Each year we publish an Annual Report for the Guardians and Fund. Included in this report is a Statement of Performance, which sets out how we performed against the strategic objectives set out in our Statement of Intent and annual Statement of Performance Expectations.
Our Annual Reports describe how the Fund has performed relative to its benchmarks, and give a breakdown of how the Guardians' active investment decisions have added value during the year. They also include a detailed overview of our governance and risk management processes, a dedicated responsible investment report, and a list of the external managers and custodians we used during the year.
As part of our commitment to best practice disclosure we index our reports against the Global Reporting Initiative criteria.
Annual Reports cover the year ended 30 June and are usually published the following October.
Stakeholder feedback on our reports is welcome and can be sent to [email protected].
2019 Annual Report
I’m very pleased to share with you the NZ Super Fund’s annual report for the 2018/19 financial year.
As an entity set up mō te whakatupuranga hou (for the next generation) we are fortunate enough to be free from many of the constraints of time. Because of this, we turn our attention to the factors that are going to matter 10, 20, 50 years down the line, rather than focusing on the arbitrary period of a financial year.
That said, a financial year can be a useful snapshot; a chance for our stakeholders to take stock of our progress. And with the return of volatility in financial markets, the past year has been a good example of the ups and downs inherent in our choice of a long-term, growth-oriented portfolio.
In addition to the report, we’ve also put together videos from Super Fund Chair Catherine Savage, General Manager Mika Austin and me talking about different aspects of the year. Check these out below.
This year our designers weaved some beautiful Māori motifs throughout the document, an explanation of the relevance of each is outlined on this page.
We’ve also put videos together to explain different aspects of the year. Check these out here:
- Chair Catherine Savage talks about Fund performance
- CEO Matt Whineray talks about the investment environment and key initiatives
- General Manager Human Resources Mika Austin talks about our efforts to build a fair workplace
Cover Taki Tahi
The weave used at the base of the kete (basket) and the top edge. For strength.
Introductory spreads Kaokao
The sides and arms of warriors as they are in mid-haka or in the waka on course to their destination. Representative of the Fund’s growth and interwoven presence in New Zealanders’ lives.
Pages 8 – 35
The stairway to heaven. Four interpretations are used signifying the growth of the individual, the growth of whanau, the growth of the community, and the growth of the Fund striving upwards.
This section provides high-level information on the purpose and mandate of the Guardians and the Fund, including a snapshot of our performance and key highlights from the 2018/19 financial year. It also provides detail on our people-related initiatives.
Investment Report Patiki
Pages 36 – 69
Flounder. Representative, at multiple scales, as “shawls inclusively all heading in the same direction”.
Following on from the information provided in the Overview, the Investment Report provides details on the Fund’s performance, including comparisons with previous years. This section also contains investment case studies, a feature on our climate change investment strategy and a responsible investment report.
Governance Whakaniho Niho
Pages 70 - 100
Kete weave option used in the body of the kete. Teeth-like pattern.
This section provides detailed information on the Guardians’ governance structure and principles. We discuss our risk management approach and provide detail on our remuneration and discretionary incentive scheme.
Operational Report Tuhinga o mua
Pages 101 - 107
Past, present and future. A community that have shared but individual strands woven together.
Information on our operational activities, as well as our environmental performance, a regulatory report, and our community and industry contribution, is covered in the operational report.
Statement of Performance Uranga
Pages 108 - 116
Glowing, rising (of the sun), setting (of the sun). The light consistently changing and moving. Tāniko detail used on various woven items such as head bands and clothing garments.
This section provides a report on our performance, benchmarked against our Statement of Performance Expectations and information on our external managers and custodians.
Financial Statements Waka ara
Pages 117 – 217
The wake made by the waka as it makes its way through the ocean. Three parts, the individual, the family, the community.
As well as the financial statements for the Guardians and the Fund, this section provides an overview of key elements such as tax and a five-year financial summary.
Pages 218 - 224
The names of these designs vary from tribe to tribe, and are often purely functional and not descriptive.
Where possible, we have tried to avoid the use of industry-specific words and language. In some cases, however, in the interests of brevity and clarity, these words are unavoidable. Industry terms are explained in our Glossary. This section also provides our compliance statements.