Find our policy documents that govern how we make decisions at the Guardians.
Statement of Investment Policies, Standards and Procedures
The key policy document for the Guardians and Fund is the Statement of Investment Policies, Standards and Procedures (SIPSP). The SIPSP, which is required under our governing legislation, establishes the framework for the governance and investment of the Fund.
The SIPSP includes:
- An introduction to our purpose and our interpretation of our legislative requirements
- A list, and short explanation, of each of the investment policies informing the SIPSP
- Asset classes and selection criteria
- The benchmarks against which performance is measured
- Standards for reporting investment performance
- Our approach to Responsible Investment (see also Responsible Investment)
- The balance between risk and return in the portfolio;
- The Fund management structure;
- The use of derivative financial instruments, short selling and securities lending;
- Risk management;
- Valuation of unlisted assets; and
- A discussion of our investment constraints.
Sitting beneath the SIPSP, and referenced in it, are our Responsible Investment Framework, a range of policies relating to the investment of the Fund, and other policies that govern the Guardians' operational practices.
Audit Committee Terms of Reference, Employee Policy and Remuneration Committee Terms of Reference, Board Member Code of Conduct.
Includes guidelines for responding to media enquiries, Official Information Act requests, sponsorship and information management.
How responsibilities are delegated from the Board to the CEO and to management.
Aims to implement effective controls and frameworks to ensure that all aspects of derivative use are effectively managed.
Direct investments we make in investments not covered by the Portfolio Completion and Internally Managed Securities Policy.
Covers the Guardians’ approach to Diversity and Inclusiveness that affects all of our permanent and temporary employees.
How we invest with external investment managers.
Includes Employee Code of Conduct and Securities Trading Procedure.
The asset classes we invest in, the value adding strategies we use, and the investment constraints we apply.
Establishes the approach taken to measure the fair value of all investments held by the Fund.
How we ensure the Fund meets our desired risk allocations and the related management of internal investment mandates.
How we enter into major procurement contracts other than with external investment managers.
How we seek to enhance shareholder value and protect the reputation of the Fund by encouraging high standards of corporate behaviour.
How we manage operational risks for the Guardians. Includes Internal Incident Process.
A value added strategy we use to adjust the Fund's risk exposure in response to changes in expected returns.
Controls and frameworks governing travel and sensitive expenditure.