Guardians Board members are chosen for their experience, training and expertise in the management of financial investments, as well as their mix of complementary skills.
Board members are appointed by the Governor-General on the recommendation of the Minister of Finance. The Minister’s recommendation follows nominations from a committee, independent of the Guardians, which is established by the Minister. On receiving those nominations, the Minister consults with representatives of other political parties in Parliament before recommending the Governor-General appoint a person to the Board.
The Board must comprise at least five, but no more than seven, members. Each Board member is appointed for a term of up to five years and is eligible to be reappointed.
The Guardians’ governing legislation and the Board Charter (including Board Code of Conduct) define Board responsibilities, responsibilities of individual Board members, as well as matters reserved for the Board and matters delegated to management.
While the day-to-day responsibility for the operation of the business is delegated to the Chief Executive, there are a number of matters which, either because it is required by law or because the Board has decided it is in the interests of the Guardians to do so, are decided only by the Board as a whole.
The Board regularly reviews its delegations and governance priorities. The Board also hears directly from a range of external experts on investment markets, and regularly visits international peer funds for the purpose of assessing developments in best practice.
The Board has two standing committees: Audit and Employee Policy and Remuneration. From time to time other committees may be formed to manage conflicts for other purposes.
Board members are paid $49,000 per year for their services. The chairperson is paid $98,000 per year and the deputy chairperson $61,250. The total remuneration is summarised in the Annual Report.
Catherine was appointed to the Board of the Guardians of New Zealand Superannuation in on 1 November 2018, and appointed Chair on 1 April 2021. Her term of office expires on 31 October 2022.
Catherine Drayton is a professional company director. Her governance roles include Chair of Christchurch International Airport and director of Southern Cross Medical Care Society and Southern Cross Hospitals. Former directorships include Beca Group, Ngai Tahu Holdings, technology company PowerbyProxi (which was acquired by Apple) and Meridian Energy. Catherine is based in Canterbury. In her earlier executive life she was partner in charge of audit and advisory services for PricewaterhouseCoopers in Central/Eastern Europe, with her speciality being mergers & acquisitions.
John Williamson was appointed to the Board of the Guardians 30 May 2016. His term of office expires 30 September 2025. John is a private company investor. He has held leadership roles in listed and private equity-owned companies across multiple sectors, including Group Chief Executive of ACG Education, Group Managing Director of Hellaby Holdings and senior leadership positions with Fletcher Building and Bendon. Previous governance experience includes Hellaby Holdings, Hockey New Zealand and numerous distribution, manufacturing, industrial services, retail and education businesses in New Zealand and Australia.
Audit and Employee Policy and Remuneration
Doug Pearce was first appointed to the Board of the Guardians 30 May 2016 and reappointed 1 October 2020. His second term of office expires on 30 September 2023. Doug was the founding Chief Executive Officer and Chief Investment Officer of the British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors, with over $100B in assets under management. He held these positions from 1988 till he retired in 2014 and has over 35 years of experience in the capital markets.
Doug has also served as director and Chair of the Canadian Coalition for Good Governance (CCGG), the Pacific Pension Institute (PPI), and the Pension Investment Association of Canada (PIAC). He has a keen interest in business strategy and good governance and has been a member of the advisory board at the Forum for Women Entrepreneurs and the Faculty Advisory Board at UBC Sauder School of Business. Doug also sits on the boards of Fortis BC and the Alzheimer Society of British Columbia.
Employee Policy and Remuneration
Henk is a Professor of Finance at the University of Auckland and has a fractional appointment as research professor at the University of Sydney. He completed his PhD at Erasmus University Rotterdam and has published extensively in leading finance journals. He was adjunct director at Arthur Andersen Global Corporate Finance, and has acted as consultant for a number of multinationals and market regulators around the world.
Former directorships include SIRCA, ltd. a not-for profit organisation with the mission to promote financial research, and RoZetta Technology Ltd, a big-data analytics organisation based in Sydney. Henk also serves as president of the Dutch language school in Auckland. Henk was appointed to the Guardians Board on 1 October 2018 and his term ends 30 September 2022.
Rosemary Vilgan is the Chairperson of the Commonwealth Bank Group Staff Superannuation Fund and the Chairperson of the Federal Government’s Safety, Rehabilitation and Compensation Commission, a Member of the Cambooya Investment Committee and a member of various Queensland University of Technology (QUT) Committees.
Rosemary was the CEO of QSuper from 1998 until late 2015. She was awarded an Honorary Doctorate by QUT for her services to the University which included 12 years as a Councillor and was also granted Life Membership of the Association of Superannuation Funds of Australia (ASFA) for her services. Rosemary has held a variety of other business and not for profit positions over her business life and in recognition of her career, was named the 2013 Telstra Australian Businesswoman of the Year. Rosemary has qualifications in business and superannuation and is a Fellow of both the Australian Institute of Company Directors and ASFA and a Member of Chief Executive Women. Rosemary was appointed to the Guardians Board on 1 October 2020 and her term ends 30 September 2025
Employee Policy and Remuneration
David McClatchy has been appointed to the Board of the Guardians of New Zealand Superannuation, for a five-year term beginning 1 October 2021. A respected business leader and financial markets professional, Mr McClatchy has returned to New Zealand following a successful career based in Sydney, Australia. There he served as Group Chief Investment Officer of Insurance Australia Group and Managing Director at IAG Asset Management until 2019, and before this held the role of CEO and Chairman at ING Investment Management Australia Ltd. Before his move across the Tasman, David spent sixteen years with banking and investment management companies in New Zealand. Over the course of his career Mr McClatchy has run and directed multinational investment organisations across New Zealand, Australia and Asia, managing funds for insurance firms, corporates, sovereign wealth funds, superannuation funds, iwi and charities.
Committee membership: Audit