnings decline 27 … It should be noted at the outset that certain types of investment may not be significantly affected by the Guidelines. Even Northwest Territories has created a structure for its own SWF [6]. Prime Minister Justin Trudeau said Norway’s decision to blacklist four Canadian oil firms from its massive US$1 trillion sovereign wealth fund underscores the growing importance of … Savings achieved through SWF’s allow for intergenerational equity and prosperity of Canadians in the future. Instead, the SWF must maximize its value before the resource is depleted so that the returns from the fund are substantial enough for future generations. In other words: establish sovereign wealth funds. Sovereign Investors continue to increase in number, size, variety and scope. The Quebec Generations Fund, created in 2006, stands at $5.9 billion and is comprised of funds received from a portion of Hydro Quebec’s revenues [4]. Finance & economics Jan 25th 2014 edition TWENTY years before Norway began stashing away oil and gas revenue for future generations, the Canadian province of Alberta … Having more provinces and territories join the consolidated fund is good news for existing fund holders as well, because the cost of managing the fund will be diluted. Peter Lougheed, the former Albertan premier who set up the fund, commented that “the fund would now be worth $100 billion” if his original contribution plan had not been changed by future government policies [3]. The World Bank Treasury has helped equip governments with the tools to assess the impact of different spending rules and asset allocations relative to a country’s spending and saving objectives. Here are some other funds that may be confused with sovereign wealth funds: Funds held by state-owned companies; Government employee pension funds; Private wealth funds; How Sovereign Wealth Funds Affect the U.S. Economy . These funds are used by … Sovereign Wealth Funds have about $7 trillion to invest in the companies we work for -- and new research shows that the biggest of them brings some extra benefits. Even with the support, it is a daunting task to set up an entirely new investment management institution. A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state … Most provinces and territories do not have an SWF because it is too difficult to start or manage one. A sovereign wealth fund (SWF) is a fund owned by a state (or a political subdivision of a federal state) composed of financial assets such as stocks, bonds, property or other financial instruments. There are many reasons why Canada requires such SWF’s. Canada’s Sovereign Wealth Funds: A Question of Consolidation, http://www.swfinstitute.org/fund-rankings/, http://www.scribd.com/doc/182399660/MacKinnon-A-Saskatchewan-Futures-Fund-pdf, http://www.corporateknights.com/article/rainy-days-leave-alberta-wet?page=show, http://www.lacaisse.com/sites/all/files/medias/en/nouvelles-medias/documents/ra2013_rapport_annuel_en.pdf, http://www2.news.gov.bc.ca/news_releases_2009-2013/2013PREM0018-000231.htm, http://www.canadianbusiness.com/economy/learn-from-albertas-mistake/, http://www.cbc.ca/news/canada/calgary/oil-price-drop-will-lead-to-tough-times-for-alberta-premier-jim-prentice-says-1.2854229, https://www.bloomberg.com/news/2014-12-01/norway-wealth-fund-targets-3-billion-in-green-technology-stakes.html, http://www.regjeringen.no/en/dep/fin/Selected-topics/the-government-pension-fund/responsible-investments/companies-excluded-from-the-investment-u.html?id=447122, http://www.thenational.ae/world/middle-east/norway-blacklists-israeli-firms-linked-to-settlements. A sovereign wealth fund (SWF) is a fund owned by a state (or a political subdivision of a federal state) composed of financial assets such as stocks, bonds, property or other financial instruments. Now is a good time to discuss how Canada can strengthen its SWF’s, given that several Canadian provinces and territories are in the process of creating one for themselves. The present decline in oil price serves as an excellent example of a bust. For example, a populist governing political party of a province will not be able to make substantial changes to areas such as the structure of the fund or the percentage of contribution from royalties. As such, SWF’s need to have clear mandates to create an immense portfolio that will be highly profitable for future generations. Norway’s fund also creates a blacklist of companies that it does not invest in because of the companies’ harmful activities, including environmental damage, labor rights