Willis Towers Watson’s Australian advisory team has been appointed by the New Zealand Minister of Finance, Grant Robertson, to conduct the statutory review of the Government’s Superannuation Fund Authority (GSFA).
GSFA managed and administered the nation’s Government Superannuation Fund.
The review, which took place every five years, would aim to determine how effectively and efficiently the GSFA performed its functions, in particular with regards to ethical investment framework in the context of international best practice standards.
“This includes consideration of how the Authority is taking account of and reporting on climate change,” Tim Mitchell, global head of governance consulting for Willis Towers Watson said.
The review would also address the legislative requirements under the Government Superannuation Fund Act in terms of assessing the GSFA’s statements of investment policies, standards and procedures for their appropriateness and compliance, as well as the fund’s investment performance.
The final report would need to delivered to the Treasury by mid-May this year, the firm said.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.