Reporting

We aim to be as transparent as commercially appropriate about how we manage the NZ Super Fund and how the Fund is performing.

Public reporting

The following documents and sources are key components of our public reporting framework:

• our Statement of Investment Policies, Standards and Procedures and underlying Policies
• a monthly performance and portfolio update
• a list on this website of our external investment and asset managers
• a three-yearly Statement of Intent and annual Statement of Performance Expectation containing our strategic objectives, key priorities and financial forecasts for the year. We review our performance against the Statement of Performance Expectation in each year's Annual Report, which also includes a dedicated Responsible Investment Report.
• an annual list of all of our equity holdings.

Our disclosures section also contains a range of information that we release publicly in line with Government standards for Crown entities. Refer to our Communications and Engagement Policy, and associated procedures, for information on disclosure procedures on our policy page.

Government reporting

We report to the Minister of Finance each quarter on:

• the performance of the Fund
• any important investments
• any other important activity – such as employing new senior staff or new investment managers – undertaken during the quarter.

We also report to the NZ Treasury each quarter. This information contributes to Treasury’s production of the Government’s accounts and economic data.

We report to a Parliamentary Select Committee on an annual basis or as required, and make these documents available on this website in our disclosures section. We also answer Official Information Act requests and Parliamentary questions.

We also operate on a 'no surprises' basis with Minister of Finance, as required by the Minister's Annual Letter of Expectation.

Independent ratings of the Guardians' transparency

CEM Global Reporting Principles

Each year, our reporting is assessed against CEM’s Global Reporting Principles. These principles cover the reporting of investment costs and performance, as well as the timeliness of information provided for CEM’s value-add and cost benchmarking survey. 

Our target is a Gold score of 75% or higher. This provides an independent and internationally comparable measure of the transparency of our investment reporting.

CEM Global Pension Transparency Benchmark

Following the publication of our 2022 Annual Report, the transparency of the NZ Super Fund on cost, governance, performance, and responsible investing was independently assessed by CEM Benchmarking using a proprietary, 190-question framework from the Global Pension Transparency Benchmark (a joint initiative of CEM and top1000funds.com). This study measures whether pension organisations are disclosing what they do and how they are generating value for stakeholders clearly, completely and concisely.

NZ Super Fund public disclosures received an overall score of 78 compared to the global average of 55. This was the second-highest score of the 75 funds (including the five largest funds in 15 geographies) whose scores were publicly listed in the Global Pension Transparency Benchmark.

Australasian Reporting Awards