Established in 1987, the International Trust Fund Agreement was signed between the Governments of Tuvalu, Australia, New Zealand and the United Kingdom, the initial contributors to the Fund. In 2004, the United Kingdom withdrew from the Deed.
The Fund is managed and supervised by the Board of Directors, a representative from each respective country – Tuvalu, Australia and New Zealand. The Chair of the Board is automatically the Tuvalu Minister of Finance.
The Board is supported by two committees who have the same member composition as the Board:
- Tuvalu Trust Fund Advisory Committee (TTFAC) – advises the Government of Tuvalu on the progress of the economy of Tuvalu and the effects of the Fund socially and economically on Tuvalu.
- Investment Committee (IC) – investment advisors who advise the Board (and their respective Directors) on all investment matters of the Fund.
Mercer Investments (Australia) acts as the Fund’s Investment Implemented Consultant. Appointed in April 2022, its responsibility is to ensure that the capital of Fund is invested in a portfolio approved by the Board.
Lastly, the Board and its entities is supported by the Secretariat who include the Secretary, Assistant Secretary and Administration Officer. The Secretariat coordinates the various functions and activities of the Board and its entities.
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In addition to the TTF (formerly referred to as Account A), the Consolidated Investment Fund (CIF and formerly referred to as Account B) was created in 1991. It was established to act as a cash management buffer for the Government’s budgetary expenditure by holding unspent TTF distributions or excess Government revenue.