NZ Super Fund

Our Board members are selected for their extensive experience, training, and expertise in managing financial investments. They bring a diverse mix of complementary skills to the table.

Appointment process

Board members are appointed by the Governor-General based on the recommendation of the Minister of Finance. This recommendation follows nominations from an independent committee established by the Minister. The Minister consults with representatives from other political parties in Parliament before making a recommendation to the Governor-General.

Board composition

Size: The Board consists of at least five, but no more than seven, members.
Term: Each member serves a term of up to five years and can be reappointed.

Governance and oversight

The Guardians’ governing legislation, the Board Charter (including the Board Code of Conduct) and Delegations Policy outline the roles and responsibilities of the Board, its members and management. While day-to-day operations are managed by the Chief Executive, the Board has overall responsibility for the Guardians’ affairs and certain key decisions are reserved for the Board.

The Board regularly reviews its delegations and governance priorities. Board members meet with global peer funds and investment managers and attend international peer forums to stay updated on best practices.

Committees

The Board has two standing committees:

Audit & Risk
People & Culture

Additional committees may be formed as needed to manage conflicts or other specific purposes.

Remuneration

Board Members: $49,000 per year
Chairperson: $98,000 per year
Committee Chairs: $53,900 per year

John Williamson
LLM, LLB, BA Chair of the Guardians Board

John Williamson was appointed to the Board of the Guardians on 30 May 2016. His term of office expires on 30 September 2026. John is a private company investor. He has held leadership roles in listed and private equity-owned companies across multiple sectors, including Group Chief Executive of ACG Education (2016 to 2018), Group Managing Director of Hellaby Holdings (2007 to 2015) and senior leadership positions with Fletcher Building (1996 to 2003) and Bendon (1991 to 1996).

John is Chair of Ritchies Transport Holdings and a former Chair of Hockey New Zealand. Previous directorships include Global Academic Group Holdings, Hellaby Holdings and associated companies.

John holds a Bachelor of Arts and a Bachelor of Laws (1986), and a Master of Laws (1990) from the University of Auckland (New Zealand).

Committee membership:

Audit and Risk

People and Culture
Fiona Oliver
BA, LLB

Fiona Oliver was appointed to the Board of the Guardians on 24 March 2023. Her term of office expires 30 September 2027. She is a highly experienced director and holds governance roles that span several business sectors including infrastructure (transport, renewable energy, natural gas) technology, retirement villages, professional and financial services and sport.
Fiona is currently a Director of Summerset Group Limited, Freightways Limited, Gentrack Group Limited, Kingfish Limited, Barramundi Limited and Marlin Global Limited and the Clarus Group companies.
Fiona’s former governance roles included being a Director of Tilt Renewables Limited, BNZ Life Insurance Limited and BNZ Life Services Limited and Crown entities, Public Trust and the National Provident Fund. Fiona has also been a Member of the Inland Revenue Risk & Assurance Committee.
Fiona has held Executive leadership roles in funds management, asset management and private equity in London and Auckland. Fiona began her working life as a corporate and commercial lawyer and has practised in Auckland, Sydney and London, specialising in mergers and acquisitions.
Fiona was awarded the New Zealand Shareholders Association Beacon Award in 2021. This recognises outstanding performance in leadership and corporate guidance. Fiona is a mentor for the Institute of Directors Pasifika Mentoring Programme.
Fiona holds a Bachelor of Arts and Bachelor of Laws (1988) from the University of Auckland (New Zealand). She is also a qualified Solicitor in New Zealand, New South Wales (Australia) and England.
Committee membership:
People and Culture (Chair)
Sue Brake
MA, BA, BSc

Sue was appointed to the Guardians Board on 9 December 2024. Her term of office expires on 30 September 2029.

Sue has 25 years' experience in leadership roles and is a globally recognised expert and a published author on investment management and risk management.

Sue is a former Chief Investment Officer of Australia’s Future Fund, where she was responsible for achieving long-term investment objectives across six government-owned funds, totalling A$250bn of diverse and complex global investments. Prior to that, she was Head of Strategic Advisory for WTW, an External Expert on sovereign wealth management for the IMF, a Senior Investment Strategist with the Guardians of NZ Superannuation, and Head of Capital Markets for NAB.

Sue holds a Master of Arts with First-Class Honours in Psychology from Canterbury University, and Bachelor of Science and Bachelor of Arts degrees from the University of Auckland.

Sue is an independent member of the Investment Committee of Aware Super, Australia’s third largest superannuation fund, moderator for ICPM, a global network of pension organisations, and a member of the Investment and Risk Advisory Panel that advises the Monetary Authority of Singapore.
Henk Berkman
PhD, MCom

Henk is a Professor of Finance at the University of Auckland and has a fractional appointment as research professor at the University of Sydney. He completed his PhD at Erasmus University Rotterdam and has published extensively in leading finance journals. He was adjunct director at Arthur Andersen Global Corporate Finance, and has acted as consultant for a number of multinationals and market regulators around the world.

Former directorships include SIRCA, ltd. a not-for profit organisation with the mission to promote financial research, and RoZetta Technology Ltd, a big-data analytics organisation based in Sydney. Henk also serves as president of the Dutch language school in Auckland. Henk was appointed to the Guardians Board on 1 October 2018. His term of office expires on 30 September 2027.

Committee membership:

Audit and Risk

People and Culture
Hinerangi Raumati Tu’ua
MNZM, BMS, MMS Chair, Audit and Risk

Hinerangi Raumati Tu’ua was appointed to the Board in April 2024 for a four-and-a-half-year term. A Fellow of Chartered accountants Australia New Zealand, Hinerangi was formerly Executive Director of Operations at Te Wānanga o Aotearoa and prior to that was Chief Financial Officer of Tainui Group Holdings.
Her governance career includes directorships with various iwi investment organisations, listed companies, and Crown and Council-Controlled entities including the Reserve Bank of New Zealand. She was the first woman elected to the Parininihi ki Waitōtara board, the first Waikato-Tainui iwi member to be appointed chair of Tainui Group Holdings; and was made a Member of the New Zealand Order of Merit in 2012. She is currently on the Boards of Genesis Energy and Tainui Group Holdings, and chairs the Nga Miro Trust.
Hinerangi holds Bachelor’s and Master’s degrees in Management Studies from the University of Waikato; she is a member of the Institute of Directors.
Committee membership:
Chair, Audit and Risk
David McClatchy
BCom

David McClatchy was appointed to the Board of the Guardians for a five-year term beginning on 1 October 2021 (expiring 30 September 2026). A respected business leader and financial markets professional, Mr McClatchy has returned to New Zealand following a successful career based in Sydney, Australia. There he served as Group Chief Investment Officer of Insurance Australia Group and Managing Director at IAG Asset Management from 2012 until 2019, and before this held the role of CEO and Chairman at ING Investment Management Australia Limited.
Before his move across the Tasman, David spent sixteen years with banking and investment management companies in New Zealand. Over the course of his career Mr McClatchy has run and directed multinational investment organisations across New Zealand, Australia and Asia, managing funds for insurance firms, corporates, sovereign wealth funds, superannuation funds, and charities.
David currently serves as a Director of Trust Investment Management Limited, Kingfish Limited, Barramundi Limited and Marlin Global Limited.
David holds a Bachelor of Commerce 1987 from the University of Auckland.
Committee membership:
Audit and Risk