Investment Advisory Board Meeting Schedule

Investment Advisory Board Meeting Schedule

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Working Programme


The Investment Advisory Board (IAB) is established under Article 16 of the Petroleum Fund Law. The law sets out the role of the IAB in Article 16, that may be summarised as follows:

  • To prepare performance benchmarks derived from a review of risks and returns
  • To advise the Minister on changes to the investment mandate
  • To be part of the process of appointing and removing external managers
  • To appraise external managers
  • To advise on the overall investment strategy
  • To advise the Minister as requested on other matters of investment strategy or management

Wider Obligations

In order to carry out its duties effectively, the IAB will require input by way of offering recommendations, analysis of alternative strategies, information concerning the appointment process of external managers, and so forth. The Board not only needs to consider such inputs on their own merits, but is required by law to take account of wider issues, namely:

  • Ensuring intergenerational equity in the allocation of income between present and future generations.
  • Conditions and opportunities that may exist in the financial markets
  • Constraints under which the Central Bank and others in Timor-Leste may be operating
  • The need to ensure that necessary cash is available for transfers.

Meeting Programme

The above factors indicate that the Board will work within the wider economic and financial picture to develop recommendations within which risks and returns must be evaluated, mandates developed, and performance measured. As such, the Secretariat would appear to have a duty to keep members – particularly members who are not resident in Timor-Leste – informed of these wider issues. Accordingly the Secretariat may be expected to provide the members of the IAB with materials such as economics reports, information about the Fund and its development that may be necessary background, but not agenda items in themselves. Board members may wish to consider the extent to which such background material needs to be discussed at meetings.

Accordingly, a proposed standard meeting agenda (not every meeting will consider every agenda item, and other topics may be added to the agenda from time to time) is as follows:

  • Apologies
  • Minutes of last meeting
  • Business arising from the minutes not otherwise included in agenda
  • Correspondence (including requests and advice to/from Minister)
  • Investment Strategy / Asset Allocation review / Benchmarks
  • Changes to investment mandate
  • Appraisal/appointment/removal of investment managers
  • Other business

Meeting Schedule

Regular board meetings occur on quarterly basis. The Board may have extraordinary meetings as and when needed.