Board
Guardians Board members are chosen for their experience, training and expertise in the management of financial investments, as well as their mix of complementary skills.
Board members are appointed by the Governor-General on the recommendation of the Minister of Finance. The Minister’s recommendation follows nominations from a committee, independent of the Guardians, which is established by the Minister. On receiving those nominations, the Minister consults with representatives of other political parties in Parliament before recommending the Governor-General appoint a person to the Board.
The Board must comprise at least five, but no more than seven, members. Each Board member is appointed for a term of up to five years and is eligible to be reappointed.
The Guardians’ governing legislation and the Board Charter (including Board Code of Conduct) define Board responsibilities, responsibilities of individual Board members, as well as matters reserved for the Board and matters delegated to management.
While the day-to-day responsibility for the operation of the business is delegated to the Chief Executive, there are a number of matters which, either because it is required by law or because the Board has decided it is in the interests of the Guardians to do so, are decided only by the Board as a whole.
The Board regularly reviews its delegations and governance priorities. The Board also hears directly from a range of external experts on investment markets, and regularly visits international peer funds for the purpose of assessing developments in best practice.
The Board has two standing committees: Audit & Risk, and People & Culture. From time to time other committees may be formed to manage conflicts for other purposes.
Remuneration
Board members are paid $49,000 per year for their services. The chairperson is paid $98,000 per year and committee chairs are paid $53,900 per year. The total remuneration is summarised in the Annual Report.
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John Williamson
Chair of the Guardians Board -
Doug Pearce
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Henk Berkman
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David McClatchy
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Fiona Oliver
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Hinerangi Raumati Tu’ua