10 November 2004 Media Statement

Independent expert gives NZ Super Fund big tick

Finance Minister Michael Cullen today released a highly positive report from independent expert Jonathan Eriksen on the performance of the Guardians of the New Zealand Superannuation Fund, saying it showed the Fund was in good hands.

Mr Eriksen, an Auckland-based actuary and business consultant, found that the investment policies, standards and procedures established by the Guardians were appropriate to the Fund, that the returns to date had been satisfactory and that there was best practice governance and accountability across the organisation.

“His findings are cause for considerable satisfaction to the government, given the importance of the Fund to the future viability of New Zealand Superannuation and to the security in retirement of New Zealanders.

“Mr Eriksen has recommended some extra resourcing for the Fund. I will consider these recommendations,” Dr Cullen said.

David May chairs the Board of Guardians with Sir Douglas Graham as his deputy. Other members are: Michaela Anderson, Ira Bing, Bridget Liddell, David Newman and Glen Saunders.

The legislation establishing the Fund provides for periodic reviews of the board every five years.

The Eriksen report is available on the treasury website: http://www.treasury.govt.nz/release/super/

ENDS

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