Saint Kitts and Nevis Sovereign Wealth and Resilience Fund Bill, 2026

A BILL to provide for the establishment of the Saint Kitts and Nevis Sovereign Wealth and Resilience Fund and its objects, management and control; to provide for the Board of the Saint Kitts and Nevis Sovereign Wealth and Resilience Fund and its functions; to provide for the appointment of the Chairperson, Board Members and investment managers;  to provide for the allocation and disbursement of money into and from the Fund; and to provide for matters incidental to or connected with the foregoing.

BE IT ENACTED by the King’s Most Excellent Majesty, by and with the advice and consent of the National Assembly of Saint Christopher and Nevis and by the authority of the same as follows:

PART I

PRELIMINARY

1. Short title.

This Act may be cited as the Saint Kitts and Nevis Sovereign Wealth and Resilience Fund Act, 2026.

2. Interpretation.

In this Act, unless the context otherwise requires,  

“asset” includes any—

(a)   kind of property whether moveable or immovable, tangible or

intangible; or

(b) legal or equitable estate or interest in property; or

(c) legal or equitable right;

“Board” means the Saint Kitts and Nevis Sovereign Wealth and Resilience Fund Board of Directors constituted in terms of section 5;

“Essential National Infrastructure” means infrastructure necessary to maintain national economic continuity, climate resilience, energy security, or public safety;

“fiscal gap” means the difference between the present value of Government’s projected expenditures including debt service and its projected revenue;

“foreign asset” means any asset located outside Saint Kitts and Nevis or title to which is held or registered outside Saint Kitts and Nevis;

“Fund”—

1. means the Saint Kitts and Nevis Sovereign Wealth and Resilience Fund established in terms of section 4; and

2. includes any Sub-Fund referred to in section 15;

“investment manager” means a manager of the Fund, or of a Sub-Fund or any portfolio of securities held by the Fund or a Sub-Fund;

“member” means the Chairperson or any other member of the Board referred to in section 6;

“Minister” means the Minister of Finance;

“natural disaster” means a sudden, catastrophic event caused by natural phenomena including hurricane, flood, earthquake, volcanic eruption, drought, tsunami, or landslide that results in severe economic loss, physical damage or human impact, and which has been formally declared under the National Disaster Management Act, Cap. 19.06;

“public calamity” means a sudden outbreak of pestilence, infectious disease or any other calamity that results in severe economic loss or human impact, and which has been formally declared under the Emergency Powers Act, Cap. 19.02;

“public contracting authority” means—

(a) the Government of Saint Kitts and Nevis;

(b) the Nevis Island Administration;

(c) a statutory body; or

(d) a contractor performing public functions;

“risk-adjusted return” means a return based on an objective measurement of how much risk is involved in producing that return; and

“Santiago Principles” means the set of voluntary guidelines on best practices for the operations of sovereign wealth funds set out in the Fourth Schedule that were issued at a meeting in Santiago, Chile, in September, 2008 through a joint effort between the International Monetary Fund (IMF) and the International Working Group of Sovereign Wealth Funds (IWG-SWF), and includes any subsequent amendment or replacement of those principles.

3. Objectives of the Act.

The objectives of this Act are to—

1. facilitate secure sustainable sovereign investments for the benefit and enjoyment of future generations of citizens and residents of Saint Kitts and Nevis; 

2. ring-fence high quality liquid assets for rapid recovery from natural disasters without destabilising public finances; 

3. provide a counter-cyclical buffer to reduce the need for emergency borrowing;

4. provide for the transformation of finite or volatile revenues into a sustained financial asset base;

5. enable, in strictly controlled and fiscally responsible circumstances, the financing of Essential National Infrastructure that strengthens national resilience, enhances long-term productive capacity and economic sustainability, and is consistent with the principles of intergenerational equity and preservation of the Fund’s capital;

6. protect long-term fiscal sustainability through disciplined investment and reinvestment;

7. ensure transparent, rules-based deposit and withdrawal mechanisms;

8. enhance the Federation’s creditworthiness and macro-fiscal reputation; 

9. align governance with global norms (e.g., Santiago Principles, International Financial Reporting Standards sustainability standards, climate-risk disclosure frameworks); 

10. invest public funds according to principles of environmental stewardship, intergenerational equity, and responsible finance; and

11. support fiscal and macroeconomic stability through counter-cyclical and shock-response buffers.

PART II

ESTABLISHMENT OF THE FUND AND BOARD

4. Establishment, vesting and trusteeship of Fund

(1) There is hereby established a Fund, to be known as the Saint Kitts and Nevis Sovereign Wealth and Resilience Fund.    

(2) The ownership of the Fund is vested in the Federation of Saint Kitts and Nevis with the Governor-General of Saint Kitts and Nevis acting as the trustee thereof. 

5. Establishment of the Board.

(1) There is hereby established a Board of Directors which shall, subject to this Act, administer the Fund.    

(2) The Board is a body corporate capable of suing and being sued in its own name and, subject to this Act, of doing everything that bodies corporate can do by law. 

(3) For the avoidance of doubt it is declared that no legal proceedings involving the Fund may be instituted, continued or concluded except by, against or on behalf of the Board as the administrator of the Fund.

