Heritage and Stabilization Fund

Trinidad & Tobago US$ 5.5 Billion
Established: 2000
Transparency Rating: 8
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Origin: Oil
Firm Investment Style: Mixed
Entity Structure: Fund
Population Est.: 1.23 million – 2013
Wealth Per Capita Est.: $4,472
Summary
The Heritage and Stabilization Fund (HSF) was created in March 2007 with the passing of the HSF Act. No. 6. Before the act, the predecessor fund was called the Interim Revenue Stabilization Fund (IRSF) which dates back to 2000. Proceeds from the IRSF have been transferred to the HSF.

The fund objectives include:

  • Cushion the impact on or sustain public expenditure capacity during periods of revenue downturn whether caused by a fall in prices of crude oil or natural gas.
  • Generate an alternative stream of income so as to support public expenditure capacity as a result of revenue downturn caused by the depletion of non-renewable petroleum resources.
  • Provide a heritage for future generations, of Trinidad and Tobago, from savings and investment income derived from excess revenues.

Background
The fund is paid by petroleum revenues and is used to help stabilize budget shortfalls. The HSF is separate from the overall foreign exchange reserves of Trinidad and Tobago. Its purpose is to generate saving and investment income for future generations.

Key Executives and People

Main Office
Eric Williams Finance Building
Independence Square
Ministry of Finance
Level 18
Trinidad and Tobago
Tel: (868) 627-9700 ext: 2805-9
Fax: (868) 627-9700 ext: 2810

Strategy & Objectives
The sovereign wealth fund is a conservative institutional investor relative to their peers.

Governance
The fund is headed by a President and a five member Board. The Board also includes an officer of the Central Bank and Ministry of Finance.

The Central Bank of Trinidad and Tobago is responsible for managing the sovereign wealth fund.

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