Policies
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:
- An introduction to our purpose and our interpretation of our legislative requirements;
- A list, and short explanation, of each of the investment policies informing the SIPSP;
- Asset classes and selection criteria;
- The benchmarks against which performance is measured;
- Standards for reporting investment performance;
- Our approach to sustainable investment;
- The balance between risk and return in the portfolio;
- The Fund management structure;
- The use of derivative financial instruments, short selling and securities lending;
- Risk management;
- Valuation of unlisted assets; and
- 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 a range of policies relating to the investment of the Fund, and other policies that govern the Guardians' operational practices.
Including the Audit & Risk Committee Terms of Reference, People & Culture Committee Terms of Reference and the Code of Conduct for Board Members, which 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.
Communications and Engagement Procedures
Sets out the specific guidelines used by Guardians management to enable
the effective implementation of the principles contained in the Communications and Engagement Policy.
How responsibilities are delegated from the Board to the CEO and to management.
Sets out the principles we follow when making investments to gain exposure to asset classes though Passive Investment and applying Opportunities to Proxies, to construct the Actual Portfolio using the Total Portfolio Approach.
Established the approach taken to measure the fair value of all investments held by the Fund.
Investment Valuation Procedures
Sets out the specific guidelines used by Guardians Management to enable the effective implementation of the principles contained in the Investment Valuation Policy.
Sets out the Fund's approach to managing liquidity risk in a manner that supports the Fund's short-term and long-term investment objectives.
Includes Employee Code of Conduct and Securities Trading Procedure.
Sets out the principles, governance requirements, constraints and reporting framework for designing and managing the Fund's portfolio, from the Board-approved Reference Portfolio to the Actual Portfolio.
How we enter into major procurement contracts other than with external investment managers.
How we manage operational risks for the Guardians. Includes Internal Incident Process.
Sets out the specific guidelines used by Guardians management to enable the effective implementation of the principles contained in the Risk Management Policy.
Sets out our approach to sustainable investment and includes policies for avoiding prejudice to New Zealand's reputation as a responsible member of the world community.
Sustainable Investment Procedures
Set out the specific procedures used to implement the Sustainable Investment Policy.
Controls and frameworks governing travel and sensitive expenditure.
Sensitive Expenditure Procedures
Sets out the specific guidelines used by Guardians management to enable the effective implementation of the principles contained in the Sensitive Expenditure Policy.
Speaking Up and Whistleblowing Policy
Sets out how individuals can raise concerns of wrongdoing, regardless of severity without the fear of recrimination or reprisal and provides confidence that their concerns will be addressed seriously and appropriately and in accordance with applicable legislation.