infringement, military production, and more [9]. This structure of fund management, coupled with the fact that it is no longer a provincial institution but a multi-provincial one, will ensure that the consolidated fund will not be susceptible to political changes. In addition, British Columbia published plans for its British Columbia Prosperity Fund in 2013 to save a portion of Liquified Natural Gas (LNG); the BC government projects that it will save about $100 billion from LNG revenues over the next thirty years [5]. Sovereign-Wealth Funds: Are TheyWelcome in Canada? Norway's $1.15 trillion sovereign wealth fund should shift more assets into the United States and Canada, while cutting its holdings in Europe, the country's minority government said on Monday. First, Canada’s resource-based economy is strongly influenced by commodity booms and busts. The McGill International Review - Canada's premier undergraduate journal of international affairs. Since sovereign wealth funds are long-term investors, this is the ideal time to establish one and start buying these undervalued assets. Likewise, the consolidated fund must remain accountable to participating provinces, but with an independent governing body. This structure has protected CPPIB from harmful interventions from the federal government. Due to the fact that most Canadian provinces collect considerable revenues from non-renewable resource sectors such as oil and mining, there exists SWF’s in other provinces. Sovereign Wealth Fund investment under Canada's new guidelines . These are assets of the sovereign nations which are typically held in domestic and different reserve currencies such as the dollar, euro and yen. The fund can invest in any opportunity, including financial assets such as stocks and bonds, or real estate, precious metals and start-ups, with the aim of reaping a return on investment, often linked to a societal objective. Alberta attempted it, with its Heritage Savings Trust Fund established in 1976. To best achieve this, an SWF needs its assets to be managed by an institution entirely pledged to this goal. In such instances, income from a large SWF can be used to stabilize government revenues. However, when the resource is depleted, the inflows stop altogether. The names attributed to the management entities may include central banks, official investment companies, state pension funds, sovereign oil funds, among others. Oil-rich wealth funds seen shedding up to $225 billion in stocks . However, it might come as a surprise that Canada also has a sovereign wealth fund; Alberta’s Heritage Fund which was built from Alberta’s oil income has a portfolio of $17.5 billion. In this group we include Sovereign Wealth Funds (SWFs) and the very large Public Pension Funds (PPFs) who are active in the global market place and have many of the characteristics of SWFs. "Hong Kong Monetary Authority Investment Portfolio (HKMA IP) - Sovereign Wealth Fund, Hong Kong - SWFI", "Hong Kong Future Fund (Hong Kong Future Fund) - Sovereign Wealth Fund, Hong Kong - SWFI", "China Investment Corporation (CIC) - Sovereign Wealth Fund, China - SWFI", "China-Africa Development Fund (CAD Fund) - Government Fund, China - SWFI", "National Council for Social Security Fund (NSSF) - Sovereign Wealth Fund, China - SWFI", "SAFE Investment Company (SAFE) - Government, China - SWFI", "Norway Government Pension Fund Global (Norway GPFG) - Sovereign Wealth Fund, Norway - SWFI", "Saudi Arabian Monetary Authority (SAMA) - Central Bank, Saudi Arabia - SWFI", "Public Investment Fund (PIF) - Sovereign Wealth Fund, Saudi Arabia - SWFI", "Kuwait Investment Authority (KIA) - Sovereign Wealth Fund, Kuwait - SWFI", "Korea Investment Corporation (KIC) - Sovereign Wealth Fund, South Korea - SWFI", "National Development Fund of Iran (NDFI) - Sovereign Wealth Fund, Iran - SWFI", "Libyan Investment Authority (LIA) - Sovereign Wealth Fund, Libya - SWFI", "Brunei Investment Agency (BIA) - Sovereign Wealth Fund, Brunei - SWFI", "State Oil Fund of Azerbaijan (SOFAZ) - Sovereign Wealth Fund, Azerbaijan - SWFI", "Mumtalakat Holding (Mumtalakat) - Sovereign Wealth Fund, Bahrain - SWFI", "Oman's sovereign wealth fund under pressure", "Pula Fund (Pula Fund) - Sovereign Wealth Fund, Botswana - SWFI", List of top international rankings by country, Health expenditure by country by type of financing, https://en.wikipedia.org/w/index.php?title=List_of_countries_by_sovereign_wealth_funds&oldid=997048442, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 29 December 2020, at 19:41. China Investment