FONSIS is a private law limited company, governed by the Uniform Act relating to the law of commercial companies and economic interest groups (AUSCGIE) of the Organization for the Harmonization in Africa of Business Law (OHADA). FONSIS has a Board of Directors that oversees the activity's compliance with the mission, the investment doctrine and the policies put in place for this purpose.

1. Board of directors

The Board of Directors’ members are from the private and public sectors. The Board of Directors deliberates on all measures concerning the management of FONSIS and defines the management and investment policy in complete independence. The President of the Board of Directors is proposed by the President of the Republic and elected by the members.
The Board of Directors also appoints the Chief Executive Officer on the proposal of the President of the Republic. The Chief Executive Officer, once appointed, becomes a member of the Board of Directors.
The Chairman of the Board of Directors is held by Maître Nafissatou Diop Cissé.

The other members are :

  • Madame Gnouka Touré Diouf, Minister Economic Advisor to the President of the Republic.
  • Mr. Aliou Ndiaye, Secretary General of the Ministry of the Economy, Planning and Cooperation.
  • Mr. Lamine Lo, Director of Financing and Public-Private Partnerships at the Ministry of the Economy, Planning and Cooperation.

Specialized bodies of the Board of Directors

To strengthen its governance, FONSIS has set up specialized committees from the Board of Directors to address more effectively concerns related to its activities or its environment. The main ones are the ESG Committee, the Investment Committee and the Audit and Compliance Committee.

 The specialized Committees

 2. The ESG Committee

The Committee is a body emanating from the Board of Directors, to which it reports. The Committee oversees the implementation of the ESG policy, its reviews, improvements and periodic modifications.
    The Committee is responsible, among other things:

  • to approve the ESG policy validated by the Chief Executive Officer;
  • to propose recommendations on the ESG strategy of FONSIS;
  • to supervise the implementation of the policy and the annual action plans aimed at improving ESG practices; prepare an annual report on the ESG performance of FONSIS;
  • coordinate staff training in ESG policy and procedures.

It is chaired by an administrator.

3. The Investment Committee

The Committee is an organ emanating from the Board of Directors. It approves the operational implementation of projects and must ensure the lifting of any reservations or the mitigation of the risks identified during the implementation of the investment process.

The Committee is responsible for:

  • to implement the investment strategy of the company and its subsidiaries and to ensure the consistency of holdings and disposals with this strategy;
  • to ensure the implementation of the guidelines defined by the Board of Directors in terms of investment policy, prevention and control of financial risks;
  • define and monitor the implementation and adaptation of the strategic asset allocation;
  • to submit to the Board of Directors the decisions taken, the results and the performance obtained in the management of subsidiaries and participations and ensure that the investment policy is properly applied;
  • regularly analyze the economic and financial environment and propose to the Board of Directors any adoption, modification or update of the investment strategy.

It is chaired by an administrator.

4. The Audit and Compliance Committee

The Committee is an organ emanating from the Board of Directors. The Audit Committee ensures compliance with standards and procedures, assesses the risk management policy and the quality of internal control.

The Committee is responsible to:

  • reviewing accounting and financial information;
  • monitoring the effectiveness of internal control and risk management systems;
  • the control of the statutory auditors and their independence.

It is chaired by an administrator.

5. International Institutions

FONSIS has joined international institutions, confirming its commitment to the governance principles to which it adheres.

  • International Forum of Sovereign Wealth Funds (IFSWF)

The International Sovereign Funds Forum is an international organization which aims to promote good governance practices grouped together by the 24 Santiago Principles. By joining the IFSWF, members agree to implement the Santiago Principles and commit to:

  • Contribute to the stability of the global financial system and to the free movement of capital and investments;
  • Comply with the regulations and financial reporting obligations in force in the countries where they invest;
  • Make their investments on the basis of considerations related to economic, financial, ecological, reputational risks and on the other hand to the return and the economic / financial / social / impact of the investments;
  • Establish transparent governance structures allowing for operational control and risk management mechanisms.
  • One Planet Sovereign Wealth Funds (OPSWF)

The OPSWF initiative is a forum that brings together the Sovereign Wealth Funds, to promote the ecological transition of the economy. The OPSWF is a framework based around three guiding principles:

  • Alignment - Build climate change considerations, which are aligned with the SWFs’ investment horizons, into decision-making.
  • Ownership - Encourage companies to address material climate change issues in their governance, business strategy and planning, risk management and public reporting to promote value creation.
  • Integration - Integrate the consideration of climate change-related risks and opportunities into investment management to improve the resilience of long-term investment portfolios.
  • The African Private Equity and Venture Capital Association (AVCA)

The AVCA is the pan-African industry body with a mission to champion and enable private investment in Africa.

AVCA plays a significant role as a champion and effective change agent for the industry, educating, equipping and connecting members and stakeholders with independent industry research, best practice training programmes, and networking opportunities

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