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The Sovereign Wealth Fund Response

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The Sovereign Wealth Fund Response The International Forum of Sovereign Wealth Funds (IFSWF) is a voluntary organisation of sovereign wealth funds. It is committed to working together and strengthening its activities through dialogue, research and self-assessment. IFSWF was formed in 2009 by a group of state-owned international investors from around the world. The Forum’s aim is to maintain an open and stable investment climate by setting and following a set of principles and practices, known as the Santiago Principles, which address issues around institutional governance and risk management. Today, helping members implement the Santiago Principles remains the foundation of the IFSWF’s activity. IFSWF represents sovereign wealth funds from all corners of the globe, with a variety of mandates and at various stages of development. As a result, the Forum’s focus has evolved. In addition to encouraging ongoing commitment to the Santiago Principles, the Forum undertakes research, peer assistance and holds workshops and seminars to help members enhance their investment capabilities. MEMBERS Angola Australia Azerbaijan Fundo Soberano de Angola Future Fund State Oil Fund of the Republic of Azerbaijan Botswana Canada Chile The Pula Fund Alberta Heritage Savings Economic and Social Stabilization, Trust Fund and Pension Reserve Funds China Iran Ireland China Investment Corporation National Development Fund Ireland Strategic Investment of Iran Fund Italy Kazakhstan Kazakhstan CDP Equity SpA JSC Samruk-Kazyna JSC National Investment Corporation of the National Bank of Kazakhstan Korea Kuwait Libya Korea Investment Corporation Kuwait Investment Authority Libyan Investment Authority Malaysia Mexico Morocco Khazanah Nasional Berhad Budgetary Income Ithmar Capital Stabilization Fund New Zealand Nigeria Oman New Zealand Nigeria Sovereign Investment State General Reserve Fund Superannuation Fund Authority Palestine Qatar Russia Palestine Investment Fund Qatar Investment Authority Russian Direct Investment Fund Rwanda Singapore Timor-Leste Agaciro Development Fund GIC Private Limited Timor-Leste Petroleum Fund Trinidad and Tabago United Arab Emirates United States of America Heritage and Stabilization Fund Abu Dhabi Investment Authority Alaska Permanent Fund Corporation FOREWORD FROM THE MAYOR OF AUCKLAND On behalf of Auckland, it is my pleasure to welcome you to our city for the annual meeting of the International Forum of Sovereign Wealth Funds. It is exciting to host such a distinguished group of people to New Zealand. Auckland is a diverse and rapidly growing city. It is the home of New Zealand’s financial sector, and it has long been the commercial heart of New Zealand. Auckland has 35 percent of New Zealand’s population, 32 percent of our production and more than half of this country’s growth. Auckland is New Zealand’s international city. By attracting and retaining the talent and enterprise that New Zealand needs to progress, it serves New Zealand as a whole. I had the privilege of serving as an Auckland Member of Parliament for thirty-five years, before being elected Mayor of Auckland in October. The new council is committed to creating a welcoming environment for business, as well as making the city a great place to live. Auckland has a stunning environment. It has a richness of cultural diversity. It offers the people who live in our city choice and opportunity. However, as we grow we are faced with challenges. Everywhere you will see signs of major investment in infrastructure and commercial development, some of it assisted by finance from international organisations such as those you represent. A major city rail project is under way, urban redevelopment is expanding in the Viaduct Harbour and nearby Wynyard Quarter, new hotels and a major commercial centre are all under development in the area immediately around your conference venue. Like all cities, we face challenges. Traffic congestion and housing affordability are major issues ahead. But the Auckland Council is determined to make our city a place where talent and enterprise want to live, a place that is a centre of learning and innovation, and a city that is an exciting place for people to live and to visit. We want our city to become one of the best performing cities in the world. OPEN FOR BUSINESS Aotearoa New Zealand is a country shaped by the land and sea. Geologically, it is a young country, known for its rugged and varied landscape. Surrounded by the Pacific Ocean, New Zealand’s small population and distance from the rest of the world has made its people resourceful, independent and friendly, with a relaxed way of life. Auckland is one of the few cities on the planet to have two harbours on different oceans. The central urban area