An independent review of how effectively and efficiently the Guardians are performing their function is carried out every five years. The Minister of Finance sets the terms of reference for the review, which is conducted by an independent person appointed by the Minister. The report is then presented to Parliament. This review, the second to be conducted, was undertaken by Mercer. Mercer found that the Guardians was implementing appropriate investment strategies, governance arrangements and operational activities to position itself to meet its long-term objectives.