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Find our policy documents that govern how we make decisions at the Guardians. 

Statement of Investment Policies, Standards and Procedures

The key policy document for the Guardians and Fund is the Statement of Investment Policies, Standards and Procedures (SIPSP). The SIPSP, which is required under our governing legislation, establishes the framework for the governance and investment of the Fund.



The SIPSP includes:

  1. An introduction to our purpose and our interpretation of our legislative requirements
  2. A list, and short explanation, of each of the investment policies informing the SIPSP
  3. Asset classes and selection criteria
  4. The benchmarks against which performance is measured
  5. Standards for reporting investment performance
  6. Our approach to Sustainable Finance
  7. The balance between risk and return in the portfolio;
  8. The Fund management structure;
  9. The use of derivative financial instruments, short selling and securities lending;
  10. Risk management;
  11. Valuation of unlisted assets; and
  12. A discussion of our investment constraints.

Statement of Investment Policies, Standards and Procedures (SIPSP) – Venture Capital Fund


Other policies

Sitting beneath the SIPSP, and referenced in it, are our Responsible Investment Framework, a range of policies relating to the investment of the Fund, and other policies that govern the Guardians' operational practices.

Board Charter

Including the Audit Committee Terms of Reference and the Employee Policy and Remuneration Committee Terms of Reference.

Code of Conduct for Board Members

Sets out the standards for appropriate ethical and professional conduct for members of the Board of the Guardians of New Zealand Superannuation.

Communications and Engagement Policy

Outlines our approach to communications and engagement reflecting that clear, accurate and appropriate communications are essential to conduct our business, maintain our reputation and the trust of our stakeholders.

Delegations Policy

How responsibilities are delegated from the Board to the CEO and to management.

Derivatives Policy

Aims to implement effective controls and frameworks to ensure that all aspects of derivative use are effectively managed.

Direct and Externally Managed Investment Policy

Sets out the principles we follow when making investments to capture active returns carried out by the Direct and External Investments and Partnerships Teams, whether those investments be made directly, through or alongside managers or via collective investment vehicles.

Human Resources Policy

Includes Employee Code of Conduct and Securities Trading Procedure.

Investment Risk Allocation Policy

The asset classes we invest in, the value adding strategies we use, and the investment constraints we apply.

Investment Valuation Policy

Establishes the approach taken to measure the fair value of all investments held by the Fund.

Portfolio Completion and Internally Managed Securities Policy

How we ensure the Fund meets our desired risk allocations and the related management of internal investment mandates.

Procurement and Outsourcing Policy

How we enter into major procurement contracts other than with external investment managers.

Risk Management Policy

How we manage operational risks for the Guardians. Includes Internal Incident Process.

Sustainable Investment Framework

How we seek to enhance shareholder value and protect the reputation of the Fund by encouraging high standards of corporate behaviour.


Travel and Sensitive Expenditure Policy

Controls and frameworks governing travel and sensitive expenditure.