Santiago Principles Self-Assessment

Fundo Soberano de Angola

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  • 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.

Legal framework

Presidential Decree No. 48/11(3rd September 2011), which had created the Oil Fund.  Article 2 of such Decree states that the Fund “is a legal person, endowed with legal personality, with administrative, financial and asset autonomy.”

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. 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.  FSDEA is also under direct supervision by the Ministry of Finance.  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.

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.

In addition to the governance measures mentioned previously, Article 9 of the Organic Statute describes the organizational structure of FSDEA:

“The Sovereign Wealth Fund of Angola has the following structure:

Governing Bodies:

Board of Directors;

Audit Committee (named by Ministry of Finance);

Investment Committee 

Article 19.º of the Organic Statute of Angolan Sovereign Wealth Fund defines the organic structure as follow:

“The organizational structure of the Sovereign Wealth Fund of Angola and the respective distribution of powers are established by the Board of Directors. 

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.

FSDEA’s extensive Investment Policy was memorialized in the public Presidential Decree 213/19, including sections on risk and leverage (Article 7) and external managers (Article 8).