Overview

The Fundo Soberano de Angola is a sovereign wealth fund managed by an autonomous Executive Committee. The Fund’s organizational structure ensures adequate review mechanisms are in place through the adoption of global best practices, such as the appointment of independent auditors. The Fundo Soberano de Angola’s approach ensures compliance with the laws and regulations applicable to the Fund.

The Fundo Soberano de Angola is 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 and is also a full member of the International Forum of Sovereign Wealth Funds (IFSWF). Furthermore, 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 regulatory and policy milestones achieved by the Fund, combined with the IFSWF membership and SWFI ratings, further strengthen the FSDEA’s commitment to comply with local and international regulations governing its operations and investment activities.

FSDEA_Promoting Accountability & Transparency

Organizational Structure

The Fund’s organizational structure ensures adequate review mechanisms are in place including:

  • The Board of Directors defines the Fund’s investment strategy and oversees the Fund’s activities and assets.
  • The Fiscal Council ensures compliance with the laws and regulations applicable to the Fund. The Fund will also be subject to regular annual audits conducted by independent auditors.
  • The Advisory Council, consisting of the Minister of Finance, Minister of Economy, Minister of Planning and the Governor of the Central Bank, reviews investment proposals and strategy recommendations by the Board of Directors. The Council offers recommendations to the President of the Republic of Angola who ultimately approves the Fund’s investment policies.
  • External Auditors and Advisors also offer their expertise on investment decisions, operations and risk management.

Furthermore, the Fund is committed to regularly communicate about its investment strategy, portfolio and Fund performance.

Santiago Principles

The FPA is committed to adhering to the Santiago Principles, a voluntary set of principles and practices developed by the International Working Group (IWG) of Sovereign Wealth Funds (SWFs). The Principles aim to promote transparency in relation to institutional frameworks, governance and operations of SWFs, leading to a more open and stable investment environment.

The Principles are based on the following objectives for SWF
1. help maintain a stable global financial system and free flow of capital and investment;
2. To comply with all applicable regulatory and disclosure requirements in the countries in which they invest;
3. To invest on the basis of economic and financial risk and return-related considerations; and
4. To have in place a transparent and sound governance structure that provides for adequate operational controls, risk management and

For further information on the Santiago Principles, please refer to:
http://www.iwg-swf.org/pubs/eng/santiagoprinciples.pdf

Disclosure Policy

The Fundo Soberano de Angola’s (FSDEA) disclosure policy exists to ensure that the information disclosed by the FSDEA to its stakeholders is accurate, comprehensive, authoritative and relevant to all aspects of the Fund’s operations while at the same time consistent with all the legal requirements of the Republic of Angola and the markets where the FSDEA operates in.

The Board of Directors of the FSDEA is responsible for overseeing the Fund’s investment policy ensuring that the Fund fully operates in compliance with the established policies and procedures which are of the highest international standards, including the Santiago principles.

Adherence to the FSDEA’s disclosure policy is intended to provide an effective and efficient framework to facilitate the timely distribution of material regarding the Fund’s investments to its stakeholders. In line with this framework, the Fund endeavors to put in place a comprehensive and systematic audit mechanism to ensure the highest level of transparency in its operations.

Accordingly, the Fund has appointed an independent auditing authority which will review the financial accounts of the Fund for the year 2013 during the first half of 2014. Details of the audit review will be made available on this website in due course. Additionally, the Parliament of the Republic of Angola will assess the performance of the Fund on a yearly basis, with the first assessment anticipated for September 2014. The Department of Treasury will also receive from the FSDEA quarterly reports about its activities.

For more information please visit our Updates and Press Releases section – Click here

Disclosure Policy Video