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 dinner All delegates Centre
Thursday, Viaduct Events Open conference 10th All day All delegates Centre sessions November
Sofitel Hilton Hotel Coach transfers from hotels to the Auckland 6.10 pm All delegates Mercure War Memorial Viaduct Events Museum Centre
Auckland War Evening Gala dinner All delegates Memorial Museum
Coach transfers from Auckland War museum to Sofitel, All delegates Memorial Museum Hilton Hotel and Mercure
Friday, 11th Members and 9am to 4 pm Waiheke Island Networking excursion November invited guests INVESTING IN A TIME OF UNCERTAINTY: THE SOVEREIGN WEALTH FUND RESPONSE
The current investment environment is unprecedented. Inflation and growth are low, and central banks continue to ease monetary policies in conventional and novel ways. Bond yields are lower than ever before and asset class valuations are stretched by both historical and prospective measures. These trends are happening in a context of a potential structural decline in labour productivity, low wage growth and rising inequality. The resulting frustration and disparity is driving local and international politics. How this plays out has yet to be fully appreciated, but the consequences for societies and markets will be far reaching. At the same time, climate change has become the defining social, economic and ecological challenge of our time. The Paris Agreement on Climate Change shifted attention from debate on the science to concrete targets and actions. Proposed or agreed government actions mean that investment portfolios face new classes of risk that are poorly understood. Sovereign wealth funds must contend with each of these risks and find new investment opportunities to suit their status as long-term, state-owned, commercial investors. TECHNICAL WORKSHOPS TUESDAY 8TH NOVEMBER
Venue: Sofitel Members and observers Participation in the technical workshops is open to all IFSWF members and observers. The workshops are intended to address topics in detail. At the start of each workshop, co-chairs will highlight the features of the problem, the decision variables and the solution options. It is then expected that members will share their experiences, contribute questions and comment as appropriate to a closed forum of peers. WORKSHOP 1 - SOVEREIGN DEVELOPMENT FUNDS TIME: 9:00am - 10:20am Overview: Several IFSWF members have mandates that include economic development or strategic investment. Member funds will discuss investment models, paying particular attention to benchmarking and economic impact evaluation, governance for domestic investments and applying the Santiago Principles. Discussion led by: • Shanthi Divakaran, World Bank • Patrick Schena, The Fletcher School, Tufts University With: • Eugene O’Callaghan, Ireland Strategic Investment Fund
10:20am - 10:45am Coffee
WORKSHOP 2 - PERFORMANCE MEASUREMENT AND BENCHMARKS TIME: 10:45am - 12:00pm Overview: Investors commonly use performance measurement and benchmarks to measure the success of their strategies. What type of expected qualitative performance metrics should be set ahead of time? How do these differ in the short and long terms? What are the characteristics of a good benchmark for a long-term investor? How are benchmarks best used at the strategy level, the portfolio level, and at the level of monitoring individual asset manager performance? What fee and incentive structures are consistent with this approach for external and internal investment management? Discussion led by: • Bernardo Bortolotti, Sovereign Investor Lab, Bocconi University With: • Kyle Delaney, Bridgewater Associates • Will Kinlaw, State Street
12:00pm - 1:30pm Lunch and break (including Sub-Committee meetings from 12:30pm to 1:30pm) WORKSHOP 3 - INFRASTRUCTURE SHOWCASE TIME: 1:30pm - 2:45pm Overview: Estimates of global infrastructure requirements are increasing each year. Governments at all levels are facing massive shortfalls in their ability to fund these requirements. Old, publicly funded, pay-as-you-go infrastructure financing has reached limits in the age of austerity. New privately funded or partnership models for infrastructure finance have faced many problems. At the same time, huge sources of long-term capital are ‘locked out’ from participating in infrastructure investment. What explains the ‘infrastructure wedge’? Where are the most compelling opportunities - in which geographies and sectors? How have members approached infrastructure investments? Discussion led by: • Richard Abadie, PwC With: • Rajiv Sharma, Global Projects Center, Stanford University
