Auckland (29 May 2008) - The Guardians of New Zealand Superannuation welcomed the release of the Auditor General's audit of the governance and management of the New Zealand Superannuation Fund.  Their report was tabled in Parliament today.

The report provides independent assurance that the Fund is well-run, and that their internal control and governance framework meets or exceeds internationally recognised practices and guidelines.

Mr David May, the Guardians' Chairman, said: "The performance review is a very important milestone for the Guardians. We are a relatively new organisation, with the Board having met for the first time in only 2002, making our first investments in late-2003. This report reminds us we have come a long way in a short time, and remain on the right track.

"Given the Fund's rapid growth in size and complexity, we had to prioritise our efforts in developing the organisation to where it is today. This report vindicates our prioritisation while also being realistic about the ongoing work ahead.

"We are a long-term investor. To be successful we need an organisation that is able to select sound investment managers and investments, monitor them on an ongoing basis, and learn and adapt strategies as we go. We have to do this on a sustainable and efficient basis. To these ends, we have been building a team with the motivation and capability to succeed, as well as best-practice processes and systems. 

"Of course I am realistic about the work ahead.  The Auditor General's review provides a useful set of recommendations to guide us in our ongoing work.  All of these recommendations are either well-advanced, or on our agenda for the next stage of development as outlined in our Statement of Intent.

"I am pleased to have our leadership in responsible investment in the public sector acknowledged.  We take the evolving field of responsible investment very seriously and have developed a clear set of principles and practices that we adhere to. We are also very transparent about our activities, and share our learning and accept advice as best-practice evolves," concluded Mr May. 

-Ends-

Contact details regarding this release:
Karine Fox, Head of
Communications, New Zealand Superannuation Fund, 09 373 8963, 021 351 141