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The Guardians undertake best-practice portfolio management, maximise returns without undue risk, and avoid prejudice to New Zealand's reputation as a responsible member of the world community.

We are committed to:

  • being as transparent as commercially possible about our investment process and organisation in general
  • exercising best practice portfolio management and to benchmarking ourselves globally
  • having a strong focus on responsible investment and the management of environmental, social and governance risks.

This section contains a range of proactive and required disclosures, including:

Portfolio Disclosures

Every six months we publish a list of our portfolio holdings.

Gifts and hospitality

Guardians' gifts, hospitality and CEO expenses. 

For the Guardians to fulfil its legislated purpose, it is extremely important to maintain our standing, and the perception of our standing. We publish the Chief Executive Officer's expenses, gifts and hospitality disclosures.

Letters of Expectations

annual Ministerial Letters of Expectations;

We receive an annual Letter of Expectations from the Minister of Finance. The letter of expectation is a formal but not legislative tool that provides an opportunity for the Minister to consider and set out in a timely manner his or her expectations of the Guardians over the coming year. It also provides an opportunity for the Guardians' Board to consider the Minister's expectations in the course of developing the Guardians' Statement of Intent and annual Statement of Performance Expectations.

Official Information Act requests

In the interests of improving public transparency and to provide an additional resource for anyone seeking information, the Guardians has decided to publish responses to Official Information Act requests and to proactively release information that may be requested under the Official Information Act. Responses will be published and information proactively released if the Guardians considers the responses and information to be of material public interest.

Proactive disclosures

On this page we publish information not published elsewhere on our website that we consider to be of material public interest and likely to be requested under the Official Information Act.

Select Committee responses

As a public entity, the Guardians can be asked to provide information to Parliamentary Select Committees and we publish our past responses to these requests.

Substantial product holdings

We disclose the issuers in which the Fund is a Substantial Product Holder (SPH) in New Zealand, that is the listed issuers we have a relevant interest in 5% or more of the total quoted voting products.


The Guardians is committed to best practice, openness and transparency. Its policies are designed to ensure the correct amount of tax is paid in all jurisdictions in compliance with tax law and practice. All unusual and material tax issues are signed off by professional tax advisors and, if appropriate, by relevant tax authorities.