Parliament

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

 

Expert appointed for NZ Super Board Review

17 August 2004

Expert appointed for 1st review of Board of NZ Super

The government has appointed investment and business consultant Jonathan Eriksen to conduct the initial independent review of the Guardians of New Zealand Superannuation.

The legislation establishing the Fund provides for periodic reviews every five years of the Board’s performance: a provision reflecting the importance of the Fund to the future viability of New Zealand Superannuation and to the security in retirement of New Zealanders.

Mr Eriksen tendered for the job. He will prepare a written report to be tabled in the House by the end of the year.

Announcing the appointment, Dr Cullen said Mr Eriksen had the necessary skills and competencies to do the work.

He has previously advised the Earthquake Commission on investment and corporate governance issues and the Russian government on pension fund reform.

Attached: Terms of reference for the review.
Terms of reference.

The outcome sought from the review is an assessment of whether the Guardians are complying with best practice across all aspects of the Fund’s operations to ensure optimal performance in the future. The reviewer will be expected to:

A. Form an opinion about whether or not the investment policies, standards, and procedures, established by the Guardians are appropriate to the Fund; and whether or not the investment policies, standards, and procedures, established by the Guardians have been complied with in all material respects.

B. Form an opinion as to whether the Guardians’ operations across all aspects of their organisation represent best practice, as appropriate to the New Zealand Superannuation Fund.

C. Form an opinion on the investment performance of the Fund to 30 June 2004.

D. Form an opinion on whether the Guardians are satisfactorily positioned to meet their objectives under the Act in the future.

E. Identify anything else you consider relevant to the performance of the Guardians and the New Zealand Superannuation Fund.

Priorities for the review 1. Best practice – definition and assessment.

2. The statement of investment policies, standards and procedures.

3. Internal controls and systems, risk management, reporting and auditing.

4. Governance / Accountability across the organisation. Performance management of the Board and Management.

5. Third party performance management including mandates and monitoring.

6. Expenditure. Operational expenditure and expenditure charged against the fund, in particular fund manager and custodian fees.

ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election