6. Composition and Appointment of Board. 

1. The Board shall consist of—

1. a Chairperson appointed by the Prime Minister, being a person whom the Prime Minister is satisfied—

1. is a person of recognised integrity; 

2. has proven competence in finance, investment, economics, business management or law; 

3. is not a member of the Government or of the National Assembly or Nevis Island Assembly;

4. is not a member of the Public Service or other employee of the Government or the Nevis Island Administration;

5. has not been convicted of any crime involving dishonesty or moral turpitude, even if pardoned.

2. a member appointed by the Premier, being a person whom the Premier is satisfied has the same qualifications contained in paragraph (a).

3. a member appointed by the Leader of the Opposition, being a person whom the Leader of the Opposition is satisfied has the same qualifications contained in paragraph (a);

4. three members appointed by the Minister, being persons whom the Minister is satisfied have the same qualifications contained in paragraph (a); and

5. one member appointed by the Governor General acting in accordance with the advice of non-governmental organisations representing the fields of industry, commerce, banking and accounting, being a person who satisfies the same qualifications contained in paragraph (a).

2. The Financial Secretary in the Government of Saint Kitts and Nevis shall serve as the ex officio non-voting Secretary of the Board and the Ministry of Finance shall provide administrative support for the Board.

3. The Minister shall as soon as is practicable after the Board is constituted publish the names of persons appointed to the Board by the notice in the Gazette, but the validity of the appointment of the appointed members does not depend on such publication.

4. The provisions relating to the terms and conditions of office, vacation of office, filling of vacancies, meetings and procedures of the Board and other related matters are set out in the First Schedule.

7. Functions of Board. 

(1) The Board, as administrator of the Fund, shall have the following specific functions—

1. to oversee the investment and management of the Fund in accordance with this Act and in a manner the Board judges best suited to achieve the objects of this Act; 

2. to determine the investment guidelines, including the rules, policies and directions that are most appropriate in relation to any moneys standing to the credit of the Fund in accordance with the investment mandate adopted by the Minister pursuant to section 24;

3. to appoint investment managers in accordance with section 14;

4. to prepare the investment mandate and budget of the Fund in accordance with section 24;

5. to reinvest the profits and proceeds of its investments to generate further risk adjusted returns;

6. to attract co-investment from other investors, including strategic investors, sovereign and internationally recognised investment funds and private companies, to enhance the Fund’s capital and maximise its risk-adjusted returns;

7. to determine the appropriate risk and compliance limits of the Fund; and

8. to carry out such other activities as may be related to the foregoing.

(2) The Board shall have power to do or cause to be done, either by itself or through its agents, all or any of the things specified in the Second Schedule, either absolutely or conditionally and either solely or jointly with others.

8. Disclosure of Interest of Members of the Board. 

Where a member of the Board has any direct or indirect personal interest in the outcome of the deliberations of the Board in relation to any matter—

(a) he or she shall disclose the nature of his or her interest at a meeting of the Board in person or by means of a written notice brought to the attention of the Board; 

(b) the disclosure shall be recorded in the minutes of the meeting of the Board; and 

(c) he or she shall withdraw from any deliberations of the Board in relation to that matter and not vote upon it. 

9. Seal of the Fund.

(1) The Seal of the Fund shall be kept in the custody of the Chairperson of the Board and may be affixed to instruments pursuant to a resolution of the Board and in the presence of the Chairperson and one other member authorised as in subsection (2).

(2) The affixing of the common seal of the Board shall be in the presence of and witnessed by the Chairperson and one other member authorised in writing by the Minister.

(3) All deeds, instruments, contracts and other documents other than those required by law to be under seal, made by, and all decisions of, the Board may be signified under the hand of the Chairperson.

(4) A court shall take judicial notice of the seal of the Board affixed to any document and, unless the contrary is proved, shall presume that it was duly affixed.

10. Oath of Confidentiality.

(1) A member of the Board shall be required to take the oath of confidentiality as contained in the Third Schedule to this Act.  

(2) Subject to subsection (1), a member of the Board and any contractor thereof shall not, without lawful justification, disclose any information relating to the business or affairs of the Fund, that was acquired in the course of his or her duties or in the exercise of his or her functions pursuant to the provisions of this Act.

(3) Any person who contravenes subsection (2), shall be guilty of an offence and liable to a fine not exceeding twenty five thousand dollars or to imprisonment for a period not exceeding two years to both such fine and such imprisonment.

11. Protection from liability. 

(1) No action or other proceeding shall lie against any member of the Board for or in respect of an act done or omitted to be done in good faith in the exercise or purported exercise of his or her functions under this Act. 

(2) The Board shall indemnify a member of the Board for the legal cost of defending an action in respect of an act done or omitted to be done in good faith in the exercise or purported exercise of his or her functions under this Act. 

PART III

MINISTER AND BOARD RESPONSIBILITIES

12. Minister Directions in National Interest. 

1. The Minister may, in consultation with the Governor-General and in accordance with any instructions of the Governor-General, give the Board such directions in writing of a general character relating to the exercise by it of its functions as appear to the Minister to be requisite in the national interest, in accordance with the Santiago Principles GAPP 7-9.

2. The Board shall take all necessary steps to comply with any direction.

3. Where any direction has been given to it, the Board shall ensure that the direction and any views the Board has expressed on it in terms of subsection (2) are set out in the Board’s annual report.