2:45pm - 3:10pm Coffee
WORKSHOP 4 - DIVESTMENT: A SPOTLIGHT ON TOBACCO TIME: 3:10pm - 4:30pm Overview: How do institutions think about divestment? How is divestment balanced against engagement and other approaches to responsible investment? What are the obligations of sovereign wealth funds under the United Nations Tobacco Treaty? Are SWFs meeting those obligations? What has the experience of SWFs been in tobacco-free investment? Introduction: Martin Skancke, Principles for Responsible Investment Discussion led by: • Clare Payne, Tobacco Free Portfolios With: • Bronwyn King, Tobacco Free Portfolios • Mats Andersson, former Chief Executive AP4
WORKSHOP 5 - INSOURCING INVESTMENT ACTIVITY TIME: 4:30pm - 5:30pm Overview: A marked trend in recent years within large public institutional investors and SWFs has been the insourcing of investment activity. Why are SWFs bringing activity in-house? What has been the experience so far? What activities should and should not be insourced? What are the implications for staffing and other resource requirements? How should success be evaluated? Discussion led by: • Daniel Adamson, Wafra Investment Advisory Group
5:30pm - 8:30pm Drinks and Dinner - Workshop participants WEDNESDAY 9TH NOVEMBER
ANNUAL MEETING Members and observers Venue: Viaduct Events Centre
8:00am onwards Light breakfast available
9:00am - 11:30am ANNUAL MEETING At the eighth annual meeting of IFSWF, the Forum’s activities and accounts for the past financial year will be presented to the members.
Sub-Committee presentations and case studies (Includes coffee break and group photo)
11:30am - 12:00pm KEYNOTE - GLENN STEVENS, AC
12:00pm - 1:00pm Lunch OPEN CONFERENCE SESSIONS All delegates Venue: Viaduct Events Centre
1:00pm - 2:00pm WELCOME ADDRESS - ADRIAN ORR Chair, IFSWF, and CEO, New Zealand Superannuation Fund OPENING REMARKS - DUNCAN BONFIELD Chief Executive, IFSWF KEYNOTE - JOHN LIPSKY Distinguished Scholar, Johns Hopkins University
PANEL 1 - INVESTMENT RISK AND RETURNS IN THE CURRENT ENVIRONMENT 2:00pm - 3:15pm Overview: Today’s investment environment is characterised by low growth and low returns. In a world awash with liquidity, yields have slumped to all-time lows and valuations across many different asset classes appear stretched on many alternative measures. Commodity price declines have led to reduced inflows to some SWFs and in some cases to higher withdrawals as governments seek to stabilise their fiscal positions. What does a good strategic response look like? What opportunities are SWFs uniquely positioned to pursue? How should SWFs react to short-term market volatilities and be better positioned for structural, long-term macro themes? Chair: • Uche Orji, Nigeria Sovereign Investment Authority Panellists: • Massimiliano Castelli, UBS Asset Management • Gordon Fyfe, British Columbia Investment Management Corporation • LI Keping, China Investment Corporation • THAM Chiew Kit, GIC Private Limited
3:15pm - 3:40pm Coffee WEDNESDAY 9TH NOVEMBER
3:40pm - 4:15pm KEYNOTE - BOB PRINCE Co-Chief Investment Officer, Bridgewater Associates
PANEL 2 - PURPOSE AND PRACTICE OF SWFs IN A CHANGING WORLD 4:15pm - 5:30pm Overview: How do SWF boards and management meet their purpose when few things look cheap and everything looks risky? How must communication and transparency adapt when investment returns are expected to be low? What are the new challenges that SWFs face in their perception, domestically and internationally? What lies ahead for the Santiago Principles and their application? What is the market role for SWFs in the context of emergent topics like changing bank and financial regulation? Chair: • Angela Rodell, Alaska Permanent Fund Corporation Panellists: • Baljeet Grewal, Samruk-Kazyna • David Neal, Future Fund • Guido Rivolta, CDP Equity • Marcos Tarnowski, McKinsey & Co.
