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Government Superannuation Fund Authority

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

Our investment beliefs underpin our investment decisions. One of our investment beliefs is: "Responsible Investment encompasses not only maximising return for risk, but also acting in accordance with broadly accepted global standards of ethical conduct in relation to business governance, environmental and social risks." We interpret fiduciary duty as maximising the financial interests of scheme members and the NZ Government as guarantor of pensions. We also have a statutory duty to "avoid prejudice to NZ's reputation as a responsible member of the world community". This means portfolio optimality may be sacrificed to avoid or limit prejudicial investments. The Authority does not invest in entities acting contrary to NZ's laws or international agreements nor tobacco investments. As a member of the UNPRI we collaborate with other investors to with companies that breach our ESG standards and exclude those that do not respond adequately. Our external managers are expected to consider ESG factors when investing and comply with our policies. 

Our approach to Responsible Investment (RI) is governed by our Statement of Investment Policies, Standards and Procedures (SIPSP). The SIPSP refers to ESG integration , voting , engagement and exclusions.

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

We have some pooled investments where we cannot enforce our excluded stocks but we inform the managers of our policies and exclusions and ask them to take those into consideration.

01.6. Additional information [Optional].

          
        

SG 01 CC. Climate risk (Private)


SG 02. Publicly available RI policy or guidance documents

 

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

URL/Attachment

URL/Attachment

URL/Attachment

URL/Attachment

URL/Attachment

02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

02.3. Additional information [Optional].

Our one document, SIPSP, contains all the above information which we have ticked


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

We have an Acceptable Conduct Policy which covers both staff and Board.

Where a conflict of interest exists, or appears to exist, the Chief Executive is advised and the person withdraws from any further discussion or involvement in the issue.

Staff report on other Boards they are on or relevant interests, any major cash or securities transactions/dealings on a six monthly basis.

 

 

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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