The Financial Committee analyzed the investment policy of the Economic and Social Stabilization Fund and reviewed the audited financial statements of the two Chilean sovereign wealth funds

In April 20th 2012, the third meeting of the year, the Financial Committee concluded the analysis of the changes to the Economic and Social Stabilization Fund (ESSF) investment policy to be recommended to the Minister of Finance. The Committee also reviewed the audited financial statements of the two Chilean sovereign wealth funds.

After an analysis that took several meetings, the Committee decided the changes to the current investment policy. The decision was based on several studies and judgment elements such as a study of asset allocation by Eduardo Walker and additional simulations run by the Ministry. The Committee will release the details of the recommendation after its presentation to the Minister of Finance.

Moreover, the Head of the Public Finances Division of the General Treasury of the Republic presented the 2009 to 2011audited financial statements o f the Chilean sovereign wealth funds. The financial statements, made by the Treasury, followed the International Financial Reporting Standards and were audited by Deloitte. The audited financial statements will be released by the Ministry of Finance together with the Annual Report of the funds for the year 2011, expected for May 2012. The Committee congratulated both the General Treasury and the Ministry of Finance for this initiative, in accordance with the highest international standards of information and audit for sovereign wealth funds.

Finally, as a regular item on the Committee’s agenda, the results of the investments of the sovereign funds, the compliance of the external managers, the asset allocation of the portfolios and the situation of the international markets were reviewed.

The Financial Committee provides independent advice to the Ministry of Finance on the fundamental aspects of the investment policy for the sovereign wealth funds since January 2007. The Committee is made up of renowned professionals with extensive experience in the areas of finance and economics: Klaus Schmidt-Hebbel (Chairman), Cristián Eyzaguirre (Deputy Chairman), Arturo Cifuentes, Martín Costabal, Eric Parrado and Eduardo Walker (counselors).