4. Except as provided in subsection (1), in the lawful exercise of its functions the Board shall not be subject to the direction or control of any other person or authority.

13. Board Reports. 

1. The Board shall no later than thirty days after the end of each quarter submit to the Minister a quarterly report on its operations and activities during the preceding quarter. 

2. Each quarterly report under subsection (1) shall include a report of the inflows and outflows of the Fund, the performance of the Fund during the quarter and the value of the assets and where the assets are held at the end of each quarter.

3. The Board shall no later than sixty days after the end of each financial year submit to the Minister an annual report on its operations and activities during the preceding financial year.

4. The annual report under subsection (3) shall include—

1. the investment mandate adopted by the Minister and the investment guidelines determined by the Board;

2. the performance of the Fund;

3. an assessment of the internal and external audits and risk management and control systems in place;

4. the audited financial statements of the Fund;

5. all payments to and transfers from the Fund;

6. a list of names of persons holding positions relevant to the operations and performance of the Fund; and 

7. any other information relevant to the management of the Fund.

5. In addition, the Board—

1. shall submit to the Minister any other report, and provide him or her with any other information, that he or she may require in regard to the operations and activities of the Board; and

2. may submit to the Minister any other report that it considers desirable;

6. The Minister shall table before the National Assembly all reports submitted to him or her by the Board under subsections (1), (3) and (5) as soon as practicable after receiving the reports and no later than sixty days after they have been received.

14. Investment Managers. 

1. The Board shall, through an open, competitive and transparent process, appoint such number as are necessary of fit and proper persons with the requisite qualifications or experience to be investment managers, as independent contractors.

2. When appointing an investment manager the Board may have regard to the following considerations among other relevant considerations— 

1. the relative qualifications and experience of the persons competing to be appointed as investment managers; 

2. the expertise of a person competing to be appointed as an investment manager in the area of investment concerned;  

3. the professional record of a person competing to be appointed as an investment manager in controlling operational and financial risk with respect to assets which that person has managed or is managing in the capacity of investment manager;

4. whether the person has sufficient capital and adequate insurance against operational risks; 

5. whether the person has a sound record of operational and financial performance spanning at least ten years; and

6. the level of remuneration or fees expected to be paid to any person competing to be appointed as an investment manager.

PART IV

MANAGEMENT OF THE FUND

15. Custodianship, Holding and Investment of Fund. 

1. The Eastern Caribbean Central Bank is, subject to subsection (2), hereby appointed as the primary custodian of the Fund.

2. The Board shall, after consultation with the Eastern Caribbean Central Bank, cause one or more banking accounts to be opened, into which any part of the monies received on behalf of the Fund shall be paid.

3. The following principles apply to the investment of the Fund by the Board—

1. the Fund shall be invested in conformity with the Board’s investment mandate and in whatever other way not inconsistent with the mandate that the Board considers most appropriate to enable it to achieve the Fund’s objects; 

2. investment shall be in gold bullion and foreign assets, otherwise than to the extent permitted by the investment mandate; and

3. to the extent that the investment mandate permits investment in domestic assets, no such investment may be made in Government or Nevis Island Administration debt, lending domestically or providing Government guarantees.

16. Deposits Into and Accruals to Fund. 

1. The Board shall pay into the Fund—

1. grants and donations from development partners designated for the purposes of the Fund;

2. such portion not exceeding one quarter of the profits of the Citizenship By Investment Unit established by the Citizenship By Investment Unit Act, 2024; 

3. such portion not exceeding one quarter of the revenue collected by the Citizenship By Investment Unit as Sustainable Island State Contributions; 

4. such portion not exceeding one quarter of the profits collected by the Geothermal Energy Authority, established by the Geothermal Energy Authority Act, 2026;  

5. any moneys appropriated by Act of Parliament as an advance or grant to the Fund to—

1. help promote the objects of the Fund; or

2. supplement the salaries and allowances of members of the Board or the recurrent administrative expenses of the Fund insofar as these cannot be adequately met in any financial year from the moneys of the Fund; 

6. the profits and proceeds of the investments of the Fund;

7. any moneys received by the Fund under any contract of insurance effected by the Board;

8. such other moneys as may vest in or accrue to the Fund, whether in the course of its operations or otherwise.

2. The Board shall apply its Fund to the fulfilment of the objects of the Fund.

3. Moneys of the Fund not immediately required by the Board to fulfil the Fund’s objects may be invested in such a manner as the Board, with the approval of the Minister, considers appropriate.

17. Withdrawals from Fund for State Benefit. 

1. The Minister may, after consulting the Board, by resolution of the National Assembly effect withdrawals from the Fund for payment into the Consolidated Fund for recovery, or reconstruction arising, from a natural disaster if—

1. the natural disaster has been declared as a public emergency; 

2. a post-disaster needs assessment or damage and loss assessment has been conducted by the National Disaster Management Agency which quantifies eligible recovery and reconstruction expenditures; and

3. the Governor-General, after consultation with the National Disaster Management Agency, authorises that the withdrawal is required to finance post-disaster recovery and reconstruction expenditures directly attributable to the declared event.

