Dr. Anita Halvorsson, Graduate Program Adjunct Professor, Speaks at Singapore Conference on "Sovereign Wealth Funds: Governance and Regulation"

Dr. Anita M. Halvorsson, an adjunct professor at the DU Sturm College of Law, recently spoke at a conference in Singapore entitled "Sovereign Wealth Funds (SWFs): Governance and Regulation."

Dr. Halvorsson, who regularly speaks about sustainable development-related topics at international meetings, provided this overview from Singapore:

"The goal of the conference was to examine the role that norms and law might have in the context of the future governance and regulation of SWFs. It also included the potential of voluntary regimes, such as the General Principles and Practices of SWFs, adopted in 2008. The five panels were made up of academics, officials from SWFs, the IMF, and also people advising SWFs. The conference was organized by the National University of Singapore Law Faculty and the Asian Society of International Law.

"My paper was entitled 'The Norwegian Sovereign Wealth Fund Addresses the Interrelated Challenges of Climate Change and Sustainable Development – A Model for Regulating Other Sovereign Wealth Funds (SWFs).'

"The Norwegian Government Pension Fund - Global (GPFG) was set up to ensure that the country’s oil wealth can benefit all generations of Norwegians. This long-term goal is to be reached in accordance with sustainable development principles, taking into account economic, social, and environmental concerns.

"In 2004 the Norwegian Parliament adopted ethics guidelines for the GPFG, specifically prohibiting investments that would put the fund at risk of contributing to systematic human rights violations, serious environmental damage, and gross corruption. The GPFG recently underwent an evaluation process. The Norwegian Government has now decided to focus more on environmental, specifically climate change issues, and is considering setting aside some of the fund’s assets for investments in companies developing climate friendly energy and to invest specifically in developing countries. Taking into account the long term nature of the GPFG, the government sees a need to analyze the effects that climate change will have on the financial markets. In addition, it has set out to focus on companies’ impact on climate change, recognizing that if they emit large amounts of green house gases (GHGs) it will entail a cost in the future, thus bringing down the rate of return for the GPFG.

"The purpose of this paper was to examine how the Norwegian government is trying to resolve the challenge of balancing financial returns with sustainable development in regulating the GPFG and the possibility of applying this model to other SWFs. Also I posited the sustainable development needs to be included in the newly adopted General Accepted Principles and Practices (Santiago Principles) for SWFs and I suggested a text for a new GAPP Principle 25.

"Singapore is a wonderful city state, clean, compact and vibrant. It was amazing to be able to see little India, Chinatown, and the Malaysian Heritage Center with nearby Muslim shops all in the space of an afternoon."

Dr. Halvorsson teaches "Sustainable Development Law & Policy" in the autumn and "Climate Change Law" in the spring semesters. Many thanks to her for this informative summary about this importance conference. Students participating in her classes greatly benefit from Dr. Halvorsson's active and influential involvement in conferences on leading issues such as this one.

(The first picture was taken from the window of GIC, one of Singapore's two SWFs; the second picture was of Dr. Halvorsson, on the far left, along with colleagues from Switzerland and Germany.)