Fundo Soberano de Angola Confirms Appointment of Audit Board and Appoints Primary Custodian

Economic Commission of the Council of Ministers reviews the Fund's Annual Program and Budget

The Fundo Soberano de Angola (FSDEA) confirmed the appointment of its Audit Board by the Ministry of Finance. The three-member Board ensures the compliance with the legislation that governs the Fund's operations and investments. The Audit Board is also responsible for ratifying the FSDEA's quarterly reporting to the National Director for Public Sector Accountability of the Ministry of Finance. The FSDEA also announces the appointment of its primary custodian.

José Filomeno dos Santos, Chairman of the Board of Directors, FSDEA, said, "With the appointment of the Audit Board and our primary custodian we have reached another significant milestone in the institution's development. Together with the recent appointment of Deloitte as our independent auditors, this new milestone regulates the placement of comprehensive and systematic independent audit mechanisms that not only ensure the highest level of transparency in our operations but that also increase our accountability to the State and the Angolan citizens."

The FSDEA's Audit Board consists of a three-member expert team in finance. Ari Nelson Correia Brandão, the president, is an accountant and independent auditor, and the other board members are Emanuel Maria Maravilhoso Buchartts, Chief of Staff of the Minister of Finance, and Dilma Rosa Neto Semedo, both senior executives from the Ministry of Finance.

Armando Manuel, the Minister of Finance of the Republic of Angola and Head of the FSDEA Advisory Board, commented, "The Ministry is confident that the appointment of the Audit Board will enable the Fund to operate sustainably and spur growth and wealth creation for the Angolan citizens, which will ultimately guarantee prosperity in our country. This appointment comes as part of the Ministry's objectives to ensure that an adequate framework is in place to oversee the Fund's management adherence to global standards of governing sovereign wealth funds."

On February 7th 2014, the Economic Commission of the Council of Ministers met in the Namibe Province, chaired by the President of the Republic of Angola, to review the annual budget and program for the Fund proposed by its Board of Directors.

For its first investments that will take place in 2014, the Fund is looking to allocate half of its initial endowment to fixed income instruments, issued by sovereign agencies, global and emerging equities as well as further alternative investments around the globe.

Although the Fund will actively pursue investment opportunities in international markets, it also has a strong domestic focus, aiming to invest the other half of its endowments at the regional level, predominantly in the infrastructure and hospitality sectors. These are catalytic sectors that will nurture jobs and sustainable economic diversity in the country and in the surrounding markets and that will support the Government's mandate towards economic diversification. With this investment approach, the FSDEA will contribute to building a viable non-oil based economy that spurs growth and ensures sustainable development in the country.