Kia ora koutou. 

This has been my first full year as CEO of the Guardians. I have enjoyed settling in and getting to know our team and many of our stakeholders. Thank you to everyone for your warm welcome. 

The NZ Super Fund delivered an excellent result this year - well ahead of our performance benchmarks. Our long-term focus and investment strategies have set us up well for strong returns through a volatile period. 

Volatility is part and parcel of investing, particularly for those investors who, like us, prioritise long-term growth. We expect many more ups and downs in the future. 

The last twenty years have been an exceptional period for global markets. While these conditions are unlikely to continue indefinitely, we remain confident that over the long term the Fund will continue to grow strongly.  

We are therefore focused on ensuring that our structures, processes, technology and data platforms are fit for purpose and operating efficiently. Getting these building blocks right will enable us to manage a much larger Fund in the future. 

The most recent five-year independent statutory review of the Guardians and NZ Super Fund was completed in August 2024.  The review's author, global advisory firm WTW, found that the Guardians “continues to operate at global best-practice levels” but cautioned that we “will need to step up to meet gathering headwinds”. 

We are currently addressing the constructive recommendations put forward in the review, including considering how to mature our sustainable investment approach. 

The departure of several long-serving employees gave us an opportunity to refresh the Leadership Team, and its structure and composition has been a focus for me this year. Our Leadership Team has many years of experience at the Guardians and in the broader financial sector. Team members’ knowledge and determination to achieve our purpose make them outstanding leaders for the Guardians in the years ahead. 

‘Future Focused’ is one of our enduring organisational values. It will continue to shape much of what we do over the coming year. 

We are incredibly proud of the Guardians' performance to date. I have confidence that the settings we are putting in place will prepare us well for the challenges and opportunities ahead.