Website www.nzsuperfund.co.nz Founded 2001 | ||
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Key people Steven Joyce - Minister of FinanceGavin Walker - Chairman of the BoardAdrian Orr - Chief Executive OfficeMatt Whineray - Chief Investment OfficerCristina Billett - Legal CounselJohn Payne - Head of TaxMark Fennell - Head of Portfolio CompletionDavid Sara - Chief Operations OfficerStewart Brooks - Chief Financial OfficerSara Owen - Head of Corporate AffairsMika Austin - Head of Human Resources Subsidiaries CNI Timber Operating CompanyNZSF Aotea Total assets 29.8 billion USD (December 2015) | ||
Adrian orr ceo new zealand superannuation fund
The New Zealand Superannuation Fund is a sovereign wealth fund in New Zealand. New Zealand currently provides universal superannuation for people over 65 years of age and the purpose of the Fund is to partially pre-fund the future cost of the New Zealand Superannuation pension, which is expected to increase as a result of New Zealand's ageing population. The fund is a member of the International Forum of Sovereign Wealth Funds and is therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds.
Contents
- Adrian orr ceo new zealand superannuation fund
- New zealand superannuation fund s fiona mackenzie
- Foundation
- Investments
- LanzaTech
- View Dynamic Glass
- Z Energy
- Metlifecare Limited
- Kaingaroa Timberlands Partnership
- Other Investments
- Exclusions
- Banco Espirito Santo
- Divestment
- References
New zealand superannuation fund s fiona mackenzie
Foundation
The Superannuation Fund was created by the New Zealand Superannuation and Retirement Act 2001 on 11 October 2001 by Michael Cullen, who was then Minister of Finance under the Fifth Labour Government, and is colloquially known as the "Cullen Fund".
The New Zealand Government has contributed $14.88b to the fund to date. The sovereign fund posted a record 25.8% return in the twelve months till 30 June 2013. In the 2009 New Zealand budget the current National Government suspended payments to the fund. Contributions are expected to resume in 2020/21 when the Government's net debt to GDP falls below 20% again.
Investments
A full list of investments for current and previous years can be seen at the Annual Equity Listing page at the NZ Super Fund's website.
LanzaTech
The Fund invested US$60 million into Chicago based LanzaTech in December 2014.
View | Dynamic Glass
During August 2015, The New Zealand Superannuation invested US$75 million into American-based electrochromic glass company View with a percentage owned not being released.
Z Energy
The Fund has had a high profile in New Zealand after it and Infratil (a publicly listed New Zealand company) acquired Royal Dutch Shell's downstream assets in New Zealand, since renamed Z Energy. The superannuation holds a 20% share in Z Energy.
Metlifecare Limited
New Zealand Super Fund hold a 19.93% share of Metlifecare Limited, one of New Zealands largest retirement village providers. Metlifecare currently own and operate 25 retirement villages throughout the North Island. Metlifecare is also dual listed as main components on both the NZX and ASX main boards. They are competitors to Ryman Healthcare.
Kaingaroa Timberlands Partnership
On Feb, 28th 2014, The Fund sold 2.5% of its stake in the Kaingaroa Timberlands Partnership to the Kakano Investment Limited Partnership, reducing its share from 41.25% to a 38.75% stake in the Kaingaroa partnership.
Other Investments
Other investments include a 7,943,351 share (0.71%) stake in partially state-owned and controlled (51.95% - state-owned portion) company Air New Zealand. The Super Fund also holds a 37.59% stake in Datacom Group.
Exclusions
The Superfund maintains a list of excluded companies similar to the Government Pension Fund of Norway. The Superfund will not invest in the companies within the list.
The list includes,
Banco Espirito Santo
In February 2015 the Superfund wrote off a $150 million loss in a Goldman Sachs organised loan to the Portuguese Banco Espirito Santo. The loss represented 0.7% of the total value of the Superfund's investment portfolio at that time. Managers of the Superfund appeared before Parliament's commerce select committee on 26 February 2015 where they confirmed that legal action had been commenced against the Bank of Portugal to recover the lost money.
Divestment
The Superfund's investment portfolio is the subject of ongoing debate. Labour Party MP David Shearer called in August 2014 for divestment from a company manufacturing white phosphorus which is used by the Israeli Defence Force as a weapon.
In February 2015 Green Party MP Russel Norman called for the Superfund to divest $676 million from fossil fuel companies.