Who

Decisions

Board

• sets investment policy for the Fund
• decides on an appropriate total level of risk for the Fund
• approves and monitors investment strategies
• appoints the Fund's Custodian (a custodian holds all of the Fund’s listed assets and provides investment administration services)
• approves new investment managers (where there is an Investment Management Agreement)

Leadership Team

• provides investment policy advice to the Board
• decides how to allocate total Fund risk between baskets of assets with similar characteristics, and then within each basket
• implements agreed investment strategies and identifies investment opportunities
• monitors and reports on the performance of investment strategies and of the Fund as a whole
• monitors the ongoing suitability of appointed investment managers

Appointed external investment managers

• make investment choices on behalf of the Guardians, subject to an Investment Management Agreement or the terms of a collective investment vehicle