Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


NZ Superannuation Fund Board Appointed

26 August 2002

NZ Superannuation Fund Board Appointed

The Board of Guardians to oversee the New Zealand Superannuation Fund has been fomally appointed, Finance Minister Michael Cullen announced today.

The Chair is David May, the Deputy Chair of the Government Superannuation Fund Authority and the former Managing Director of the Colonial Group in New Zealand. His term runs until the end of May, 2007.

Sir Douglas Graham is Deputy Chair and will also serve a five-year term. Sir Douglas was a cabinet minister in the last National-led government and chairs the Lombard Group, a private banking firm with assets under management of around $100 million.

Other appointees are:
Dr Michaela Anderson: Director of Policy and Research for the Association of Superannuation Funds in Australia. [Term expires 31 May, 2006.]
Ira Bing: a private investor with a strong investment banking background in Britain and with Merrill Lynch in Europe. [31 May, 2005.]
Brian Gaynor: a respected independent investment analyst and a director of the New Zealand Investment Trust Plc. [31 May, 2006.]
Bridget Wickham: Chief Executive of the University of Auckland Development and an experienced senior company executive. [31 May, 2005.]

The law provides for between five to seven guardians. A seventh appointment will be made further down the track.

“The Guardians are responsible for setting the investment policies of the Fund and for appointing the funds managers so it is important that we get the right mix of experience and skills. I am confident we have done that,” Dr Cullen said.

The government consulted the other political parties in June on the proposed appointments and received no objections but deferred recommending the nominees to the Governor General until after the election.

The Chair will receive an annual fee of $34,000; the Deputy Chair, $21,250 and the rest, $17,000.

The Fund currently contains $805 million and is held in the Debt Management Office of the Treasury. Money is being fed into it at the rate of $46 million each fortnight.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Zimbabwe: New Democracy, Or A False Dawn?

Gordon Campbell: Robert Mugabe = Hosni Mubarak. The current jubilation on the streets of Harare at the fall of Zimbabwe’s dictator Robert Mugabe is genuine, and one hates to be negative about the country’s future. Yet the situation is eerily similar to the scenes in Cairo in early 2011, when a popular uprising swept Hosni Mubarak from power in Egypt. More>>


Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them. More>>


Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>


Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>


Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>


Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>





Featured InfoPages

Opening the Election