Transparency / Reporting

Transparency is critical to maintaining organisational credibility and stakeholder confidence in the Guardians and Fund. We aim to keep our stakeholders as informed as possible about what we do and why we do it, and have adopted an organisational approach of being as transparent as possible about our investment decisions and our organisation in general.

Our reporting requirements are set out in the Crown Entities Act and New Zealand Superannuation and Retirement Income Act.  This includes compliance with the Financial Reporting Act.  We are also subject to the Official Information Act.

Independent ratings of the Guardians' transparency

We aim to achieve a rating of 10/10 in the quarterly rating of Sovereign Wealth Fund transparency published by the Sovereign Wealth Fund Institute.

The Sovereign Wealth Fund Institute Linaburg-Maduell Transparency Index

The Fund has achieved a 10/10 rating in the San Francisco-based Sovereign Wealth Fund Institute Transparency Index since inception. To achieve a rating of 10/10 a Fund must:

  • provide history including reason for creation, origins of wealth and government ownership structure;
  • provide up-to-date independently audited annual reports;
  • provide ownership percentage of company holdings, and geographic locations of holdings;
  • provide total portfolio market value, returns and management compensation;
  • provide guidelines in reference to ethical standards, investment policies and enforcer of guidelines;
  • provide clear strategies and objectives;
  • if applicable, clearly identify subsidiaries and contact information;
  • if applicable, identify external managers;
  • manage its own web site;
  • provide main office location addresses and contact information such as telephone and fax.

As at Q2 2016 the Fund was one of only 12 sovereign wealth funds to achieve a 10/10 rating in the index.

Other transparency ratings

We also aspire to achieve top-quartile or higher ratings in other relevant rating mechanisms.

Human Rights Commission Annual Report Review

The Human Rights Commission rated the Guardians 1st out of 93 Crown entities in a 2016 review of the Guardians' Annual Reports from 2007-2015. The Guardians achieved a compliance rating of 100% for its 'good employer' public reporting.

Transparency and Governance Index

In 2012 the Fund placed 4th equal for transparency and 1st equal for combined transparency and governance, out of more than 80 funds, in a study by the Centre for Financial Stability (Argentina). The study was published in the Review of European Studies, Vol. 4, No. 2, June 2012.

Petersen Institute Sovereign Wealth Fund transparency scorecard

The Fund has been at or near the top of a series of transparency surveys conducted by Edwin Truman for the Washington, DC-based Petersen Insitute for International Economics.

Reporting Awards

The Guardians and Fund have received a series of awards and recognition for excellence in reporting and disclosure:

  • Gold Award, 2017 Australasian Reporting Awards
  • Winner, Governance Reporting - Public Sector, 2017 Australasian Reporting Awards
  • Gold Award, 2016 Australasian Reporting Awards
  • Winner, Governance Reporting - Public Sector, 2016 Australasian Reporting Awards
  • Winner, Online Reporting - Public Sector, 2016 Australasian Reporting Awards
  • Winner, 2016 Asia-Pacific Excellence Awards - Annual Report category
  • Gold Award, 2015 Global ARC (Annual Report Competition) Awards
  • Gold Award, 2015 Australasian Reporting Awards
  • Finalist, 2015 Global RI Reporting Awards
  • Gold Award, 2014 Australasian Reporting Awards
  • Finalist, 2014 Global RI Reporting Awards
  • Winner, Best First-Time Entrant, 2013 Australasian Reporting Awards
  • Finalist, 2013 Global RI Reporting Awards
  • Winner, Best Public Sector Report, 2013 NZICA Annual Report Awards