CIC vows to improve after damning auditor report
The fund pledges to improve accountability, manager selection, due diligence and oversight of subsidiaries, adding that it has dealt with the staff responsible following a critical auditor report.
China Investment Corporation has vowed to improve its internal systems after being publically criticised by the National Audit Office for inadequate due diligence and investment monitoring and irregular external manager selection.
It is understood to be the first time that CIC has been publically admonished by the country's top auditor in this way.
The $575 billion sovereign wealth fund issued a statement yesterday in response to the report by the National Audit Office, an insti…
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