Delegations

The Guardians has an investment decision-making framework that identifies who is responsible for making different kinds of investment decisions.

Decisions about investments are made by

Who	Decisions
Board	sets investment policy for the Fund decides on an appropriate total level of risk for the Fund approves and monitors investment strategies appoints the Fund's Custodian (a custodian holds all of the Fund’s listed assets and provides investment administration services) approves new investment managers (where there is an Investment Management Agreement)
Leadership Team	provides investment policy advice to the Board decides how to allocate total Fund risk between baskets of assets with similar characteristics, and then within each basket implements agreed investment strategies and identifies investment opportunities monitors and reports on the performance of investment strategies and of the Fund as a whole monitors the ongoing suitability of appointed investment managers
Appointed external investment managers	make investment choices on behalf of the Guardians, subject to an Investment Management Agreement or the terms of a collective investment vehicle