Pursuant to section 64 of the New Zealand Superannuation and Retirement Income Act 2001 (“the Act”) and in accordance with section 115 of the Crown Entities Act 2004, I direct the Guardians of New Zealand Superannuation (“the Guardians”) to note that it is the Government’s expectation, in relation to the New Zealand Superannuation Fund’s (“Fund”) performance, that opportunities that would enable the Guardians to increase the allocation of New Zealand’s assets in the Fund should be appropriately identified and considered by the Guardians.
This direction is not intended to be inconsistent with the Guardians’ duty to invest the Fund on a prudent, commercial basis, in accordance with section 58 of the Act, and the above paragraph is subject to that duty.
Dated this 14th day of May 2009.
HON SIMON WILLIAM ENGLISH, Minister of Finance.