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GSFNZ Establishment Board

Basil Logan will chair the Government Superannuation Fund New Zealand Establishment Board. Other members are: Helen Bowie, David May and Tim McGuinness.

Finance Minister Michael Cullen said the Cabinet had approved the appointments today.

"I am delighted with the Board's composition. I believe it has the right mix of expertise and experience for this important job."

The Establishment Board will dissolve on the appointment of the inaugural GSFNZ Board that will be set up under the GSF Amendment Bill now before the Finance and Expenditure Select Committee. The Bill allows the GSF to diversify its investment portfolio and splits it out from the Ministry of Economic Development into a stand-alone organisation.

The Establishment Board's brief will be to:
 determine the best management structure for the GSFNZ, including both Fund asset management and GSF schemes administration
 manage the transfer of functions from the MED to the GSF
 develop a Statement of Intent for the GSFNZ
 begin preliminary modelling to determine the strategic asset allocation for the Fund.

Board members:

Basil Logan has experience in Government process and organisational change. He has chaired a number of Government inquiries, including reviews into the State sector reforms, the Department of Justice and the Australian Attorney General's legal practice. He is currently Chairman of Opus International Consultants, Fuelquip Services Ltd, Cedenco Foods Ltd and Optixlab Sdn Bhd [Malaysia]. He is a director of Interlock Industries Ltd and a member of the Courts Executive Council. He has previously sat on the boards of Bancorp Holdings Ltd and the ANZ Banking Group [New Zealand] Ltd, has been deputy Chairman of Prudential Corporation of Australia Ltd, and has chaired NDA Engineering Ltd and Works and Development Services Corporation Ltd.

Helen Bowie is a partner at Chapman Tripp Sheffield Young with specialist knowledge in the superannuation area. She was an advisor to the Officials' Working Group on the structure and establishment of the Global Retirement Trust. She has also done advisory and scheme related work for the Board of Trustees of the National Provident Fund.

David May brings actuarial and superannuation expertise. He was previously a managing director of Colonial and chief executive of Jacques Martin.

Tim McGuinness is an expert in funds management. He was previously a chief investment officer for Norwich and Royal Sun Alliance.

Ends

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