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


Resources to strengthen NZ Super Fund governance

Resources to strengthen NZ Super Fund governance

“The New Zealand Superannuation Fund will be able to broaden its investments through an increase to the Fund’s operational budget agreed by the government,” Finance Minister Michael Cullen said today.

The Fund will receive an additional $1.15 million in the current financial year and an extra $2.3 million – from $3 million to $5.3 million a year – thereafter. The government has also approved a one-off capital injection for 2005-06 of $225,000, including GST, to update the Fund’s IT resources.

Dr Cullen said Guardians of the Fund had sought the increases early this year and that, because of the size of the request, the government had decided to await the report last month of Jonathan Eriksen, the independent expert commissioned to review the Guardians’ performance.

“Mr Eriksen found that the investment policies, standards and procedures established by the Guardians were appropriate to the Fund and that there was best practice governance and accountability across the organisation.

“And he endorsed the Guardians’ argument that the Fund should consider investing in more complex asset classes such as infrastructure and private equity and that this would require increased funding for investment, legal and tax advice.

“But I have made clear to the Guardians that they should not come back for a further increase to their operating budget until 2007-08 at the earliest,” Dr Cullen said.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Supreme Court: Worksafe Decision On Whittall Pike River Prosecution Unlawful

The question in issue on the appeal was whether WorkSafe New Zealand acted to give effect to an unlawful agreement of this nature when it offered no evidence on charges against Peter William Whittall for breaches of the Health and Safety in Employment Act 1992...

The Supreme Court... has found that the decision to offer no evidence was made under an unlawful agreement to stifle prosecution. It has granted a declaration to that effect. More>>


Cullen To Chair: Tax Working Group Terms Of Reference Announced

Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the Terms of Reference for the Tax Working Group and that the Group will be chaired by Sir Michael Cullen. 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>>




Featured InfoPages

Opening the Election