Delegations

This table summarises the Guardians' investment decision-making framework.  See our Delegations Policy for more information.

Who makes investment decisions?
WhoWhat decisions
Board
  • sets investment policy for the Fund
  • decides on an appropriate total level of risk for the Fund
  • approves and monitors investment strategies
  • appoints the Fund's Custodian (a custodian holds all of the Fund’s listed assets and provides investment administration services)
  • approves new investment managers (where there is an Investment Management Agreement)
Management
  • provides investment policy advice to the Board
  • decides how to allocate total Fund risk between baskets of assets with similar characteristics, and then within each basket
  • implements agreed investment strategies and identifies investment opportunities
  • monitors and reports on the performance of investment strategies and of the Fund as a whole
  • monitors the ongoing suitability of appointed investment managers
Appointed external investment managers
  • make investment choices on behalf of the Guardians, subject to an Investment Management Agreement or the terms of a collective investment vehicle