π’ Guardians of New Zealand Superannuation
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The date of establishment of the Guardians of New Zealand Superannuation is based on the date of the first Board appointments, 26 August 2002.
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-
Directory of Official Information December 2009, Ministry of Justice website, http://www.justice.govt.nz/publications/global-publications/d/directory-of-official-information-december-2009 (accessed 6 March 2010).
-
New Zealand Superannuation Fund website, http://www.nzsuperfund.co.nz/ (accessed 11 March 2010).
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Establishment
The Guardians of New Zealand Superannuation was established in 2002 under the New Zealand Superannuation and Retirement Act 2001. The Board governing the Guardians was appointed on 26 August 2002, and investment in the New Zealand Superannuation Fund began in September 2003 with NZ$2.4 billion in cash.1
Functions and Responsibilities
The Guardians were responsible for establishing investment policies, standards and procedures for the Fund, including determining the proportion of money allocated to various types of investments and appointing external investment managers to manage different parts of the Fund.2
The purpose of the Fund was to reduce the tax burden on future taxpayers of the cost of New Zealand Superannuation (NZS). The purpose of the Guardians was to manage and administer the Fund. More specifically, the Act stated that the Guardians had to invest the Fund on a prudent, commercial basis and, in doing so, had to manage and administer the Fund in a manner consistent with:
-
Best-practice portfolio management;
-
Maximising return without undue risk to the Fund as a whole; and
-
Avoiding prejudice to New Zealand's reputation as a responsible member of the world community.
The reason for this purpose was that Government projections showed that between 2005 and 2050 the number of New Zealanders eligible to retire (aged 65+) was expected to double and the associated cost of providing their retirement income - NZS - was also expected to double.
The establishment of the Fund attempted to address this situation by ‘smoothing’ the tax burden between generations of the future cost of NZS. It did this by investing Government contributions received during the early period of the Fund and, through returns generated over decades of investing, by growing the size of the Fund. This allowed the Government to make future withdrawals from the Fund to help to meet the cost at that time of NZS. ‘Pre-funding’ the future cost of NZS in this way meant that future Governments did not have to seek as much from future New Zealand taxpayers (or from other sources, such as raising debt) to meet the cost of NZS when it increased most sharply.3
Structure
The Guardians of New Zealand Superannuation/New Zealand Superannuation Fund was governed by a Board. All decisions relating to the business of the Guardians in managing the Fund were made under the authority of the Board.
Board members were appointed by the Governor-General on the recommendation of the Minister of Finance. The Minister's recommendation followed nominations from an independent nominating committee. On receiving those nominations the Minister was required to consult with representatives of other political parties in Parliament before recommending the Governor-General appoint a person to the Board. Board members were chosen for their experience, training, and expertise in the management of financial investments.
The Board comprised of between five and seven members. Each Board member was appointed for a term of up to five years and was eligible to be reappointed. The Board appointed a Chief Executive Officer who, in turn, was responsible for employing and managing staff to assist the Board in the development and implementation of investment policy.4
The Chief Executive Officer was fully accountable to the Board for all aspects of the Guardians' investment and business performance, and for compliance and control. The Guardians' staff researched best-practice portfolio management, monitored and managed relationships with external investment managers and other service providers, and measured and accounted for the Fund's performance.
The Board had a formal delegation agreement with the Chief Executive Officer who, with Board approval, had further delegated some powers to other staff members. The delegations from the Board to the Chief Executive Officer, and from the Chief Executive Officer to executives, was done by position. However, much of the business of the Guardians of New Zealand Superannuation (Guardians) was conducted through internal executive committees. These committees were the:
- Leadership Team, which dealt with the business operations of the Guardians (chaired by the Chief Executive Officer);
- Investment Committee, which advised on the investment recommendations of the Guardians (chaired by the General Manager Corporate Strategy); and
- Risk and Portfolio Monitoring Committee, which advised on the performance of the Fund and the Guardians' service providers (chaired by the General Manager Operations).
The following officers reported to the Chief Executive (as at March 2010):
- General Manager, Portfolio Research;
- General Manager, Public Markets;
- General Manager, Private Markets
- General Manager, Corporate Strategy;
- General Manager, Finance;
- General Manager, Operations;
- General Manager, Human Resources.5
- New Zealand Superannuation Fund website, http://www.nzsuperfund.co.nz/index.asp?PageID=2145875641 (accessed 11 March 2010).
- New Zealand Superannuation Fund website, http://www.nzsuperfund.co.nz/index.asp?PageID=2145875631 (accessed 11 March 2010).
- Directory of Official Information 2009, http://www.justice.govt.nz/publications/global-publications/d/directory-of-official-information-december-2009/alphabetical-list-of-entries-1/g/guardians-of-new-zealand-superannuation (accessed 6 March 2010).
- New Zealand Superannuation Fund website, http://www.nzsuperfund.co.nz/index.asp?PageID=2145875631#independence-from-government (accessed 11 March 2010).
- New Zealand Superannuation Fund website, http://www.nzsuperfund.co.nz/index.asp?pageID=2145879225 (accessed 11 March 2010).
