This paper discusses the Kumpulan Wang Amanah Negara (KWAN), Malaysia’s natural resource fund. Using good governance frameworks from research on Natural Resource Funds by the Natural Resource Governance Institute (NRGI) and Columbia Center for Sustainable Investment (CCSI), the paper evaluates the strengths and weaknesses of KWAN and suggests several improvements. Among them are revising the deposit and withdrawal rules to encourage saving and accountability, improving the oversight mechanism and public disclosure.