2. Withdrawals pursuant to subsection (1) shall be made from the Natural Disaster Sub-Fund and shall not exceed —

1. the assessed cost of recovery less insurance proceeds, donor assistance and contingency fund allocations; or

2. thirty percent of the balance of the Fund at the time of withdrawal,

whichever is lower.

3. The Minister may, after consulting the Board, withdraw from the Fund for payment into the Consolidated Fund for fiscal-stability purposes or recovery from public calamity, by resolution of the National Assembly if—

1. the real Gross Domestic Product of the Federation of Saint Kitts and Nevis contracts by at least three percent in a calendar year; 

2. revenue collections by the Federation of Saint Kitts and Nevis fall by at least fifteen percent below the medium-term fiscal projections due to an exogenous shock; or

3. a period of public emergency is declared that results in expenditure pressures exceeding five percent of Gross Domestic Product.

4. Withdrawals pursuant to subsection (3) shall not exceed—

1. fifteen percent of the Fund’s balance at the start of the last fiscal year; 

2. three percent of the real Gross Domestic Product of the Federation of Saint Kitts and Nevis; or

3. the fiscal gap attributable to a period of public emergency certified by the Ministry with responsibility for finance,

whichever is the lowest.

(5)   The Minister may, after consulting the Board, by resolution of the National Assembly, effect withdrawals from the Fund for the financing of Essential National Infrastructure, where—

(a)        the Board certifies that such withdrawal will not materially impair the Fund’s ability to meet its natural disaster and fiscal stabilisation obligations; 

(b)         the infrastructure project is designated by Cabinet as critical to national economic resilience, productive capacity, or long-term fiscal sustainability; 

(c)       an independent cost-benefit and fiscal sustainability assessment confirms that the project is expected to generate measurable economic or fiscal returns over the medium to long term; or

(d)     the project forms part of an approved national development or public sector investment programme.

(6)   Withdrawals pursuant to subsection (5) shall—

(a)         be financed only from realised investment returns unless the Board certifies that exceptional national circumstances justify limited principal withdrawal; or

(b)       not exceed—

9. the average realised net investment income of the Fund over the preceding five financial years; or

(ii)     five per cent (5%) of the Fund balance at the start of the preceding financial year

            whichever is the lower.

18. Charges on Fund. 

1. Subject to subsection (2), there shall be paid from the Fund in accordance with an annual budget referred to in section 24—

1.  the general operational and administrative expenses of the Board; 

2. such remuneration, if any, as the Minister may determine, for the Chairperson and the members of the Board; 

3. such allowances, if any, as the Minister may determine and are reasonable expenses that may be incurred in connection with the Board’s business;  

4. the expenses of the audit of the Board’s books and accounts;

5. the remuneration payable to any investment manager, agent or consultant employed or retained by the Board;

6. the liability of the Board for taxes, duties and rates; or

7. expenses arising from the contracted obligations and liabilities of the Board.

2. Expenditure for the purposes of subsection (1)(b), (c), and (e) shall not exceed two point five per centum of the total projected deposits into the Fund for the financial year in question.

19. Establishment and Operation of General Reserve. 

1. The Board shall establish a general reserve to which, subject to this Part, may be appropriated from a surplus of income over expenditure of the Fund at the end of its financial year such sums as the Minister may approve. 

2. Subject to this Part, moneys in the general reserve may, with the approval of the Minister, be used for such purposes as the Board may consider expedient for the proper exercise by it of its functions including the development of the assets of the Fund.

3. The Board shall comply with any directions which the Minister may give in relation to the management of the general reserve.

4. Moneys in the general reserve shall not be reduced, without the approval of the Minister, below such an amount as the Minister may fix, otherwise than for the purpose of meeting a deficiency as is provided in subsection (5).

5. If in any financial year the income of the Board together with any surplus income brought forward from a previous financial year, is insufficient to enable the Board to meet the charges and to make the provisions required by section 17, the deficiency shall, unless the Minister otherwise directs, be met from the general reserve.

20. Segregated Accounts of Fund. 

The Board may, with the approval of the Minister, segregate any portion of the moneys of the Fund into one or more of the following separate accounts, to be styled “Sub-Funds”—

1. a General Investment Sub-Fund, to facilitate the achievement of the Fund’s object referred to in section 3(a), which itself may be divided into separate portfolios distinguished by the type of investment; 

2. a Natural Disaster Sub-Fund, to facilitate the achievement of the Fund’s object referred to in section 3(b); 

3. a Resilience Sub-Fund, to facilitate the achievement of the Fund’s object referred to in section 3(c); 

4. an Essential National Infrastructure Sub-Fund, to facilitate the achievement of the Fund’s object referred to in section 3(d); and

5. such other sub-Funds as the Board considers expedient to establish for the purpose of achieving the objects of the Fund or fulfilling the functions of the Board.

21. Prohibition Against Using Fund Assets as Collateral. 

1. The assets of the Fund shall not be used—

1. to provide credit to the Government, public enterprises, private sector entities or any other persons or entities; or

2. as collateral for debts, guarantees, commitments or other liabilities of any other person or entity, whether public or private;

2. Any contract, agreement or arrangement, to the extent that it purports to encumber the assets referred to in subsection (1), whether by way of guarantee, security, mortgage or any other form of encumbrance, is null and void.

