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The FSB reports its results and is accountable to the society through it's Management Reports (semiannually) and through Performance Reports (quarterly). With regards to transparency, the FSB has been reported by Sovereign Wealth Fund Institute (SWFI), being recognized as a high level transparency Fund, getting nine points out of ten. (

As a public fund, the FSB is audited by executive and legislative branches auditing institutions of the federal administration, represented by the Controladoria-Geral da União – CGU (Office of General Comptroller) and Tribunal de Contas da União – TCU (Federal Court of Accounts of Brazil), respectively.
In addition to auditing and compliance institutions, the resources allocated in FFIE shares (private fund in which the FSB is the sole shareholder) are also audited by an independent accounting firm, as provided in Normative Instruction No. 409 of the Securities and Exchange Commission (CVM).
The Law No. 11,887 of 2008 provides that the FSB accounting statements and applications results will be prepared and verified every six months, pursuant to the National Treasury Secretariat terms, central accountancy institution (published in the Management Reports). In addition, the Presidential Decree No. 7,055 of 2009 provides that:
"Article 7: FSB financial statements will be released every six months and shall contain the following explanatory notes:
I-    Asset's market value;
II-    Information on FSB expenses and administration fees and its average equity percentage for each semester; and
III-    Information on expenses related to its operation.

Article 8: National Treasury Secretariat will elaborate every six months the FSB Management Report, which should include at least:
I-Description of the operations performed in the semester, specifying their purposes, the amount of performed investments, the revenues earned and the origin of invested funds, as well as the returns earned in the period;
II-Investment guidelines approved by CDFSB;
III-Information about:
a)    The economic environment for financial markets where the FSB have operations, regarding the previous semester, and
b)    Macroeconomic scenarios for the next semester;
IV-Profitability of the previous four semesters, and
V-The Expenses debited to the FSB in each of the last two years, specifying amount and percentage compared to the average equity of each semester."

The above mentioned Law and Presidential Decree No. 7,055 of 2009 define that the Ministry of Finance will send on a quarterly basis the Performance Report to the Congress, containing the asset's market value of the FSB portfolio, dividing the external and internal assets, as well as the accumulated asset fluctuations in the quarter and in the last twelve months (published in the Performance Reports).

Governmental Auditing Reports – Only in Portuguese




FFIE – Financial Statements and Reports of Independent Auditors – Only in Portuguese





Management Reports - Portuguese

2013 - [1st semester] [2nd semester]

2012 - [1st semester] [2nd semester]

2011 - [1st semester] [2nd semester]

2010 - [1st semester] [2nd semester]

2009 - [2nd semester]

Performance Reports – Only in Portuguese

2014 - [1st Quarter]

2013 - [1st Quarter] [2nd Quarter] [3rd Quarter] [4th Quarter]

2012 - [1st Quarter] [2nd Quarter] [3rd Quarter] [4th Quarter]

2011 - [1st Quarter] [2nd Quarter] [3rd Quarter] [4th Quarter]

2010 - [1st Quarter] [2nd Quarter] [3rd Quarter] [4th Quarter]

2009 - [1st Quarter] [2nd Quarter] [3rd Quarter] [4th Quarter]


Related Websites

SWF Institute

Office of the Comptroller General (Controladoria-Geral da União – CGU)

The Federal Court of Accounts of Brazil (Tribunal de Contas da União – TCU)

Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM)