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Our Timeline

Establishing a global investment fund from scratch, and running it from New Zealand, has been a significant challenge.

Below is the New Zealand Super Fund timeline.

Track the progress of the Guardians since the legislation creating the Fund was passed in 2001.

2019

Independent Review says Guardians is operating at global best practice level

Guardians ends legal action against Novo Banco and Bank of Portugal

Guardians initiates social media collaborative engagement following the Christchurch terrorist attack, with an objective to strengthen controls to prevent the livestreaming and distribution of objectionable content

Companies involved in the manufacture of civilian automatic and semi-automatic firearms, magazines or parts are excluded from investment portfolio

Government announces a new $300 million venture capital fund, to be administered by the Guardians under a new mandate

2018

Matt Whineray appointed CEO.

Guardians commits to preferred partner relationship with Māori co-investment fund Te Pūia Tāpapa

Stephen Gilmore appointed CIO

Guardians takes stake in fresh fruit and vegetable grower and marketer NZ Gourmet

Guardians wins YWCA Equal Pay Award for innovation in equal pay and employee benefits

2017

Government resumes capital contributions to the Fund after an eight year suspension with a $500 million injection

Adrian Orr resigns as CEO to take up position as governor of New Zealand’s central bank

Guardians shifts to low-carbon passive equities portfolio

Guardians invests in local financial institutions Kiwibank and Fidelity Life

Guardians divests from recreational cannabis companies

Becomes founding member of the One Planet Sovereign Wealth Fund Working Group

Guardians named in Bretton Woods II study of most responsible asset allocators

2016

New Board Chair – Catherine Savage

Invests in Auckland residential housing development alongside Ngāi Tahu Property

Wins Deloitte IPANZ Public Sector Excellence Award for Leadership Excellence

Fund reaches $30 billion – double the amount of Government contributions to date

Guardians invests in Kiwibank

Guardians announces Climate Change Strategy

2015

Implements Risk Budgets

Reference Portfolio reviewed

A+ rating from the UNPRI for overall approach to responsible investment

Teams with other investors to establish NZ Corporate Governance Forum

Winner, Excellence in Governance, Deloitte Top 200 Awards

Winner, Governance Award, Asian Investor’s 2015 Institutional Excellence Awards

CEO Adrian Orr becomes Chair of IFSWF

2014

New Board Chair – Gavin Walker

Risk Allocation Process developed

Guardians invests in Australian retirement village company RetireAustralia

Guardians invests in waste-to-energy firm Lanzatech

Team grows to 100

2013

Successful partial float of Z Energy

Guardians celebrates 10 years of investing

In-house active NZ equities team established

Guardians invests in NZ retirement care company Metlifecare

Introduction of PEARL performance reporting system

2012

Guardians invests in NZ technology services firm Datacom

Winner, aiCIO Awards, world’s most innovative sovereign wealth fund

Winner, Chief Information Officer, Executive Team of the Year

First exclusions of individual securities for breaches of responsible investment standards

Target operating model introduced

2011

First New Zealand farm investment

Eurozone uncertainty

2010

Reference Portfolio introduced

Investment in Z Energy (assets formerly within Shell NZ)

2009

Global Financial Crisis – March 9, 2009 – the low point in equity markets. From peak to trough the Fund fell by -30.70%

In-house Portfolio Completion (Treasury) function established

Strategic Tilting strategy begins

Following a change in the NZ Government, capital contributions are suspended – last contribution $250m

A Ministerial Direction seeking to increase the proportion of the Fund that is invested in New Zealand is received

Committed to the Santiago Principles of Best Practice for Sovereign Wealth Funds

Team size hits 50

2008

Companies manufacturing cluster munitions and nuclear explosive devices excluded

Lehman Brothers bank fails – prompting establishment of crisis management team at the Guardians to make quick decisions and manage liquidity

2007

Responsible Investment Framework developed

Guardians divests from tobacco stocks

Appointment of new master custodian, Northern Trust replacing BNP Paribas

Adrian Orr takes over as CEO

2006

Founding signatory to the United Nations Principles for Responsible Investment

Guardians invests in Kaingaroa Timberlands

Guardians invests in global infrastructure via a mandate with Morrison & Co

Guardians makes first divestment - whaling and anti-personnel weapons stocks

2005

First investments in New Zealand and US timber

First investments in NZ private equity funds

2003

First contribution ($2.4 billion)

Commenced investing in October 2003

Initial Strategic Asset Allocation determined

2002

First Board appointed

David May appointed as Chair

2001

New Zealand Superannuation and Retirement Income Act 2001 passed and New Zealand Super Fund created

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