PART IV

TRANSPARENCY AND ACCOUNTABILITY

22. Public Access to Fund Balances. 

1. The Board shall keep a schedule at its offices showing particulars of the Fund’s current investments in sufficient detail to enable members of the public to assess the Fund’s financial soundness, and the Board shall ensure that the schedule is available for inspection at all reasonable times by such persons.

2. The Board shall create and maintain up to date a website which, among other things, will enable members of the public to have access to the schedule referred to in subsection (1) and to the investment mandate.

3. At least once a year the Board shall review the size of the Fund and the manner in which the money held in the Fund is invested, taking into account the Fund’s current and potential liabilities, and in the light of that review the Board shall make any necessary adjustments in the holding of the Fund.

23. Financial Year of the Fund. 

The financial year of the Fund shall be the period of twelve months ending on the 31^st day of December each year or on such other date as may be prescribed.

24. Annual Investment Mandate and Budget of Fund.

1. On or before such date prior to the beginning of the financial year as the Minister and the Board may agree, the Board shall cause to be prepared, and submit to the Minister for his or her approval—

1. a budget showing the expenditure which the Board proposes to incur during that financial year for the purposes of section 18; 

2. a written investment mandate in respect of the performance of its investment functions, which shall be guided by the Santiago Principles and shall include—

1. indications of the classes of investments in which the Fund can be invested and the selection criteria for investments within those classes; 

2. information on investment benchmarks, including but not limited to, the acceptable balance between risk and return in the overall Fund portfolio; 

3. guidelines on ethical investment, including policies, standards and procedures for avoiding prejudice to Saint Kitts and Nevis’ reputation as a responsible member of the international community; 

4. indications relating to the management of credit, liquidity and operational, currency, market and other financial risks; 

5. indications on prohibited or restricted investments or any investment constraints or limits; and

6. in relation to the object referred to in section 3(a) and (b), the extent to which the Board may invest moneys in domestic assets.

2. During any financial year, the Board may prepare and submit for the Minister’s approval a supplementary budget relating to expenditure which—

1. was not, for good reason, provided for in the annual budget; or
2. was inadequately provided for in the annual budget due to unforeseen circumstances.

3. A supplementary budget approved by the Minister shall be deemed to form part of the annual budget of the Board for the financial year to which it relates.

25. Accounts. 

The Board shall keep proper records of accounts in accordance with generally accepted international accounting standards and principles and shall prepare and retain financial statements, including such particular accounts and records as the Minister may direct, in respect of each financial year.

26. Audit. 

(1) The Board shall within two months after each financial year have its accounts audited annually by an independent auditor appointed by the Board after consulting with the Director of Audit, who shall conduct the audit in accordance with generally accepted international auditing standards and provide an auditor’s report to the Board and to the Director of Audit. 

(2) The Board and any contractors of the Board shall grant to the auditor appointed pursuant to subsection (1), access to all books, deeds, contracts, accounts, vouchers, or other documents which the auditor may deem necessary and the auditor may require the person holding or accountable for such document to appear, make a signed statement or provide such information in relation to the document as the auditor deems necessary. 

(3) A person who fails to comply with subsection (2) or knowingly provides the auditor appointed pursuant to subsection (1) with a false explanation or information, or an explanation or information that the person has no grounds for believing to be true, commits an offence and on summary conviction is liable to a fine not exceeding fifty thousand dollars or to imprisonment for a term not exceeding three years or to both and to revocation of his or her appointment as a member of the Board in accordance with this Act or termination of his or her contract for services.

PART V

MISCELLANEOUS

27. Compliance with Host Country Laws. 

The Board shall operate in accordance with the investment laws of the country in which the Fund has made an investment.

28. Use of Confidential Information for Personal Gain. 

1. Subject to subsection (2), if any member or agent of the Board, for personal gain, makes use of any information which he or she has acquired in the performance of his or her functions under this Act and which relates to the affairs of the Fund, or of any entity in which the Fund has made any investment, or of any investor in the Fund, he or she commits an offence and shall be liable on summary conviction to—

1. a fine not exceeding twice the amount of his or her gain, whichever is the greater; 

2. imprisonment for a period not exceeding five years; or

3. both such fine and such imprisonment.

2. It shall be a defence to a charge under subsection (1) for the person charged to show that the information which he or she used was generally known to members of the public or to a substantial section of the public.

29. Regulations. 

1. The Minister, after consultation with the Board, may make regulations providing for all matters which by this Act are required or permitted to be prescribed or which, in his or her opinion, are necessary or convenient to be provided for in order to carry out or give effect to this Act.

2. Without derogating from the generality of subsection (1) regulations may provide for—

1. a code of conduct and ethics for members of the Board; or

2. prudential and ethical investment principles to guide the Board and investment managers when identifying appropriate domestic and foreign assets for the Fund to invest in.

