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We strive to be as transparent as commercially possible about our management of the NZ Super Fund and how the Fund is performing.

Transparency is a central compliance requirement for the Guardians in our management of the fund and is critical to maintaining organisational credibility and stakeholder confidence.

Our reporting requirements are set out in the Crown Entities Act and New Zealand Superannuation and Retirement Income Act. This includes compliance with the Financial Reporting Act. We are also subject to the Official Information Act.


Independent ratings of the Guardians' transparency

We aspire to achieve top-quartile or higher ratings in relevant rating mechanisms.


CEM Global Pension Transparency Benchmark

Following the publication of our 2022 Annual Report, the transparency of the NZ Super Fund on cost, governance, performance, and responsible investing was independently assessed by CEM Benchmarking using a proprietary, 190-question framework from the Global Pension Transparency Benchmark (a joint initiative of CEM and This study measures whether pension organisations are disclosing what they do and how they are generating value for stakeholders clearly, completely and concisely.

NZ Super Fund public disclosures received an overall score of 78 compared to the global average of 55. This was the second-highest score of the 75 funds (including the five largest funds in 15 geographies) whose scores were publicly listed in the Global Pension Transparency Benchmark.

Linaburg-Maduell Transparency Index

We aim to achieve the top rating of 10 out of 10 (100%) in the quarterly rating of Sovereign Wealth Fund Institute's (SWFI) Linaburg-Maduell Transparency Index and have done so since its inception in 2008. 

Linaburg-Maduell Transparency Index

To achieve full marks at 10 out of 10 a sovereign wealth fund must:

  • provide history including reason for creation, origins of wealth and government ownership structure
  • provide up-to-date independently audited annual reports
  • provide ownership percentage of company holdings, and geographic locations of holdings
  • provide total portfolio market value, returns and management compensation
  • provide guidelines in reference to ethical standards, investment policies and enforcer of guidelines
  • provide clear strategies and objectives
  • if applicable, clearly identify subsidiaries and contact information
  • if applicable, identify external managers
  • manage its own web site
  • provide main office location addresses and contact information such as telephone and fax.


Human Rights Commission Annual Report Review

Between 2007 and 2018 the Human Rights Commission reviewed and analysed the good employer reporting obligations by Crown entities in their Annual Reports. In 2018 the Guardians was ranked first out of 93 Crown entities, and achieved 100% overall compliance.

Good employer rating

Petersen Institute Sovereign Wealth Fund transparency scorecard

The Guardians has been at or near the top of a series of transparency surveys conducted by Edwin Truman for the Washington, DC-based Petersen Institute for International Economics (PIIE).

Petersen Institute for International Economics


Reporting Awards

The Guardians and Fund have received a series of awards and recognition for excellence in reporting and disclosure.

See our awards