The Assembly of the Republic, in its capacity to monitor the performance of the FSM, is responsible for:

• Convene the Government, at the end of each fiscal year, to present the Annual Report and Accounts of the FSM;

• Assessing and approving the Annual Report and Accounts of the FSM; and
• Establishing the Supervisory Committee.

The Assembly of the Republic may also call upon the responsible committee to request the Government and/or the Banco de Moçambique to clarify  matters regarding the management of the FSM whenever deemed necessary.

The Government of Mozambique, represented by the Ministry responsible for finance, holds governance and overall management powers over the FSM and is responsible for:

• Approving the investment policy of the FSM;
• Establish the FSM Investment Advisory Board;
• Approving the terms of the FSM management agreement with the Banco de Moçambique and authorizing the signing thereof;
• Approving medium and long-term projections of revenues from oil and gas exploration;
• Approving the amounts and authorizing the transfers of resources for the purposes provided by Article 8 of Law No. 1/2024;
• Ensuring periodic monitoring of the performance of the FSM, in compliance with the Investment Policy and the Management Agreement;
• Approving the Annual Report of the FSM within 60 days from the date of the end of the fiscal year concerned;
• Reporting annually to the Assembly of the Republic on the activities of the FSM and providing information whenever requested by this body;
• Adopting other measures or actions as may be necessary to achieve the objectives of the FSM;
• Approving the procedures for deposits to the FSM account and all transfers of FSM assets to the State budget and to external investment managers;
• Validating the selection of the independent auditor to audit the accounts of the FSM by the Minister responsible for finance; and
• Submitting the final audit report to the Assembly of the Republic.

As the Operational Manager of the FSM, the Banco de Moçambique is responsible for:

• Managing FSM assets and other resources based on the principles of accountability and transparency, as provided by law;
• Implementing the investment policy approved by the Government;
• Informing the Government about external managers;
• Drawing up and submitting quarterly investment reports and publishing them as required by law;
• Providing information whenever requested by the Government or the specialized committee of the Assembly of the Republic; and.
• Drawing up and publishing the annual accounts of the FSM within 30 days from the end of the fiscal year concerned.

The Governor of the Banco de Moçambique is the top operational manager of the FSM.

The Supervisory Committee is responsible for monitoring and supervising:

• Matters regarding FSM revenues;
• Transitory Account deposits;
• The allocation of revenues to the State budget and the FSM;
• FSM management supervision; and
• The promotion of reporting and public awareness-raising initiatives regarding the activities and performance of the FSM.

The Supervisory Committee is composed of nine members elected by the Assembly of the Republic. The Committee reports to the Assembly through a quarterly report, and its conclusions are made public.
Below is the list of Committee members, each serving a three-year term, renewable once:

• Emanuel Chaves, representing Academia, Chair of the Committee
• Alcides Nobela, representing Academia, Member
• António Juliasse and Mussa Suefe, representing Religious Associations, Members
• Benilde Nhalivilo and Estrela Charles, representing Civil Society, Members
• Inocêncio Paulino, representing the Business Community, Member
• Celestino Sitoe, representing the Bar Association, Member
• Altino Mavile, representing the Order of Accountants, Member

The Investment Advisory Board, in its advisory capacity to the Government, is responsible for:

• Evaluating investment opportunities in different asset classes, such as stocks, bonds, real estate, infrastructure, among others;
• Analyzing the risks associated with investments made by the operational manager, including financial, political, and market risks;
• Monitoring the performance of the FSM and the return on investments in compliance with the investment policy;
• Regularly assessing FSM investments, considering the returns thereof; 
• Drawing up opinions to inform the Government's decision-making in this regard; and
• Ensuring that all investments comply with the legislation applicable to the FSM.

The Investment Advisory Board reports directly to the Government. Members have a 4-year term, renewable once, and the Board must meet at least once a month and is composed of:

• Omar Mithá - Chairman;
• Enilde Sarmento;
• Hercílio Simão;
• Egildo Mussuanganhe;
• Ibraimo Hassane Mussagy;
• Irene Lusidia Maurício; and
• Mukhtar Abdul Carimo.

The Investment Advisory Board must meet at least once a month.