Willis Towers Watson’s Australian advisory team has been appointed by the New Zealand Minister of Finance, Grant Robertson, to conduct the statutory review of the Government’s Superannuation Fund Authority (GSFA).
GSFA managed and administered the nation’s Government Superannuation Fund.
The review, which took place every five years, would aim to determine how effectively and efficiently the GSFA performed its functions, in particular with regards to ethical investment framework in the context of international best practice standards.
“This includes consideration of how the Authority is taking account of and reporting on climate change,” Tim Mitchell, global head of governance consulting for Willis Towers Watson said.
The review would also address the legislative requirements under the Government Superannuation Fund Act in terms of assessing the GSFA’s statements of investment policies, standards and procedures for their appropriateness and compliance, as well as the fund’s investment performance.
The final report would need to delivered to the Treasury by mid-May this year, the firm said.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
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