5:30pm - 6:45pm COCKTAIL RECEPTION Karanga - Precious Clarke, Ngāti Whātua Ōrākei Mihimihi - Ngarimu Blair, Ngāti Whātua Ōrākei Welcome - Catherine Savage, Chair of the Board of the Guardians of New Zealand Superannuation Launch of the New Zealand Institute of Pacific Research report on SWFs in the Pacific. Speakers: Associate Professor Damon Salesa, University of Auckland Aaron Drew, Stewart Group
6:45pm - 10:00pm DINNER Entertainment: Musical Island Boys THURSDAY 10TH NOVEMBER
All delegates Venue: Viaduct Events Centre
7:00am - 7:45am Light breakfast available
8:00am - 8:45am SPECIAL ADDRESS Delegates are requested to be seated by 7:45am
9:00am - 9:30am KEYNOTE - MATS ANDERSSON Former Chief Executive, AP4
PANEL 3 - INVESTMENT RISKS FROM CLIMATE POLICY 9:30am - 10:30am Overview: Climate change and proposed government actions pose material risks to SWF portfolios. The Paris Agreement on Climate Change, adopted by consensus by 195 governments in December 2015, has shifted attention from debate on the science to concrete targets and actions. SWF government owners are ratifying the agreement. Investment portfolios face new classes of risk, ranging from assets that can never be realised to policy shifts and uncertain regulatory environments, reformatted economic and market structures with new products, players and incentives. What are the investment implications of the Paris Agreement and of government actions to meet commitments? Chair: • Martin Skancke, Principles for Responsible Investment Panellists: • Rowan Douglas, Willis Towers Watson • Michael Papaioannou, International Monetary Fund • Matt Whineray, New Zealand Superannuation Fund
10:30am - 10:50am Coffee THURSDAY 10TH NOVEMBER
PANEL 4 - INVESTMENT OPPORTUNITIES FROM CLIMATE POLICY 10:50am - 11:35pm Overview: Following the conversation on investment risk, this session approaches the same issues from the other side: how should SWFs position themselves to take advantage of new climate policy? Chair: • Frédéric Samama, Amundi Panellists: • Paul Clements-Hunt, The Blended Capital Group • Ashley Schulten, BlackRock
CLIMATE-RELATED INVESTMENTS: CASE STUDIES 11:35am - 12:15pm Overview: IFSWF members will present case studies that highlight investments that improve portfolio resilience to climate change or capture opportunities resulting from climate change and related government policy. Case Study 1: • Shahmar Movsumov, State Oil Fund of the Republic of Azerbaijan • Reyaz Ahmad, International Finance Corporation Case Study 2: • Tarik Senhaji and Soundouss Bouhia, Ithmar Capital
12:15pm - 12:30pm ADDRESS - ALOK SHARMA MP Minister for Asia-Pacific, Foreign and Commonwealth Office, United Kingdom
12:30pm - 2:00pm Lunch
1:00pm - 1:30pm Press conference - Not open to delegates
2:00pm - 2:45pm KEYNOTE - HON BILL ENGLISH Deputy Prime Minister of New Zealand and Minister of Finance 2:45pm - 3:10pm KEYNOTE - HON SHANE JONES Ambassador for Pacific Economic Development
3:10pm - 3:35pm Coffee
PANEL 5 - THE TREATY OF WAITANGI AND INDIGENOUS ECONOMIC DEVELOPMENT: GOVERNANCE
