Organizations must propose members of wealth fund supervisory committee

Maputo, 12 Jun (AIM) – The nine personalities who will be members of the Supervisory Committee of Mozambique’s sovereign wealth fund must be proposed by their respective organizations, according to the chairperson of the Ad-Hoc Committee to select candidates for membership, Vitória Diogo.

The law which creates the sovereign wealth fund, was approved in December by the Mozambican parliament, the Assembly of the Republic. The deadline for selecting candidates for the nine member Supervisory Committee was set for 30 June.

The composition of the Sovereign Fund Supervisory Committee includes two members from Civil Society Organizations; two representatives from academia; two representatives from religious associations of recognized merit, plus one representative from the business community; one representative from the Mozambican Association of Accountants and Auditors, and one representative from the Mozambican Bar Association.

According to Diogo, speaking to reporters on Tuesday in Maputo, candidates must be Mozambicans, of legal age, of recognized moral merit and professional experience, and of probity to carry out their duties in accordance with the law.

“The personalities must submit a letter to the chairperson of the Assembly of the Republic, including proof of the legal existence of the body proposing them, as well as the minutes of the meeting proposing the candidates, a declaration of acceptance of candidacy, an identification document, a criminal record certificate, a curriculum vitae and a certified copy of the educational qualifications certificate”, she said.

Diogo explained that after thorough analysis of the documents, the shortlisted candidates will be invited to a face-to-face interview, and the Ad-Hoc committee will draw up a report to be submitted to the plenary session of the parliament, which will proceed with the final election of the candidates.

The Committee will control sovereign wealth fund revenues from the production of liquefied natural gas from offshore areas 1 and 4 of the Rovuma Basin, in the northern province of Cabo Delgado.

It will also oversee the revenue achieved in the first 15 years of the operation of the sovereign wealth fund, of which 40 percent is earmarked for the fund and 60 percent for the State Budget. It will also control the deposits of revenue in the transitional account.

(AIM)

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