The Heritage and Stabilisation Fund (HSF) was established by the Heritage and Stabilisation Fund Act, Chapter 70:09.
Section 3 of the Act provides that the purpose of the Fund is to save and invest surplus petroleum revenues derived from production business in order to:
- Cushion the impact on or sustain public expenditure capacity during periods of revenue downturn whether caused by a fall in prices of crude oil or natural gas;
- Generate an alternate stream of income so as to support public expenditure capacity as a result of revenue downturn caused by the depletion of non-renewable petroleum resources; and
- Provide a heritage for future generations, of citizens of Trinidad and Tobago, from savings and investment income derived from the excess petroleum revenues.
Section 4 of the Act provides that:
- The President on the advice of the Minister shall appoint a Board of Governors for the Fund;
- The Board shall comprise of five members, to be selected from among persons of proven competence in matters of finance, investment, economics, business management or law, including an officer of— (a) the Central Bank; and (b) the Ministry;
- The President shall appoint a member to be the Chairman of the Board;
- Members of the Board shall be appointed for a term of three years and shall be eligible for reappointment.
The Board of Governors of the Heritage and Stablisation Fund is comprised of:
- Mr. Ewart Williams – Chairman of the Board of Governors (28th April, 2017 – 27th April, 2020)
- Ms. Lisa Phillips (24th February, 2017 – 23rd February, 2020)
- Dr. Alvin Hilaire (20th April, 2016 – 19th April, 2019)
- Ms. Judith Morrain-Webb (20th April, 2016 – 19th April, 2019)
- Mr. Bevan Narinesingh (20th April, 2016 – 19th April, 2019)