3:35pm - 4:25pm Overview: The Treaty of Waitangi is New Zealand’s defining constitutional document. Settlements made to Māori tribes as redress for historical breaches of the Treaty have resulted in new investment funds that are highly relevant in New Zealand. How has the governance of these funds evolved over the years? What lessons may this hold for indigenous peoples around the world? Chair: • Jamie Tuuta, Te Tumu Paeroa (Māori Trustee) Panellists: • Ngārimu Blair, Ngāti Whātua Ōrakei Whai Rawa • Whaimutu Dewes, Aotearoa Fisheries and Housing New Zealand
PANEL 6 - TREATY OF WAITANGI: ASSET MANAGEMENT AND INVESTMENT OPERATIONS
4:25pm - 5:15pm Overview: Following Panel 5, how do iwi funds invest to meet their purpose? Chair: • Mark Tume, Independent Director Panellists: • Debra Birch, Te Tumu Paeroa (Māori trustee) • Chris Joblin, Tainui Group Holdings Limited • Mike Sang, Ngāi Tahu Holdings
6:10pm Buses depart the Viaduct Events Centre, Sofitel, the Hilton Hotel, and the Mercure for the Auckland War Memorial Museum
6:30pm - 10:00pm DRINKS IN THE GRAND FOYER, followed by a cultural performance GALA DINNER
Address - Adrian Orr, Chair, IFSWF and Chief Executive, Guardians of New Zealand Superannuation Introduction to the 9th Annual Meeting Umirzak Shukeyev, Chief Executive, Samruk-Kazyna FRIDAY 11TH NOVEMBER
WAIHEKE ISLAND EXCURSION AND NETWORKING DAY Invited Guests
8:45am Assemble at Ferry Building, Quay Street
9:00am - 9:45am Ferry sailing to Matiatia Wharf, Waiheke Island
9:45am - 12:00 noon Activities and tours
12:30pm - 2:45pm Lunch
2:45pm Return to Matiatia Wharf, then ferry sailing to Auckland, arrival by 4pm
KEYNOTE SPEAKERS BIOGRAPHIES - IN ORDER OF APPEARANCE
ADRIAN ORR Chief Executive Guardians of New Zealand Superannuation Mr Orr joined the Guardians in February 2007 from the Reserve Bank of New Zealand, where he was Deputy Governor. He has also held the positions of Chief Economist at Westpac Banking Corporation, Chief Manager of the Economics Department of the Reserve Bank of New Zealand and Chief Economist at The National Bank of New Zealand. Previously, he has worked at the New Zealand Treasury and the Organisation for Economic Co-operation and Development in Paris. He became Chair of the International Forum of Sovereign Wealth Funds in October 2015. He is also a board member of the Pacific Pension Institute.
GLENN STEVENS, AC Former Governor Reserve Bank of Australia Mr Stevens joined the Reserve Bank of Australia in 1980 and held senior positions in the 1990s, including heading the bank’s Economic Analysis and International departments. From 1996 to 2001, he was Assistant Governor (Economics). He was appointed Deputy Governor and a member of the Reserve Bank Board in December 2001. He was appointed Governor in September 2006 and completed his term this year. He has held numerous positions in leading international financial institutions, including the Financial Stability Board and the Hong Kong Institute for Monetary Research. He has been a visiting scholar at the Federal Reserve Bank of San Francisco. In 2014, he was awarded a Doctor of Laws, honoris causa, by Western University in Ontario Canada and in 2016, he was appointed a Companion in the Order of Australia for service to the financial and central bank sectors and for service to the community.
