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.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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