One fifth of sovereign wealth funds are not accountable to their domestic legislatures, according to a new survey supported by the International Monetary Fund. The survey of 20 such funds found that 21 per cent were not accountable, while 58 per cent reported to their legislatures through a board chair or minister of finance. The survey was conducted under the auspices of the IMF by the international working group of sovereign wealth funds (IWG) as part of a process towards drafting a set of principles for them. Following a summit in Santiago, Chile, this month, the IWG reached agreement on a draft set of 24 principles expected to be unveiled next month. The push for a voluntary code of conduct comes amid increased scrutiny of the role of such funds in the global financial markets. US politicians have grown more vocal about their nature, as several have increased their stakes in US companies. The survey found that 65 per cent of the entities are funded by mineral royalties, mainly oil. They generally do not engage in macro-economic policies, except in cases where monies are transferred to their budget in special cases, or to the central bank […]