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The Portuguese Government’s proposal to establish a sovereign wealth fund to invest in companies considered strategic raises important questions regarding the rules that should govern its operation.
In an article published in Jornal de Negócios, Miguel Neiva de Oliveira, Partner in the Public Law practice at CCA Law Firm, argues that the success of such a fund will depend less on the capital available and more on the clarity of its rules, the transparency of its governance framework and the objective definition of its investment criteria.
In this context, the lawyer notes that “the credibility of a sovereign wealth fund will depend above all on its governance”, arguing that investment decisions should be entrusted to a professional structure with technical independence, a clear mandate and robust accountability requirements.
The analysis also highlights the risks associated with the absence of transparent and verifiable investment criteria, including political discretion, market distortion and potential conflicts with European Union State aid rules.
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- Jornal de Negócios