FIRST SCHEDULE

(Section 6(4))

PROVISIONS RELATING TO MEMBERS OF BOARD, AND TO PROCEDURE OF BOARD

Disqualifications for appointment as member

1. A person shall not be qualified to be appointed or hold office as a member if—

1. he or she is neither a citizen of Saint Kitts and Nevis nor ordinarily resident in Saint Kitts and Nevis;
2. he or she, or his or her spouse is a director of or is in the full-time employment of an entity in which the Fund has made any investment;
3. he or she has been adjudged or otherwise declared insolvent or bankrupt in terms of a law in force in any country, and has not been rehabilitated or discharged;
4. he or she has made an assignment to or arrangement or composition with his or her creditors in terms of a law in force in any country, and the assignment, arrangement or composition has not been rescinded or set aside; 
5. within the period of five years immediately preceding his or her proposed appointment, he or she has been sentenced—

(i) in Saint Kitts and Nevis, in respect of an offence; or

(ii) outside Saint Kitts and Nevis, in respect of conduct which, if committed in Saint Kitts and Nevis, would have constituted an offence;

to a term of imprisonment of not less than six months imposed without the option of a fine, whether or not any portion has been suspended, and has not received a free pardon; 

6. he or she has been convicted—

(i) in Saint Kitts and Nevis, of an offence involving dishonesty; or

(ii) outside Saint Kitts and Nevis, in respect of any conduct which, if committed in Saint Kitts and Nevis, would have constituted an offence involving dishonesty;

and sentenced to a fine of any amount or to a term of imprisonment of any duration, whether or not any part of the sentence has been suspended.

2. A person who is—

(a) a Senator or member of the National Assembly or Nevis Island Assembly; 

(b) a member of two or more other statutory bodies;

(c) in the full-time employment of the State or the Board;

shall not be qualified to be appointed or to hold office as a member:

Provided that a person who is employed by the Eastern Caribbean Central Bank may be appointed as a member and for the purposes of subparagraph (2)(b), a person who is appointed to a council, board or other authority which is a local authority or statutory body or which is responsible for the administration of the affairs of a local authority or statutory body shall be regarded as a member of that local authority or statutory body.

Vacation of office by member

3.   (1) The office of a member shall become vacant—

1. one month after he or she gives notice in writing to the Minister that he or she intends to resign that office, or after the expiry of such other period of notice as the member and the Minister may agree; 
2. on the date he or she begins to serve a sentence of imprisonment,

(i) in Saint Kitts and Nevis, in respect of any offence; or

(ii) outside Saint Kitts and Nevis, in respect of conduct which, if committed in Saint Kitts and Nevis, would have constituted an offence;

3. if he or she becomes otherwise disqualified to hold office as a member; or
4. if he or she is required in terms of subparagraph (2) or (3) to vacate his or her office as a member.

(2) The Minister may require a member to vacate his or her office if—

1. the member has been guilty of conduct which renders him or her unsuitable to continue to hold office as a director; 
2. the member has failed to comply with any condition of his or her office; 
3. the member is mentally or physically incapable of efficiently performing his or her duties as a member;  
4. the member or his or her spouse engages in any occupation, service or employment, or holds any asset, which in the Minister’s opinion is inconsistent with his or her duties as a member.

(3) The Minister, on the recommendation of the Board, may require a member to vacate his or her office if the Minister is satisfied that the member has been absent without the consent of the Chairperson of the Board from three consecutive meetings of the Board, of which the member has been given at least seven days’ notice, and that there was no just cause for the member’s absence.

Suspension of member

4. (1)  The Minister—

1. may suspend from office a member against whom criminal proceedings are instituted for an offence involving dishonesty; 
2. may suspend a member from office if there are reasonable grounds to believe that the member’s office has become vacant in terms of paragraph 3(1)(c) or (d) but the member has not relinquished office; and
3. shall suspend from office a member if there are reasonable grounds for suspecting that the member is disqualified in terms of paragraph 3(2);

pending determination of the question whether the member is to vacate his or her office.

(2) A member who is suspended in terms of subparagraph (1) shall not carry out any duties or be entitled to any remuneration or allowances as a member during the suspension.

Filling of vacancies on Board

5. Within three months after a member’s death or vacation of office, the Minister shall appoint a person, subject to section 6 and this Schedule, to fill the vacancy.

Power of Chairperson in cases of urgency

6. Subject to any restrictions or conditions imposed by the Board, the chairperson of the Board may, in cases of urgency or emergency, take whatever action or decision he or she thinks appropriate on the Board’s behalf: Provided that he or she shall report to the Board at its next meeting on any action or decision taken in terms of this subparagraph, and the Board may confirm, vary or revoke the action or decision concerned.

Terms of office and conditions of service of members

7. (1) Subject to this Part, a member shall hold office for such period, not exceeding three years, as the Minister may fix at the time of his or her appointment: Provided that the Minister shall ensure that so far as possible there are always at least two members who have held office for three years or more.

(2) On the expiry of the period for which a member has been appointed, he or she shall continue to hold office until he or she has been re-appointed or a successor has been appointed: Provided that a member shall not continue to hold office in terms of this subparagraph for more than six months.

(3) A person who ceases to be a member shall be eligible for re-appointment: Provided that no director shall serve for more than twelve years, whether continuously or in two or more separate periods of office.

(4) Members shall be paid—

(a) such remuneration, if any, as the Minister may fix; and

(b) such allowances, if any, as the Minister may fix to meet any reasonable expenses they may incur in connection with the Board’s business.

(5) The remuneration and allowances payable to directors in terms of subparagraph (4) shall be paid from the Fund.

PART II

PROCEDURE OF BOARD

Meetings and procedure of Board

8. (1) The Board shall hold its first meeting on a date and at a place fixed by the Minister, and thereafter shall meet for the dispatch of business and adjourn, close and otherwise regulate its meetings and procedure as it thinks fit: Provided that the Board shall meet at least once every three months.

