1. The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s).
1.1. The legal framework for the SWF should ensure legal soundness of the SWF and its transactions.
1.2. The key features of the SWF’s legal basis and structure, as well as the legal relationship between the SWF and other state bodies, should be publicly disclosed.
Presidential Decree No. 89/13 (19th June 2013– Revoked) changed FSDEA’s name from the Oil Fund to its present name and reiterated
Presidential Decree No. 48/11(3rd September 2011), which had created the Oil Fund. Among these is Article 2, which states that FSDEA “is a legal person, endowed with legal personality, with administrative, financial and asset autonomy.”
Presidential Decree No. 214/19 Article 2 reiterates that FSDEA “The Sovereign Fund of Angola is a legal entity with legal personality, with administrative, financial and patrimonial autonomy.”
The Presidential Decree No. 212/19, of 15th July also delineates FSDEA’s governance (including the Board of Directors).
Presidential Decree No. 214/19 lays out governance information about FSDEA and approves the Management Regulations of the Fund.
Relationship with other public bodies
Presidential Decree No. 212/19, also provides for an Investment Committee (chaired by the Chairman of the Angolan Sovereign Wealth Fund and including the FSDEA Board Member responsible for the Investments, a representative of Ministry of Finance, Minister of Economy and Planning, a Representative of the Angolan Central Bank (BNA) and Territorial Development, the Economy Minister, and three (3) senior specialists appointed by FSDEA.
The Fund has been established with an advisory council that assists the President of the Republic in matters related to the Fund, ensuring that the objectives and targets of the Fund are aligned with the macroeconomic strategy of the country. However, investment decisions are taken by the Board of Directors, without any interference, in accordance with what is established in article 4 of the investment policy approved by Presidential Decree No. 213/19 dated July 15th, 2019, which also establishes the limits on the operation of the Fund.