definition of generally accepted principles and practices gapp 
the generally accepted principles and practices gapp which are also known as the santiago principles are standardized business procedures related to the operation of sovereign wealth funds swfs which have agreed to pursue financial rather than political agendas and maintain a stable global financial system understanding generally accepted principles and practices gapp the generally accepted principles and practices gapp were agreed upon by the international working group of the sovereign wealth funds iwg 23 countries with swfs in october 2008 in response to the concern of investors and regulators about the inadequate transparency independence and governance of the industry the iwg resolved that swfs demonstrate that their arrangements are properly set up and investments are made on an economic and financial basis instead of pursuing political agendas gapp is underpinned by the following guiding objectives for swfs defined as special purpose investment funds or arrangements owned by the general government 1the 24 voluntary santiago principles simply provide a framework for these guiding principles in three key areas legal institutional and investment and risk 2 the principles are maintained and promoted by the international forum of sovereign wealth funds ifswf whose members voluntarily endorse the principles and seek to implement them in their governance and investment practices as of 2021 the forum represented more than 30 sovereign wealth funds from all corners of the globe 