- Who runs the Fund?
The Fund is managed by a Board of Directors and an Advisory Board, which includes the Minister of Finance, the Minister of Economy and the Governor of the National Bank of Angola.
- What is your association with the Government? Does the President of the Republic of Angola participate in the decisions of the Fund?
The President of the Republic of Angola appoints the Board of Directors and the Supervisory Board, approves the Fund's investment policy and reviews internal regulatory procedures, as well as audited annual accounts. The Government of Angola is the sole shareholder of FSDEA.
- Is FSDEA a private company or a governmental organism?
FSDEA is an investment institution that functions as a sovereign wealth fund, fully owned by the Republic of Angola. Under a Presidential Decree (which has been publicly disclosed), FSDEA is completely autonomous and is managed by an independent Executive Council overseen by the Head of State.
- Who benefits from the income?
FSDEA is an investment institution dedicated to the socio-economic development of Angola. In pursuing investments that generate long-term financial and sustainable income, the FSDEA plays an important role in promoting the socio-economic development of Angola by creating wealth for the Angolan people.
FSDEA will develop a clear and strong long-term positioning beyond a simple strategy of maximizing economic profit, focusing part of its portfolio of investments that will lead to economic growth as well as a positive social impact for a large part of the population of Angola. Through this approach aims to reveal potential that would otherwise go unnoticed, due to the lack of capital invested.
- What is the purpose that FSDEA wants to achieve?
The objective the Fund aims to achieve is to support the Angolan socio-economic development through the creation of sustainable, long-term investments.
- What distinguishes the Fund from other FSRs in the region?
Since FSDEA has spent a considerable amount of time evaluating good international practice for the Fund's organizational structure, investment strategy, risk management and governance; we anticipate it to be a benchmark for other FSRs in the region. In the future, we will continue to evaluate our activities to ensure its positive impact on the lives of the Angolan people.
- Why was FSDEA established for?
The Fund was established with the objective of promoting the socio-economic development of Angola and achieving sustainable long-term income that will favor the Angolan people.
- Is FSDEA considered a stabilization fund?
All sovereign wealth funds are set to meet a similar set of objectives, including economic diversification, social development, wealth creation for future generations and stabilization of the economy. The long-term development needs of a country determine the objectives to be pursued by its sovereign fund, which ultimately provides clear direction for the fund's investment policies.
ASSETS UNDER MANAGEMENT
- What is the monetary source of the Fund?
The Fund today manages an investment portfolio. No future, the fund will buy new values equivalent to the current 100,000 barrels of oil per day. The popularity of the survey is 3.5 billion dollars per year.
- Will these processes be disclosed publicly?
FSDEA is committed to communicate regularly andanulamente the performance of your portfolio, strategy and Investment Fund.
- How is the money paid to the fund?
The funds will come from a specific account of the Angolan Ministry of Finance called the Petroleum Fund, which was created for this purpose.
GOVERNANCE AND TRANSPARENCY
- How do you make sure there is no corruption and conflict of interest in FSDEA?
The FSDEA Board of Directors, in its entirety, shall communicate to the Independent Auditor appointed by the Head of State; the person who will ensure that the appropriate review mechanisms are put in place by adopting good global practices such as appointment of independent auditors.
In addition, FSDEA will be subject to the President of the Republic of Angola and to the country's democratically elected Parliament, based on the Fund's investment policies, performance and overall strategy. This public process demonstrates that FSDE’s commitment is accountable and transparent.
- How does FSDEA ensure transparency and good governance? What mechanisms are in place?
FSDEA is a sovereign investment fund managed by an independent Advisory Board. The Fund's organizational structure ensures that appropriate review mechanisms are in place through the adoption of good global practices, such as the appointment of independent auditors. FSDEA’s approach ensures compliance with the laws and regulations applicable to the Fund.
FSDEA is governed by the Santiago Principles, a voluntary set of practices and values developed by the International Working Group (IWG) of Sovereign Wealth Funds (SWFs) in October.
Similarly, the Fund will seek actively to achieve a high ranking in the Linaburg-Maduell Index, which categorizes the FSRs in their total transparency.
INVESTMENT AND PORTFOLIO STRATEGY
- Does FSDEA disclose its financial results?
FSDEA undertakes itself to regularly communicate its investment strategy, investment portfolio and performance of the Fund and will do so annually.
- How does FSDEA decide when and where to invest?
FSDEA's investment strategy is based on our commitment to the socio-economic development of Angola and the preservation of capital for its people. Although the Fund considers investments in Africa and globally, its focus is more on investments in the local market, building infrastructures in Angola.
FSDEA’s strategy is disciplined in that it ensures that the investment portfolio is in line with a long-term vision but at the same time allows a necessary adjustment to the prevailing economic environment.