Super fund Guardians revealed

The Government's idea of cross-party consultation over the appointment of Guardians to the New Zealand Superannuation Fund is to write to the opposition parties and give them one week to make comments.

Finance Minister Michael Cullen acknowledges that the appointment of suitable Guardians to run the multi-million fund are vital to its success.

"The Guardians will be responsible for setting the investment policies for the fund and for appointing the funds managers so it is important we get the right mix of expertise and experience," he says. "I am confident we have."

A list of six nominees was approved at Cabinet yesterday. The list includes a former National Party minister, Sir Douglas Graham and two overseas appointments.

Former Colonial New Zealand managing director David May has been nominated to chair the board. May is currently deputy chairman of the Government Superannuation Fund Authority which overseas the fund for state employees.

The nominees are:

• David May as chairman
• Sir Douglas Graham (deputy chairman) - Sir Douglas was a cabinet minister in the last National-led government and chairs the Lombard Group, a private banking firm with assets under management of around $100 million.
• Dr Michaela Anderson: Director of Policy and Research for the Association of Superannuation Funds in Australia.
• Ira Bing: a private investor with a strong investment banking background in Britain and with Merrill Lynch in Europe.
• Brian Gaynor: a respected independent investment analyst and a director of the New Zealand Investment Trust Plc.
• Bridget Wickham: Chief Executive of the University of Auckland Development and an experienced senior company executive.

The nominees came from a list prepared by an independent committee that was chaired by Investment Savings and Insurance Association chief executive Vance Arkinstall.

Cullen says seventh and final Guardian is likely to be appointed "further down the track".

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