JOHN LIPSKY Peterson Distinguished Scholar, Kissinger Center for Global Affairs The Paul H. Nitze School of Advanced International Studies Johns Hopkins University, Washington, DC Before joining the School of Advanced International Studies in Washington in 2012, Mr Lipsky served a five-year term as the International Monetary Fund’s First Deputy Managing Director. From May to July 2011, he was the International Monetary Fund’s Acting Managing Director. He was previously the Vice- Chairman of JP Morgan Investment Bank, Chief Economist at JP Morgan, Chief Economist and Director of Research for Chase Manhattan Bank and Chief Economist at Salomon Brothers. Mr Lipsky currently serves as Co-Chair of the Aspen Institute’s Program on the World Economy, a member of the Executive Committee of the National Bureau of Economic Research, Director of the Center for Global Development, a member of the advisory board of the Stanford Institute for Economic Policy Research and a member of the Advisory Council of the United Nations Environment Program’s Inquiry on the Design of a Sustainable Financial System. He is a Non- Executive Director of HSBC Holdings plc, and a life member of the Council on Foreign Relations. He received a PhD in economics from Stanford University. BIOGRAPHIES - IN ORDER OF APPEARANCE
BOB PRINCE Co-Chief Investment Officer Bridgewater Associates Mr Prince joined Bridgewater Associates in 1986. As Co-Chief Investment Officer, he manages the company’s investment process with Ray Dalio and Greg Jensen. He has been a partner in Bridgewater for twenty-nine years and has served on Bridgewater’s Management Committee since its inception. He has undergraduate degrees in finance and accounting and an MBA from the University of Tulsa.
CATHERINE SAVAGE Chair of the Board Guardians of New Zealand Superannuation Ms Savage has been a member of the Guardians’ board since 2009. She was appointed Deputy Chair in 2012 and Chair in 2016. She is Managing Director of Savage Group Limited and an independent Director of Todd Family Office and Pathfinder Asset Management. She has also been an independent Director of Kiwibank and Chair of the Board of Trustees for National Provident Fund. From 1991 to 1993, Catherine was Treasurer of the National Gas Corporation before moving to AMP Capital Investors (NZ) Ltd, where she held a number of senior management roles including Managing Director (2000–2007).
MATS ANDERSSON Former Chief Executive AP4 Mr Andersson was Chief Executive of the Swedish pension fund AP4, from 2006 until 2016 and previously held management positions at SG Warburgs, Deutsche Bank, AP3 and Skandia Liv. He serves as a member of the board of Svolder AB, Foundation of Streber Cup, Global Challenges Foundation, PRI Pensionsgaranti and Nationalmusie vänner. He was co-founder of the Portfolio Decarbonisation Coalition. Under his leadership, in June this year, AP4 decided to benchmark its entire equity portfolio to a low-carbon index by 2020. Earlier this year, he was awarded the Chief Investment Officer’s Lifetime Achievement Award for his leadership of AP4 and for his contribution to international projects on sustainable investments and climate. He also holds fifth place on FN100 Most Influential list in the category ‘Pensions and Investments’ and holds fourth place on SWFI’s Public Investor 100 list. ALOK SHARMA Member of Parliament and Minister for Asia-Pacific, Foreign and Commonwealth Office United Kingdom Mr Sharma was elected as a Member of Parliament for Reading West in 2010. He has served as a member of the Commons Treasury Select Committee, a member of the Commons Science and Technology Select Committee, a Parliamentary Private Secretary at the Treasury and as a Conservative Party Vice Chairman. In 2016, he was appointed as the Prime Minister’s Infrastructure Envoy to India. He also served as Parliamentary Private Secretary to Oliver Letwin MP, the former Chancellor of the Duchy of Lancaster, who had overall responsibility for the Cabinet Office. Before entering Parliament, he was a chartered accountant with Coopers & Lybrand Deloitte and worked for sixteen years within banking with Nikko Securities and Enskilda Securities (the investment banking arm of SE Banken), where he held senior roles based in London, Stockholm and Frankfurt, including serving as a member of the bank’s Corporate Finance Global Management Committee.