occupies a narrow isthmus between the Manukau Harbour on the Tasman Sea and the Waitemata Harbour on the Pacific Ocean. Its landscape features beautiful beaches, more than fifty islands, fifty-three dormant volcanoes and hills of unique native forest. The region was first settled by Māori at least eight hundred years ago, after long and difficult voyages across the Pacific. Its fertile land and abundant marine life attracted a number of tribes to the area, including Ngāti Whātua. Auckland was known as the Tāmaki Makaurau, or the “land of a thousand lovers”. Auckland was established in 1841 as New Zealand’s capital - an honour it retained until 1865 - and it rapidly became the commercial heart of the country and centre of trade, a position it retains today. With 1.5 million people, Auckland is the largest city in New Zealand. It is culturally diverse: 23 percent of its population is Asian, 15 percent is Pacific Island and 11 percent is Māori. Forty percent of its population was born overseas. It has the largest Polynesian population of any city in the world, and the second most spoken language is Samoan. Auckland ranks third out of 230 cities in the Mercer Quality of Living Survey and eighth out of 140 cities in the Economist Intelligence Unit global liveability study. WELCOME FROM ADRIAN ORR, CHAIR The Guardians of New Zealand Superannuation is delighted to host the 2016 meeting of the International Forum of Sovereign Wealth Funds. We are proud of our country and pleased to have the opportunity to showcase our way of life, our economy and our business settings. I am also very proud of what the staff of the New Zealand Superannuation Fund has been able to achieve since the Fund started thirteen years ago, particularly given the challenging investment environment since the Global Financial Crisis. As an organisation, we are committed to the International Forum of Sovereign Wealth Funds because we believe strongly in sharing ideas and learning from those tasked with achieving the same goals for their citizens: the well-being of current and future generations. The Forum also has an important role in the global economy: promoting good governance, sound investment practice, transparency and accountability, as well as spreading understanding about sovereign wealth funds. Sovereign wealth funds have increased in number, scale and size over the past decade. Their global significance and economic impact has expanded considerably. In many ways, sovereign wealth funds are similar to other long- term investors. We can ride out short-term volatility and invest in counter-cyclical ways. But as funds that are owned by governments, we have some distinguishing features. Our sovereign status makes us welcome investment partners around the world, bringing both responsibility and privilege. These meetings are an important opportunity for us to reflect on these issues and to equip ourselves towards becoming better investor - ones that are patient, resilient and accountable to those who place their trust in us. This meeting in Auckland will cover both the big issues - the low-growth economic context and the effect of climate policy on investment - as well as technical and operational issues. The Guardians of New Zealand Superannuation thanks the commercial partners who have joined us to support the open conference sessions of this meeting. They are BlackRock, BNP Paribas, BNZ, Commonwealth Bank of Australia, Deloitte, Goldman Sachs Asset Management, Investec Asset Management, JP Morgan, KPMG, Morgan Stanley, Northern Trust, PwC, State Street and Westpac. We hope you enjoy this opportunity to get to know Auckland and New Zealand. Adrian Orr Chief Executive, Guardians of New Zealand Superannuation Chair, International Forum of Sovereign Wealth Funds IFSWF BOARD MEMBERS MAJED AL ROMAITHI IFSWF Deputy Chair Chairman of the Management Committee, Executive Director, Abu Dhabi Investment Authority LI KEPING IFSWF Board Member Vice Chairman, President and Chief Investment Officer, China Investment Corporation DEANNA ONG IFSWF Board Member Company Secretary and Managing Director, GIC Private Limited H.E. SHEIKH ABDULLA BIN MOHAMMED BIN SAUD AL-THANI IFSWF Board Member Chief Executive Officer, Qatar Investment Authority, Chairman and Chief Executive Officer, Qatar Holding, Member of the Supreme Council for Economic Affairs and Investment VENUE AND TRANSPORT SUMMARY DATE TIME LOCATION ACTIVITY INVITEES Tuesday, Members Sofitel, Auckland 8th All day Technical workshops and official Viaduct November observers Members Sofitel, Auckland Evening Workshop dinner and official Viaduct observers Wednesday, Members Viaduct Events 9th Morning IFSWF Annual Meeting and official Centre November observers Afternoon Viaduct Events Open conference (including All delegates Centre sessions lunch) Viaduct Events Evening Conference
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