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Our timeline

Establishing a global investment fund from scratch and running it from New Zealand has been a significant achievement.

Below is a timeline of how we got here.

Track the Guardians' progress since the NZ Super Fund's legislation was passed in 2001.


The NZ Super Fund celebrates 20 years of investing for all New Zealanders, now able to measure its performance against it's 20-year rolling benchmark and having surpassed it

We were named the best performing sovereign investor globally between FY13 and FY22 by data platform GlobalSWF.


Introduced a new purpose and vision for the Guardians


Committed to achieving net zero by 2050

The Guardians celebrates 20 years from when it was established through legislation

Agreed to adopt sustainable finance approach

Catherine Drayton

Catherine Drayton appointed as Board Chair


Met our carbon targets and introduced new 2025 targets


Elevate NZ Venture Fund established

Independent Review says Guardians is operating at global best practice level

Guardians initiates social media collaborative engagement following the Christchurch terrorist attack, with an objective to strengthen controls to prevent the livestreaming and distribution of objectionable content

Companies involved in the manufacture of civilian automatic and semi-automatic firearms, magazines or parts are excluded from investment portfolio

Government announces a new $300 million venture capital fund, to be administered by the Guardians under a new mandate


Timeline 400 x 400 Matt Whineray

Matt Whineray appointed CEO.

Guardians commits to preferred partner relationship with Māori co-investment fund Te Pūia Tāpapa

400 x 400 Stephen Gilmore

Stephen Gilmore appointed CIO

Guardians wins YWCA Equal Pay Award for innovation in equal pay and employee benefits


Government resumes capital contributions to the Fund after an eight year suspension with a $500 million injection

Adrian Orr resigns as CEO to take up position as governor of New Zealand’s central bank

Guardians shifts to low-carbon passive equities portfolio

Becomes founding member of the One Planet Sovereign Wealth Fund Working Group

Guardians named in Bretton Woods II study of most responsible asset allocators


400 x 400 Catherine Savage

New Board Chair – Catherine Savage

Wins Deloitte IPANZ Public Sector Excellence Award for Leadership Excellence

Fund reaches $30 billion – double the amount of Government contributions to date

Timeline 400 x 400 Climate change iceberg

Guardians announces Climate Change Strategy


Implements Risk Budgets

Reference Portfolio reviewed

A+ rating from the UNPRI for overall approach to responsible investment

Teams with other investors to establish NZ Corporate Governance Forum

Winner, Excellence in Governance, Deloitte Top 200 Awards

Winner, Governance Award, Asian Investor’s 2015 Institutional Excellence Awards

CEO Adrian Orr becomes Chair of IFSWF


Risk Allocation Process developed

Team grows to 100


Guardians celebrates 10 years of investing

In-house active NZ equities team established

Introduction of PEARL performance reporting system


400 x 400 Gavin Walker

New Board Chair – Gavin Walker

Winner, aiCIO Awards, world’s most innovative sovereign wealth fund

Winner, Chief Information Officer, Executive Team of the Year

First exclusions of individual securities for breaches of responsible investment standards

Target operating model introduced


Reference Portfolio introduced


Global Financial Crisis – March 9, 2009 – the low point in equity markets. From peak to trough the Fund fell by -30.70%

In-house Portfolio Completion (Treasury) function established

Strategic Tilting strategy begins

Following a change in the NZ Government, capital contributions are suspended – last contribution $250m

A Ministerial Direction seeking to increase the proportion of the Fund that is invested in New Zealand is received

Committed to the Santiago Principles of Best Practice for Sovereign Wealth Funds

Team size hits 50


Companies manufacturing cluster munitions and nuclear explosive devices excluded

Lehman Brothers bank fails – prompting establishment of crisis management team at the Guardians to make quick decisions and manage liquidity


Responsible Investment Framework developed

400 x 400 Cigarette

Guardians divests from tobacco stocks

Appointment of new master custodian, Northern Trust replacing BNP Paribas

400 x 400 Adrian Orr

Adrian Orr takes over as CEO


Founding signatory to the United Nations Principles for Responsible Investment

Guardians makes first divestment - whaling and anti-personnel weapons stocks


400 x 400 NZ timber

First investments in New Zealand and US timber

First investments in NZ private equity funds


First contribution ($2.4 billion)

400 x 400 Stock market graph

Commenced investing in October 2003

Initial Strategic Asset Allocation determined


First Board appointed

David May appointed as Chair


New Zealand Superannuation and Retirement Income Act 2001 passed and New Zealand Super Fund created