The Fundo Soberano de Angola (FSDEA) announced today that the Government of Angola has appointed Deloitte as independent auditors of the Fund’s financial accounts, as originally prescribed in the bylaws of the FSDEA, to ensure the highest level of transparency across all of its areas of business.
The FSDEA has also announced that Mr Artur Carlos Andrade Fortunato, who joined the Fund in 2012, has been appointed to its Board of Directors, to oversee the Fund’s risk management division.
Armando Manuel, Minister of Finance of the Republic of Angola, commented, “The recent appointment of independent auditors represents a significant milestone in the Fund’s development and ensures accountability to the Angolan State and citizens. By building strong foundations, the Fund will be able to play its role in the social and economic development of our country.”
José Barata, Partner at Deloitte, and responsible for auditing the financial sector said, "Deloitte has been operating in Angola since 1997, significantly contributing to the development of vital management practices that are essential to the country's economic progress. It is recognized today that the financial audit is a fundamental process to increase transparency. " He continued, "We are extremely pleased to be appointed as the FSDEA's independent auditors and we look forward to supporting the Fund's mission to promote the social and economic development of Angola and generate wealth for the benefit of present and future generations."
The Government’s ratification of the FSDEA’s Investment Policy earlier this year will allow the Fund to make investments that support the country’s long-term economic future, thereby generating wealth and enhancing prosperity. As stated in the Fund’s investment policy, the FSDEA will allocate approximately half of its initial endowment to alternative investments, predominantly in the agriculture, mining, infrastructure and real estate sectors in Angola and across other African markets to nurture sustainable domestic and regional growth. The remainder of the portfolio will be allocated to high quality cash and fixed income instruments, issued by sovereign agencies, global and emerging equities as well as further alternative investments around the globe. In addition, the Fund may dedicate up to 7.5 per cent of its funding to social development and socially responsible projects in the areas of education, income generation and off-the-grid access to clean water, healthcare and energy.
Deloitte is scheduled to audit the financial accounts of the Fund for the year 2013 during the first half of 2014. According to the FSDEA’s bylaws, the audited financial accounts must be published in the local press for public disclosure. Additionally, the Parliament of the Republic of Angola will assess the performance of the Fund on a yearly basis. The latter assessment will be undertaken regularly during the month of September of every year, as part of the Parliamentary review of the State’s General Accounts. The Department of Treasury also receives quarterly financial reports from the FSDEA on its complete internal and external undertakings.
