Governance
Overview
The Angola Sovereign Fund is a sovereign investment fund managed by an autonomous Executive Committee. The Fund's organisational structure ensures that adequate review mechanisms are in place through the adoption of good practice at global level, such as the appointment of independent auditors. The approach of the Angola Sovereign Fund ensures compliance with the laws and regulations that apply to the Fund.
The Angola Sovereign Fund is governed by the Santiago Principles, which are a voluntary set of practices and values developed by the International Working Group (IWG) of Sovereign Wealth Funds (SWFs) in October 2008. The Fund also actively seeks to achieve a high ranking on the Linaburg-Maduell Index, which categorizes Sovereign Wealth Funds as regards their overall transparency.
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.
Santiago Principles
The Angola Sovereign Fund is governed by the Santiago Principles, which are a voluntary set of practices and values developed by the International Working Group of Sovereign Wealth Funds.
The Santiago Principles are intended to promote transparency in relation to institutional frameworks, governance and the functioning of these Funds, leading to a more open and stable investment environment.
1
Help to maintain a stable global financial system and a free flow of capital and investment;
2
Comply with all regulatory and information requirements in the countries where the Fund invests;
3
Invest on the basis of economic and financial risks and return-related considerations;
4
Maintain a sound and transparent governance structure that provides for adequate operational controls, risk management and accountability.
Code of Conduct
The Angola Sovereign Fund Code of Conduct was established by its Board of Directors. It contains all the principles that guide the FSDEA's relationships with the parties involved in its actions, including employees, administrators, customers, suppliers, service providers, investees, partners, public institutions and agents, the general public, media and all other sectors of society.
The Code of Conduct has a broad range of guidelines, which are not all covered in this document. Above all, they act as a formal statement of the fund’s commitment to comply with both the law and ethical principles, which must be strictly observed by all those acting on behalf of the FSDEA.
Corruption Prevention Policy
The Angola Sovereign Fund Corruption Prevention Policy aims to ensure that all members of the Board of Directors, officials and any third parties empowered to act on their behalf comply with the requirements of Law 3/10 of 29 March on Public Probity, which establishes the bases and the legal regime regarding public morality and respect for public property by public officials, as well as any other national or foreign laws that apply to the FSDEA’s activities, the Code of Conduct and the other policies thereof in order to ensure that the Fund’s business activities are conducted in accordance with the Law and based on the highest standards of integrity and transparency.
Accordingly, this Policy aims to combat and prevent any form of corruption with respect to situations that might conflict with or infringe the Law or the conduct guidelines established by the FSDEA.
Outsourcing Policy
The Angola Sovereign Fund was created by Presidential Decree No. 48/11 of 9 March. By means of Presidential Decrees 107/13 and 108/13 of 28 June, the President of the Republic of Angola entrusted the FSDEA’s Board of Directors to protect and maximise profits on FSDEA assets.
To achieve this objective, it is necessary to provide general guidelines on the feasibility and reliability of the outsourcing process and establish general and specific principles to govern the FSDEA’s relationship with third parties.
The purpose of the Outsourcing Policy is to define prerequisites, procedures, minimum requirements, risk management, supervisory and governance mechanisms for the outsourcing of external tasks and functions.
Guide on the Prevention of Money Laundering and the Financing of Terrorism
To comply with international standards, Angolan authorities approved Law 34/11 of 12 December on Combating Money Laundering and the Financing of Terrorism, which provides measures to prohibit, prevent, punish and clamp down on the laundering of money obtained illegally and the financing of terrorism.
In order to comply with and meet current legislation on preventing money laundering and combating the financing of terrorism, this Guide has been developed with the aim of establishing prevention policies and measures to stop the FSDEA from being involved in unlawful acts. In this way, members of the Board of Directors, officials and all FSDEA employees assume responsibility for strictly complying with the laws, rules, policies and requirements imposed by national legislation on preventing money laundering and combating the financing of terrorism that are in force in the Republic of Angola.
Careers
The Fund is an instrument to promote the socio-economic development of Angola and to create wealth for the Angolan people. Our strategy focuses on sustainable long-term investments that produce strong financial returns. The Angola Sovereign Fund is making a difference to the people of Angola and helping to shape the country’s future. We offer our employees the opportunity to be part of this exciting journey and are always looking for dynamic people to be part of the FSDEA. Please send your curriculum to recrutamento@fsdea.ao.
