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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.


  • John Williamson

    John Williamson

    BA, LLB, LLM 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 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 (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 Employee Policy and Remuneration

  • Doug Pearce

    Doug Pearce

    BCom, ICD.D

    Doug Pearce was first appointed to the Board of the Guardians on 30 May 2016 and reappointed on 1 October 2020. His current term of office expires on 30 September 2024. 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 $200B in assets under management. He held these positions from 1988 until 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 currently sits on the boards of Fortis BC and the Alzheimer Society of British Columbia (elected in 2016).

    Doug holds a Bachelor of Commerce from the University of Calgary.

    Committee membership:

    Audit Committee – Chair

  • Henk Berkman

    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 and his term ends 30 September 2022.

    Committee membership:


  • David McClatchy BW

    David McClatchy


    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 (now ANZ Funds Management).

    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:


  • Fiona thumb

    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 transport, renewable energy, natural gas, technology, commercial property, sport and financial services.

    Fiona is a Director of Summerset Group Limited, Freightways Limited, Gentrack Group Limited, Kingfish Limited, Barramundi Limited and Marlin Global Limited and Director and Audit Committee Chair of the Clarus (previously named First Gas) Group companies. Fiona is also a director of New Zealand Water Polo.

    Fiona was formerly a Director and Board Audit Committee Chair of Tilt Renewables Limited and BNZ Life Insurance Limited and BNZ Life Services Limited, Chair of Vinta Funds Management Limited, and a Director of Augusta Limited, Public Trust, the National Provident Fund and Wynyard Group Limited (in liquidation). Fiona was also a Member of the Inland Revenue Risk & Assurance Committee.

    In her Executive career, Fiona has held leadership roles in funds management including holding the roles of Chief Operating Officer of BT Funds Management (NZ), Westpac's investment arm, and General Manager, Wealth Management for AMP NZ 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.

    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:

    Employee Policy and Remuneration (Chair)

  • hinerangi web

    Hinerangi Raumati Tu’ua


    Hinerangi Raumati Tu’ua was appointed to the Board in April 2024 for a four-and-a-half-year term. A chartered accountant, 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 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 fellow of Chartered Accountants Australia & New Zealand and a member of the Institute of Directors.