(2) The chairperson of the Board—

(a) may convene a special meeting of the Board at any time; and

(b) shall convene a special meeting of the Board on the written request of not fewer than two members, which meeting shall be convened for a date not sooner than seven days and not later than thirty days after the chairperson’s receipt of the request.

(3) Written notice of a special meeting convened in terms of subparagraph (2) shall be sent to each member not later than forty-eight hours before the meeting and shall specify the business for which the meeting has been convened.

(4) No business shall be discussed at a special meeting convened in terms of subparagraph (2) other than—

(a) such business as may be determined by the chairperson of the Board, where he or she convened the meeting in terms of subparagraph (2)(a); or

(b) the business specified in the request for the meeting, where the chairperson of the Board convened the meeting in terms of subparagraph (2)(b).

(5) The chairperson of the Board shall preside at all meetings of the Board: Provided that, if the chairperson is absent from any meeting of the Board, the Deputy-Chairperson shall preside at that meeting as chairperson, and if the Deputy-Chairperson is absent, the members present may elect one of their number to preside at that meeting as chairperson.

(6) Four members shall form a quorum at any meeting of the Board.

(7) Subject to subparagraph (9), anything authorised or required to be done by the Board may be decided by a majority vote at any meeting of the Board at which a quorum is present.

(8)  Subject to paragraph 7, at all meetings of the Board each director present shall have one vote on any question before the Board: Provided that—

(i) in the event of an equality of votes, the person presiding at the meeting shall have a casting vote in addition to a deliberative vote; and

(ii) no member shall take part in the consideration or discussion of, or vote on, any question which relates to his or her vacation of office as a member;

(9)  Any proposal circulated among all members and agreed to in writing by a majority of them shall have the same effect as a resolution passed by a duly constituted meeting of the Board and shall be incorporated into the minutes of the next succeeding meeting of the Board.

Minutes of proceedings of Board and of committees

12. (1) The Board shall cause minutes of all proceedings of and decisions taken at any meeting of the Board or of a committee to be entered in books kept for the purpose.

(2) Any minutes which purport to be signed, with the authority of the Board or the committee concerned, as the case may be, by the chairperson of the meeting to which the minutes relate or by the chairperson of the next following meeting, shall be accepted for all purposes as prima facie evidence of the proceedings of and decisions taken at the meeting concerned.

Engaging of investment managers and consultants

15. (1) The Board may engage investment managers and other persons otherwise than as employees, on such terms and conditions as the Board thinks appropriate, to perform services of a specialised, technical or professional nature for the Board.

(2) Any remuneration to which persons engaged in terms of subparagraph (1) are entitled shall be chargeable to the Fund.

SECOND SCHEDULE

(Section 7(2))

ANCILLARY POWERS OF BOARD

1. To acquire premises necessary or convenient for the exercise of its functions and, for that purpose, to buy, take in exchange, hire or otherwise acquire immovable property and interests in and rights over such property.

2. To buy, take in exchange, hire or otherwise acquire movable property.

3. To maintain, alter and improve any of its property.

4. To mortgage or pledge any of its assets and to sell, exchange, let, dispose of, turn to account or otherwise deal with any assets which are not required for the exercise of its functions, for such consideration as the Board may determine.

5. To draw, make, accept, endorse, discount, execute and issue promissory notes, bills of exchange, bills of lading, securities and other negotiable or transferable instruments.

6. To insure against losses, damages, risks and liabilities which it may incur.

7. To borrow moneys for the purposes of the Fund, and to charge any of the Fund’s investments as security for any such loan.

8. To make contracts and enter into suretyships or give guarantees, and to modify or rescind such contracts or rescind such suretyships or guarantees.

9. To enter into, renew, cancel or abandon arrangements with any person or authority to act as the Fund’s agent in any place, whether inside or outside Saint Kitts and Nevis.

10. To do anything for the purpose of improving the skill, knowledge or usefulness of its Board Members.

11. To provide such services as it considers it can properly provide, and to charge for those services such fees as it may determine from time to time.

12. Generally, to do anything that is calculated to facilitate or is incidental or conducive to the performance of its functions under this Act or any other enactment.

THIRD SCHEDULE

(Section 10)

OATH (OR AFFIRMATION) OF CONFIDENTIALITY

“I,. …………………………………………….., do swear [or solemnly affirm] that except as I may be legally required, which may include the discharge of my duties in relation to seeking advice I will not disclose or give to any person information or any document that comes into my possession by reason of my being a Director [or secretary] of the Saint Kitts and Nevis Sovereign Wealth and Resilience Fund.

So help me God. (To be omitted in affirmation).”.

FOURTH SCHEDULE

(Section 2)

SANTIAGO PRINCIPLES

GAPP 1

1. The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s).

1. GAPP 1.1 Sub-principle The legal framework for the SWF should ensure the legal soundness of the SWF and its transactions.
2. GAPP 1.2 Sub-principle  The key features of the SWF’s legal basis and structure, as well as the legal relationship between the SWF and the other state bodies, should be publicly disclosed.

