10 June 2002

The government has begun cross-party consultation on its proposed appointments to the New Zealand Superannuation Fund Board of Guardians, Finance Minister Michael Cullen announced today.

“The cabinet approved the list at today’s meeting but the legislation requires that before recommending the nominees to the Governor General, I first consult with the other political parties represented in the House.

“I have written to them today and given them a week to come back with any comments,” Finance Minister Michael Cullen said.

“The guardians will be responsible for setting the investment policies for the Fund and for appointing the funds managers so it is important we get the right mix of expertise and experience. I am confident we have,” Dr Cullen said.

To ensure the board’s independence, the government has to appoint from a list of nominations prepared by a special nominating committee. The law provides for between five and seven guardians. Dr Cullen said the government was proposing to appoint six now and to hold one out for appointment further down the track.

The government is recommending David May as chair. Mr May is Deputy Chairman of the Government Superannuation Fund Authority and the former Managing Director of the Colonial Group in New Zealand.

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

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