MELBOURNE, March 18, 2021 – Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announces today that the Strategic Advisory team of its Investments business in Australia, 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, the Authority), the entity which manages and administers the nation’s Government Superannuation Fund (the Fund).
Under this appointment, a one in five-year review of the GSFA, Willis Towers Watson (WTW) will assess the Authority’s investment approach to determine how effectively and efficiently it is performing its functions.
Tim Mitchell, Global Head of Governance Consulting for Willis Towers Watson said a key element of the review is what the Minister of Finance has termed a ‘deeper dive’, evaluating the GSFA’s ethical investment framework in the context of international best practice standards. Mitchell added, “This includes consideration of how the Authority is taking account of and reporting on climate change.”
The review will 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 must be delivered to the Treasury by mid-May this year.
Willis Towers Watson has significant expertise in reviews of this nature. In 2019 it undertook the statutory review of the New Zealand Superannuation Fund and has conducted many other organisational effectiveness reviews for asset owner organisations around the world.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential.
The Government Superannuation Fund Authority is an autonomous Crown Entity, established in October 2001. Its functions are to manage and administer the Government Superannuation Fund (GSF or the Fund) and the GSF Schemes in accordance with the Government Superannuation Fund Act 1956 and subsequent amendments (the GSF Act).
