Overview

On 20 November 2008, Angola’s President, José Eduardo dos Santos, announced the establishment of a special commission to build the foundations for a new sovereign wealth fund (SWF) to promote growth, prosperity and social and economic development across Angola. In 2011, the Fund was legally ratified, and officially established as the Fundo Soberano de Angola in 2012 with an initial endowment of USD 5bn.

Headquartered in Luanda, Angola, the Fund currently manages a substantial investment portfolio. In accordance with Fundo Soberano de Angola’s investment policy and guidelines its portfolio will gradually be diversified across a number of industries and asset classes including global private and public stocks; bonds; foreign currencies; financial derivatives; commodities; treasury bills; and real estate and infrastructure funds, in accordance with its investment policy and guidelines..

By pursuing investments that generate long-term and sustainable financial returns, the Fundo Soberano de Angola will play an important role in promoting Angola’s social and economic development through the generation of wealth for the people of Angola.

The Fundo Soberano de Angola was established in accordance with international governance standards and best practices as stated in the Santiago Principles. The FSDEA was also recognized as a transparent SWF by the Sovereign Wealth Fund Institute (SWFI) in February 2015 with a ranking of 8 out of 10, which is a significant milestone for the Fund. The Fundo Soberano de Angola is committed to operating transparently, responsibly and in full compliance with the laws and regulations of Angola and the countries where it will make future investments.

Vision, Mission & Values

Our Vision
To promote the social and economic development of Angola by generating wealth for the Angolan people.

Our Mission
Our investment focus is to generate sustainable financial returns that benefit Angola’s people, economy and industries. We manage a diverse portfolio of investments and are an active partner in these ventures.

Our Values
The Fund is guided by a set of values that act as its guiding principles in everything we do and everything we strive to achieve:

• Transparency
The Fund is committed to the highest level of transparency across all areas of our business. The Board of Directors will continue to devote to a transparent and responsible management, in accordance with the best practices of the industry, as well as the Santiago Principles. In the future the Fund will endeavour to receive a high rating by the Linaburg-Maduell Transparency Index, an internationally renowned third party index established to rate sovereign wealth funds and their commitment to transparency.

• Accountability
The Fund is fully accountable for all of its actions and always acts in the best interest of the people of Angola and all other stakeholders. The Fund will endeavor to follow the Generally Accepted Principles and Practices (GAPP) as stated in the Santiago Principles in all its undertakings.

• Commitment
The Fund is a responsible state entity and is committed to making an impact on all stakeholders, especially the Angolan people and their communities.

• Integrity
The Fund’s actions are founded on integrity and always respect the laws and regulations of Angola and the countries where it invests and operates.

Code of Conduct

Our values

We, the Fundo Soberano de Angola (FSDEA), are guided by a set of values that act as our guiding principles in everything we are doing and everything we are hoping to achieve:

• Transparency
We are committed to the highest level of transparency across all areas of business and to communicating in an accurate, transparent and timely manner about our investment strategy, portfolio and Fund performance.

We are governed by the Santiago Principles, a voluntary set of principles and practices developed by the International Working Group (IWG) of Sovereign Wealth Funds (SWFs) in October 2008.

• Accountability
We are fully accountable for all our actions and always act in the best interest of the Angolan people and all the other stakeholders. We are always aiming to meet our responsibilities and duties with zeal, efficiency and accountability.

The performance of our employees should be assessed on merit with achievements during the performance of their functions, taking into account the fulfillment of their duties.

• Commitment
We are responsible corporate citizens and committed to all stakeholders, in particular Angola’s people and their communities, through the development of initiatives in healthcare, education etc.

• Integrity
Our actions are founded on integrity and we always respect the laws and regulations of Angola and the countries where we invest in.

Establishing a reputation for integrity means for us prevent or efficiently manage potential conflicts of interests. To do so, we have put in place specific policies and procedures relating to reputational risk, professional activities and external interests.

We observe the best principles of respect for the integrity and dignity in the relationship between our employees and are always promoting accuracy and civility in relation among our employees.

Our professional standards

The professional activity performed by us shall be governed by the following principles

• Adherence to laws and regulations
All members of the Board of Directors, the Executive Committee and all employees are expected to comply with applicable laws, regulations and policies.

In particular, we take responsibility to ensure the integrity of the financial system. This means that we are doing everything to strictly comply with Anti-Money-Laundering laws and regulations in force in Angola.

• Confidentiality
We are committed to maintain confidentiality in relation to people outside the organization. We treat confidential data as such, namely personal data or other data to be saved due to laws and regulations, processes in the pipeline or monitoring processes in FSDEA, information on business opportunities or current businesses, information of technical skills, working methods and project management developed by us, whose knowledge is limited to our employees during the exercise of their duties.

• Risk management
Our business is based on disciplined risk-taking. Our processes and responsibilities for risk management, compliance and audit processes are set-up in an independent way to ensure an intelligent risk management.

• Sustainability
Our strategy is disciplined in that it ensures the investment portfolio is aligned with a long-term vision, which allows for necessary adoption to the prevailing economic environment. Therefore, we have developed a strong long-term positioning beyond a simple economic profit maximization strategy, by focusing part of our portfolio on investments that lead to economic growth as well as a positive social impact for a broad part of Angola’s population. Through this approach we are aiming to unfold potential that would otherwise go unnoticed due to a lack of invested capital.

Board of Directors

The FSDEA is governed by a three-member Board of Directors and its organizational structure ensures necessary review mechanisms are in place through the adoption of global best practices.

José Filomeno de Sousa dos Santos
Chairman of the Board of Directors

Hugo Miguel Évora Gonçalves
Member of the Board of Directors

Miguel Damião Gago
Member of the Board of Directors

Advisory Council

The FSDEA’s advisory council includes the Minister of Finance, the Minister of Economy, the Minister of Planning and Territorial Development and the Governor of the National Bank of Angola.

The council gives opinions on the FSDEA regarding issues such as corporate governance, portfolio development, investment strategy, overseas and local investment and regulatory policy issues, global economics and other key factors that impact the Fund’s business.