GAPP 2

2. The policy purpose of the SWF should be clearly defined and publicly disclosed.

GAPP 3

3.   Where the SWF’s activities have significant direct domestic macroeconomic implications, those activities should be closely coordinated with the domestic fiscal and monetary authorities, so as to ensure consistency with the overall macroeconomic policies.

GAPP 4

4. There should be clear and publicly disclosed policies, rules, procedures, or arrangements in relation to the SWF’s general approach to funding, withdrawal, and spending operations. 

1. GAPP 4.1 Sub-principle The source of SWF funding should be publicly disclosed.
2. GAPP 4.2 Sub-principle The general approach to withdrawals from the SWF and spending on behalf of the government should be publicly disclosed.

GAPP 5

5. The relevant statistical data pertaining to the SWF should be reported on a timely basis to the owner, or as otherwise required, for inclusion where appropriate in macroeconomic data sets.

GAPP 6

6. The governance framework for the SWF should be sound and establish a clear and effective division of roles and responsibilities in order to facilitate accountability and operational independence in the management of the SWF to pursue its objectives.

GAPP 7

7. The owner should set the objectives of the SWF, appoint the members of its governing body(ies) in accordance with clearly defined procedures, and exercise oversight over the SWF’s operations. 

GAPP 8

8. The governing body(ies) should act in the best interests of the SWF, and have a clear mandate and adequate authority and competency to carry out its functions.

GAPP 9

9. The operational management of the SWF should implement the SWF’s strategies in an independent manner and in accordance with clearly defined responsibilities.

GAPP 10

10. The accountability framework for the SWF’s operations should be clearly defined in the relevant legislation, charter, other constitutive documents, or management agreement.

GAPP 11

11. An annual report and accompanying financial statements on the SWF’s operations and performance should be prepared in a timely fashion and in accordance with recognized international or national accounting standards in a consistent manner.

GAPP 12

12. The SWF’s operations and financial statements should be audited annually in accordance with recognized international or national auditing standards in a consistent manner.

GAPP 13

13. Professional and ethical standards should be clearly defined and made known to the members of the SWF’s governing body(ies), management, and staff.

GAPP 14

14. Dealing with third parties for the purpose of the SWF’s operational management should be based on economic and financial grounds, and follow clear rules and procedures.

GAPP 15

15. SWF operations and activities in host countries should be conducted in compliance with all applicable regulatory and disclosure requirements of the countries in which they operate.

GAPP 16

16. The governance framework and objectives, as well as the manner in which the SWF’s management is operationally independent from the owner, should be publicly disclosed.

GAPP 17

17. Relevant financial information regarding the SWF should be publicly disclosed to demonstrate its economic and financial orientation, so as to contribute to stability in international financial markets and enhance trust in recipient countries.

GAPP 18

18. The SWF’s investment policy should be clear and consistent with its defined objectives, risk tolerance, and investment strategy, as set by the owner or the governing body(ies), and be based on sound portfolio management principles. 

1. GAPP 18.1 Sub-principle The investment policy should guide the SWF’s financial risk exposures and the possible use of leverage.
2. GAPP 18.2 Sub-principle The investment policy should address the extent to which internal and/or external investment managers are used, the range of their activities and authority, and the process by which they are selected and their performance monitored.
3. GAPP 18.3 Sub-principle A description of the investment policy of the SWF should be publicly disclosed.

GAPP 19

19. The SWF’s investment decisions should aim to maximize risk-adjusted financial returns in a manner consistent with its investment policy, and based on economic and financial grounds. 

1. GAPP 19.1 Sub-principle If investment decisions are subject to other than economic and financial considerations, these should be clearly set out in the investment policy and be publicly disclosed.
2. GAPP 19.2 Sub-principle The management of an SWF’s assets should be consistent with what is generally accepted as sound asset management principles.

GAPP 20

20. The SWF should not seek or take advantage of privileged information or inappropriate influence by the broader government in competing with private entities.

GAPP 21

21. SWFs view shareholder ownership rights as a fundamental element of their equity investments’ value. If an SWF chooses to exercise its ownership rights, it should do so in a manner that is consistent with its investment policy and protects the financial value of its investments. The SWF should publicly disclose its general approach to voting securities of listed entities, including the key factors guiding its exercise of ownership rights.

GAPP 22

22. The SWF should have a framework that identifies, assesses, and manages the risks of its operations.

1. GAPP 22.1 Sub-principle The risk management framework should include reliable information and timely reporting systems, which should enable the adequate monitoring and management of relevant risks within acceptable parameters and levels, control and incentive mechanisms, codes of conduct, business continuity planning, and an independent audit function.
2. GAPP 22.2 Sub-principle The general approach to the SWF’s risk management framework should be publicly disclosed.

GAPP 23

23. The assets and investment performance (absolute and relative to benchmarks, if any) of the SWF should be measured and reported to the owner according to clearly defined principles or standards.

GAPP 24

24. A process of regular review of the implementation of the GAPP should be engaged in by or on behalf of the SWF.

Interpretation

25. In this Schedule―

“GAPP” means Generally Accepted Principles and Practices;

“owner” means the Government of Saint Kitts and Nevis;

“SWF” means Sovereign Wealth Fund.

……………………………….

Lanein Blanchette

Speaker  

Passed by the National Assembly this                day of                             , 2026.

…………………………………..

Trevlyn Stapleton Clerk of the National Assembly

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