Corporation—China. The political process of achieving such consolidation will prove to be very challenging. In comparison with the SWF’s of Norway or other oil producers, however, it is a paltry amount. and Saudi Arabia have sizeable SWF’s as well, valued at $773 billion and $757 billion each [1]. Nonetheless, even if the consolidated fund is not created within the next few decades, provinces should certainly devise their own. In its nascent years, Alberta’s fund received 30% of non-renewable resource revenue received by Alberta’s government; later, it was reduced to 15%, and then discontinued altogether in 1987 [2]. However, as the SWF grows in value, this will also become increasingly difficult, because SWF’s have different investment mandates from pension funds. Norway has a resource-based sovereign wealth fund. Exercising political power through SWF’s is a question that the Canadian public will have to answer. The Ontario First Nations Sovereign Wealth Fund will be funded by C$29 million ($23 million) in seed capital from the Ontario government, Mr. Hendry said. There have been feeble attempts to do this in Alberta and Quebec. Commodity funds play an important role in transforming depleting natural resources into permanent income and stabilizing fiscal budgets over commodity cycles. The case for sovereign wealth funds in Canada. While pension funds have stable inflows and outflows comprised of employee contributions and pension payments, SWF’s have large inflows in years of active mining/drilling with little outflows. However, this third point must be taken with caution; the fund’s immense capital can be used as a political tool as well. As such, a consolidated SWF will increase the number of participating provinces and decrease the cost of fund management per province. With any luck, BC will have a successful SWF; once the benefits are demonstrated, other provinces will jump on the gravy train too. What Is a Sovereign Wealth Fund (SWF)? Given the relatively small amount held by the SWF’s, it is acceptable that pension funds are managing the province’s SWF. It … The accumulated funds may have their origin in, or may represent, foreign currency deposits, gold, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve position held by central banks and monetary authorities, along with other national assets such as pension investments, oil funds, or other industrial and financial holdings. The governance of the consolidated fund will be entirely independent from politics, much like the Canada Pension Plan Investment Board. Canada Pension Plan Investment Board (CPPIB) and sovereign wealth fund Abu Dhabi Investment Authority (ADIA) are interested in investing in the nationwide rollout of 250 million smart electricity meters, a move aimed at reducing losses of discoms, a Mint report said citing two people aware of the development. As Norway shows, there is too much benefit in having a sizable SWF for provinces to let that opportunity disappear. Second, the benefits of non-renewable resources need to be felt both by present and future generations. Since the individual provinces’ funds are too small to justify the costs of having independent investment institutions, the provinces should come together to create a consolidated sovereign wealth fund. IFSWF Associate members are institutions in the process of being established as a sovereign wealth fund or a national government institution of a country that is actively developing arrangements for the creation of a sovereign wealth fund. Third, the consolidated fund’s existence will encourage provinces without an SWF to create one and join the consolidated fund. To realize this goal, Ontario must create its own SWF and become an adamant supporter of the consolidation for two reasons. Up to $ 225 billion in stocks $ 757 billion each [ 1 ] Borrowers San Francisco Skyline.... New investment management institution West Bank [ 10 ] at the outset that types. Revenues [ 7 ] that the fund from sabotage, which unfortunately happened to Alberta ’ s in are. Third, the consolidated fund will be highly profitable for future consumption to best achieve this, an because! Play an important role in transforming depleting natural resources into permanent income and stabilizing fiscal budgets over commodity cycles San! Will increase the number of participating provinces, but with an independent body... Into permanent income and stabilizing fiscal budgets over commodity cycles will encourage provinces without an SWF create. 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