Former NZ Super Fund employee to review fund

The Treasury’s request to execute a statutory review of the Government Superannuation Fund Authority (GSFA) has resulted in the appointment of Willis Towers Watson (WTW) as independent reviewers.

This sees WTW, a global consultancy firm, reviewing the $4.2 billion GSFA. The WTW previously reviewed the NZ Super Fund in September 2019 when WTW delivered a 76-page report including five core “recommendations” and 13 “suggestions”.

Though the currently commissioned report is not expected to be as long it is expected to be more specific. Treasury has asked the terms of reference for the report to “Address the requirements set out in the Act [Government Superannuation Fund Act 1956], including reviewing the appropriateness of, and compliance with, the policies, standards and procedures of the GSFA, as well as an evaluation of the investment performance of the Fund overall.”

Treasury are also asking WTW for “An evaluation of the GSFA’s ethical investment framework, including consideration of its approach to climate change.”

The WTW consultant leading the GSFA review is Tim Mitchell, himself a former employee of NZSF from 2002 to 2015.

The review is part of a five-yearly GSFA statutory review commissioned by the Treasury.

The final report is due in mid-May 2020.