National Development and Social Fund
The National Development and Social Fund (“NDSF”, “Agency”, “Fund”) is an autonomous agency established for the purpose of managing and administering 20 per cent of the contributions received from the Individual Investor Programme of the Republic of Malta set up by virtue of the Malta Citizenship Act Cap.188.
The NDSF’s mission is to contribute towards, promote and support, major projects and initiatives of national importance and public interest which are intended to develop and improve the economy, public services and the general well-being of present and future generations.
The vision of the NDSF is to contribute towards the accretion of our nation’s sovereign wealth by adhering to the highest international standards of governance, accountability, transparency and management performance.
The following four core values are included in all NDSF’s policies:
a) Governance: The administration and management of funds is entrusted to a board of governors, members of which are professionals in their own right, bringing with them a wealth of experience and integrity.
b) Accountability: Open to the authorities’ and media scrutiny, full disclosure of reports, publishing of accounts and adherence to the Santiago Principles promoting excellence in all that the Agency does. The Fund is obliged by law to publish its annual financial statements according to the International Financial Reporting Standards (IFRS) and report through the Ministry for Finance. The audited accounts and the annual report of the Fund shall then be laid on the table of the House of Representatives by the Minister responsible for Finance. Moreover, the Agency reports on a quarterly basis to the Principle Permanent Secretary, the Ministry for Finance and the NSO. The Board of Governors of the Fund shall ensure that all accountability and transparency obligations resulting from the founding regulations are strictly adhered to.
c) Transparency: In applying the principle of transparency, it is important that the Fund engages in broad consultation with other government entities and civil society. This outreach not only increases the legitimacy of the Fund, but reduces reputational risk, and facilitates in explaining key investment decisions and management principles to various stakeholders. It is envisaged that the NDSF will participate in public discussions but the main communication tool with the community at large will undoubtedly be its dedicated website.
d) Investment and Risk Management Performance – all investments and expenditure by the Fund will be undertaken in accordance with best international practice. The Agency shall be guided by its Investment Policy and Risk Management Framework which follow the Santiago Principles. The aim of the Fund is to generate real positive returns and preservation of capital over the long term for the benefit of Malta’s current and future generations.
For further information on the National Development and Social Fund, you are invited to access www.ndsf.com.mt