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 and Employee Policy and Remuneration. From time to time other committees may be formed to manage conflicts for other purposes.
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.
Catherine was appointed to the Board of the Guardians of New Zealand Superannuation on 1 November 2018, and appointed Chair on 1 April 2021.
Catherine Drayton is a professional company director. Her governance roles include Chair of Christchurch International Airport, SparkTowerco Limited and Mint Innovation and director of Southern Cross Medical Care Society, Southern Cross Hospitals and Genesis Energy. Former directorships include Beca Group, Ngai Tahu Holdings, technology company PowerbyProxi (which was acquired by Apple) and Meridian Energy. Catherine is based in Canterbury. In her earlier executive life she was partner in charge of audit and advisory services for PricewaterhouseCoopers in Central/Eastern Europe, with her speciality being mergers & acquisitions.
John Williamson was appointed to the Board of the Guardians 30 May 2016. His term of office expires 30 September 2025. 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, Group Managing Director of Hellaby Holdings and senior leadership positions with Fletcher Building and Bendon. Previous governance experience includes Hellaby Holdings, Hockey New Zealand and numerous distribution, manufacturing, industrial services, retail and education businesses in New Zealand and Australia.
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.
Audit and Employee Policy and Remuneration
Doug Pearce was first appointed to the Board of the Guardians 30 May 2016 and reappointed 1 October 2020. His second term of office expires on 30 September 2023. Doug was the founding Chief Executive Officer and Chief Investment Officer of the British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors, with over $100B in assets under management. He held these positions from 1988 till he retired in 2014 and has over 35 years of experience in the capital markets.
Doug has also served as director and Chair of the Canadian Coalition for Good Governance (CCGG), the Pacific Pension Institute (PPI), and the Pension Investment Association of Canada (PIAC). He has a keen interest in business strategy and good governance and has been a member of the advisory board at the Forum for Women Entrepreneurs and the Faculty Advisory Board at UBC Sauder School of Business. Doug also sits on the boards of Fortis BC and the Alzheimer Society of British Columbia.
Audit Committee – Chair
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 and his term ends 30 September 2022.
David McClatchy has been appointed to the Board of the Guardians of New Zealand Superannuation, for a five-year term beginning 1 October 2021. 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 until 2019, and before this held the role of CEO and Chairman at ING Investment Management Australia Ltd. 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, iwi and charities.
Committee membership: Audit
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 a number of business sectors including transport, renewable energy, natural gas, technology, commercial property, sport and financial services. Fiona is a director and audit committee chair for Tilt Renewables, Gentrack Group, BNZ Life Insurance and BNZ Insurance Services. In addition, she’s a director of Augusta Capital and Augusta Funds Management and a member of the Inland Revenue’s Risk and Assurance Committee.
In her executive career, Fiona has held leadership roles in funds management for Westpac and AMP in New Zealand and commercial roles in asset management and private equity in Sydney and London. Before that, she practised as a senior corporate and commercial lawyer both in New Zealand and overseas with a focus on mergers and acquisitions.
Fiona was awarded the new Zealand Shareholders Association Beacon Award in 2021. This recognises outstanding performance in leadership and corporate guidance.