主权财富基金的透明度与信息披露

Sovereign Wealth Funds' Transparency and Information Disclosure

透明度问题是主权财富基金监管的核心问题。主权财富基金的透明度问题在相关国家对其进行监管时就表现为信息披露要求。目前,主权财富基金的透明度与信息披露存在高水平要求和适当要求两种意见。针对主权财富基金透明度的评估标准则有来自于学术界和政府的不同认识,《圣地亚哥原则》对此进行了协调统一。考虑到目前主要主权财富基金运营的客观环境,中投公司实现更高透明度的方式应包括:中投公司的信息披露义务应建立在有法可依的基础之上;在没有相关规则的情况下,中投公司可以根据自身情况自愿披露相关信息;中投公司可以根据披露对象的不同而对披露信息有所选择;中投公司的信息披露要求应建立在自身的运营模式基础上;中投公司的更高透明度要求应逐步、分阶段实现。

Transparency is a core issue of the regulation of Sovereign Wealth Funds（SWFs）.Relevant countries impose information disclosure requirements on SWFs when SWFs are monitored by these countries.Currently,there is a controversy about supervision of transparency of SWFs at high-level or appropriate-level.GAPP coordinated two different evaluation criteria of transparency of SWFs from academia and governments.Considering the objective environment in which SWFs operate,as to CIC,methods to achieve a high-level transparency should conclude following measures： information disclosure obligation of CIC should based on certain rules from international law or domestic law;CIC should be entitled a right to voluntarily disclose information according to their own circumstance in the absence of relevant rules;CIC can choose the range and manner of information disclosure based on different objects;information disclosure requirements of CIC should base on self distinguish operating mode;a high-level transparency of CIC should be gradually implemented.