Show History
Establishment
The Guardians of New Zealand Superannuation was established in 2002 under the New Zealand Superannuation and Retirement Act 2001. The Board governing the Guardians was appointed on 26 August 2002, and investment in the New Zealand Superannuation Fund began in September 2003 with NZ$2.4 billion in cash.1
Functions and Responsibilities
The Guardians were responsible for establishing investment policies, standards and procedures for the Fund, including determining the proportion of money allocated to various types of investments and appointing external investment managers to manage different parts of the Fund.2
The purpose of the Fund was to reduce the tax burden on future taxpayers of the cost of New Zealand Superannuation (NZS). The purpose of the Guardians was to manage and administer the Fund. More specifically, the Act stated that the Guardians had to invest the Fund on a prudent, commercial basis and, in doing so, had to manage and administer the Fund in a manner consistent with:
- Best-practice portfolio management;
- Maximising return without undue risk to the Fund as a whole; and
- Avoiding prejudice to New Zealand's reputation as a responsible member of the world community.
The reason for this purpose was that Government projections showed that between 2005 and 2050 the number of New Zealanders eligible to retire (aged 65+) was expected to double and the associated cost of providing their retirement income - NZS - was also expected to double.
The establishment of the Fund attempted to address this situation by ‘smoothing’ the tax burden between generations of the future cost of NZS. It did this by investing Government contributions received during the early period of the Fund and, through returns generated over decades of investing, by growing the size of the Fund. This allowed the Government to make future withdrawals from the Fund to help to meet the cost at that time of NZS. ‘Pre-funding’ the future cost of NZS in this way meant that future Governments did not have to seek as much from future New Zealand taxpayers (or from other sources, such as raising debt) to meet the cost of NZS when it increased most sharply.3
Structure
The Guardians of New Zealand Superannuation/New Zealand Superannuation Fund was governed by a Board. All decisions relating to the business of the Guardians in managing the Fund were made under the authority of the Board.
Board members were appointed by the Governor-General on the recommendation of the Minister of Finance. The Minister's recommendation followed nominations from an independent nominating committee. On receiving those nominations the Minister was required to consult with representatives of other political parties in Parliament before recommending the Governor-General appoint a person to the Board. Board members were chosen for their experience, training, and expertise in the management of financial investments.
The Board comprised of between five and seven members. Each Board member was appointed for a term of up to five years and was eligible to be reappointed. The Board appointed a Chief Executive Officer who, in turn, was responsible for employing and managing staff to assist the Board in the development and implementation of investment policy.4
The Chief Executive Officer was fully accountable to the Board for all aspects of the Guardians' investment and business performance, and for compliance and control. The Guardians' staff researched best-practice portfolio management, monitored and managed relationships with external investment managers and other service providers, and measured and accounted for the Fund's performance.
The Board had a formal delegation agreement with the Chief Executive Officer who, with Board approval, had further delegated some powers to other staff members. The delegations from the Board to the Chief Executive Officer, and from the Chief Executive Officer to executives, was done by position. However, much of the business of the Guardians of New Zealand Superannuation (Guardians) was conducted through internal executive committees. These committees were the:
- Leadership Team, which dealt with the business operations of the Guardians (chaired by the Chief Executive Officer);
- Investment Committee, which advised on the investment recommendations of the Guardians (chaired by the General Manager Corporate Strategy); and
- Risk and Portfolio Monitoring Committee, which advised on the performance of the Fund and the Guardians' service providers (chaired by the General Manager Operations).
The following officers reported to the Chief Executive (as at March 2010):
- General Manager, Portfolio Research;
- General Manager, Public Markets;
- General Manager, Private Markets
- General Manager, Corporate Strategy;
- General Manager, Finance;
- General Manager, Operations;
- General Manager, Human Resources.5
- New Zealand Superannuation Fund website, http://www.nzsuperfund.co.nz/index.asp?PageID=2145875641 (accessed 11 March 2010).
- New Zealand Superannuation Fund website, http://www.nzsuperfund.co.nz/index.asp?PageID=2145875631 (accessed 11 March 2010).
- Directory of Official Information 2009, http://www.justice.govt.nz/publications/global-publications/d/directory-of-official-information-december-2009/alphabetical-list-of-entries-1/g/guardians-of-new-zealand-superannuation (accessed 6 March 2010).
- New Zealand Superannuation Fund website, http://www.nzsuperfund.co.nz/index.asp?PageID=2145875631#independence-from-government (accessed 11 March 2010).
- New Zealand Superannuation Fund website, http://www.nzsuperfund.co.nz/index.asp?pageID=2145879225 (accessed 11 March 2010).
The date of establishment of the Guardians of New Zealand Superannuation is based on the date of the first Board appointments, 26 August 2002.
- Directory of Official Information December 2009, Ministry of Justice website, http://www.justice.govt.nz/publications/global-publications/d/directory-of-official-information-december-2009 (accessed 6 March 2010).
- New Zealand Superannuation Fund website, http://www.nzsuperfund.co.nz/ (accessed 11 March 2010).
- Public Finance Amendment Act 2004
- Crown Entities Act 2004
- New Zealand Superannuation and Retirement Income Amendment Act 2009
- New Zealand Superannuation and Retirement Income Amendment Act 2007
- New Zealand Superannuation and Retirement Income Amendment Act 2006
- New Zealand Superannuation and Retirement Income Amendment Act 2005
- Social Security Act 1964
- Public Finance Act 1989
- New Zealand Superannuation and Retirement Act 2001
- π Finance (1907 ‑ )
- π Realm of New Zealand (2002 ‑ )