Sovereign Wealth funds are not transparent  Sovereign wealth funds suffer from an almost total lack of transparency. Most countries maintain secrecy about the size of their funds and the extent of their holdings, their accountability to government, their investment strategies and their approach to risk management. Without knowing these things, it is impossible to gauge whether political or economic objectives will dominate the SWFs’ behaviour, or indeed whether they will make safe and responsible shareholders in any business – secrecy breeds corruption. For these reasons, Jeffrey Garten of Yale has argued that SWFs should be obliged to publish independently audited accounts twice a year. He has also pointed out that many countries operating SWFs protect their domestic economy from foreign competition and investment. We should demand reciprocity, so that countries seeking investments abroad must open up their own economies fully before they are allowed to hold significant assets elsewhere. [1]  [1] Garten, Jeffrey, ‘We need rules for sovereign funds, 2007.