Santiago Principles Self-Assessment

Fonds Gabonais d’Investissements Stratégiques

Fund Details Fund Website Search Assessments PDF version
  • Pillar 1: Legal
  • Pillar 2: Institutional
  • Pillar 3: Investment
Principle 1

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.

The Gabonese Sovereign wealth fund was created through the ordinance n°002/PR/2012 reorganising the Future Generation Fund, ratified by the law n° 005/2012 which changed the name of the Fund for Future Generations to the Gabonese Sovereign Wealth fund (hereinafter referred to as “FSRG”). 

FSRG is managed by the Gabonese Strategic Investment Fund (FGIS), the Gabonese strategic investment fund which acts as its exclusive representative.

The legal framework, thus the ordinance, clearly defines the type of transactions that can be carried out by the FGIS for and on behalf of the FSRG. 

Article 5 defines the financial resources of FSRG. Article 8 gives a clear framework of how to invest the financial resources of the Fund

Article 13 to 21 give a clear organization of FGIS. The above Ordinance has been modified by a new Ordinance n°018/PR/2021 dated 13 September 2021 portant modification de certaines dispositions de l'Ordonnance n°002/PR/2012 du 13 février 2012 portant réorganisation du Fonds pour les Générations Futures. This new ordinance mainly re-organises the financial resources of the FSRG. Both ordinances all together herein referred to as the “Ordinance”.

Principle 6

6. The governance framework for the SWF should be sound and establish a clear and effective division of roles and responsibilities in order to facilitate accountability and operational independence in the management of the SWF to pursue its objectives.

As stated above, the FSRG is governed as per the Act by its Board of Directors which is the guidance and decision-making body of FGIS. The act provides that the FSRG is managed by its board of Directors, its General Manager and a public accounting agent.

The Board in this capacity is responsible for:

  • proposing to the Fund's Strategic Board the overall management objectives of the FSRG;
  • submitting the general guidelines of the FSRG's investment policy to the Strategic Council
  • approving the programmes and actions of the General Management;
  • controlling and ensuring the proper functioning of the FGIS governance;
  • examining and approving the annual budgets of the FGIS;
  • authorising the awarding of contracts of any kind where commitments exceed two hundred million CFA francs.

General Management is the executive and administrative body of FGIS. In this capacity, it is responsible for: 

  • executing and implementing the decisions of the Board of Directors, drawing up the annual budgets, procedures and annual work plans to be submitted to the Board of Directors for approval;
  • implementing the means and procedures, particularly in legal and fiscal matters, for the protection and safeguarding of investments made with the Fund's income;
  • executing the powers and prerogatives expressly delegated by the Board of Directors;
  • carrying out all missions of representation, management and administration of the FSRG.
Principle 18

18. The SWF’s investment policy should be clear and consistent with its defined objectives, risk tolerance, and investment strategy, as set by the owner or the governing body(ies), and be based on sound portfolio management principles.

18.1. The investment policy should guide the SWF’s financial risk exposures and the possible use of leverage.

18.2. The investment policy should address the extent to which internal and/or external investment managers are used, the range of their activities and authority, and the process by which they are selected and their performance monitored.

18.3. A description of the investment policy of the SWF should be publicly disclosed.

The investment policy of FGIS is consistent with its objectives, risk tolerance, and investment strategy, as set by its governing bodies and is based on sound portfolio management principles. 

FGIS acts to facilitate co-investments with international investment funds, especially in a view to minimising risks while creating a powerful multiplier effect. 

The investment department of FGIS originates and executes investment opportunities. FGIS does not use external managers to manage its assets. In some cases, the fund sets up Special Purpose Vehicles with their independent management and adequate governance bodies. 

FGIS’s ordinance of creation defines a general approach to its investment policy.