HON BILL ENGLISH Deputy Prime Minister of New Zealand and Minister of Finance
Hon Bill English is the Deputy Prime Minister, Minister of Finance (roles he has held since 2008) and the Minister Responsible for Housing New Zealand Corporation. He was first elected to Parliament in 1990 as MP for the Wallace electorate (later re-named Clutha-Southland) and served as the local MP for 24 years until he became a list MP in 2014. He completed a Bachelor of Commerce degree at Otago University, followed by a Bachelor of Arts (Hons) in English Literature at Victoria University in Wellington. Mr English has held ministerial posts in regulatory reform, education, health, revenue and finance and he was leader of the National Party from October 2001 to October 2003.
HON SHANE JONES Ambassador for Pacific Economic Development Ministry of Foreign Affairs and Trade, New Zealand Mr Jones is of Te Aupōuri and Ngāi Takoto descent. He held a number of senior roles in the public sector, being best known for his work as chairman of the Waitangi Fisheries Commission. He also worked for the Ministry for the Environment and the Department of the Prime Minister and Cabinet. He became a list Member of Parliament in 2005 and became chair of the Finance and Expenditure Select Committee. He also served as a Minister with the portfolios of Building and Construction and was an Associate Minister in charge of Treaty of Waitangi Negotiations, Immigration and Trade. In 2014, he stepped down from parliament and took on the new role of Ambassador for Pacific Economic Development. He also serves as High Commissioner to several small developing states in the Pacific and Indian Oceans. BIOGRAPHIES - IN ORDER OF APPEARANCE
UMIRZAK SHUKEYEV Chief Executive Officer Samruk-Kazyna Mr Shukeyev is Chief Executive Officer of the Joint Stock Company Samruk- Kazyna, one of two Kazakhstan sovereign wealth funds. He is also a member of the Samruk-Kazyna Board of Directors. Mr Shukeyev graduated from the Moscow Institute of Economics and Statistics. Previously he has held the position of First Deputy Prime Minister of Kazakhstan, a Member of the Supreme Economic Council, a Member of the National Council for Sustainable Development and Akim (Mayor) of Kostanay Region of Kazakhstan and the Akim of Astana city. PANEL MEMBERS BIOGRAPHIES
UCHE ORJI Mr Orji is the Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA). He joined the NSIA as its first CEO in 2012. He had previously worked for UBS Securities, where he was Managing Director in the New York branch of its Equities Division. Prior to UBS Securities, he spent six years at JP Morgan Securities in London, where he held the post of Vice President and later Managing Director within the Equities Division. In his earlier career he was Analyst/Portfolio Manager at Goldman Sachs Asset Management. Mr Orji has provided strategic advice to leading global technology companies such as Intel Electronics, Taiwan Semiconductor Manufacturing Company, Samsung Electronics and Texas Instruments in addition to several global portfolio management firms and SWFs. He serves on the Boards of the Nigeria Mortgage Refinance Company, NSIA Motorways Investment Company and NSIA Power Investment Company.
LI KEPING Mr Li is the Senior Advisor to the China Investment Corporation. He was Vice Chairman, President and Chief Investment Officer of CIC from 2014 to 2016. He served as Executive Director, Executive Vice President and Chief Investment Officer from 2011 to 2016. Before joining CIC, he was Head of Investment Department in the National Council for the Social Security Fund (2001-2007) and Deputy Chairman (2007-2011). Previously he held positions in the State Commission for Restructuring the Economic Systems (later named the State Council Office for Restructuring the Economic Systems), where he was Deputy Director General of the Macroeconomic Control Department. In 2000, Mr Li was a visiting scholar at the University of Colorado. In his earlier career, he was a lecturer at the Beijing University of Chemical Technology and took his advanced education at the Fudan University, University of Tübingen and TH Darmstadt (Germany).
GORDON J. FYFE Mr Fyfe became the Chief Executive Officer/Chief Investment Officer of bcIMC, in 2014. He has more than thirty years of experience in the investment and finance industry. He started with JP Morgan in New York and London and then moved to senior executive positions at TAL Global Asset Management and Caisse de dépôt et placement du Québec. Prior to joining bcIMC, he served eleven years as the President and Chief Executive Officer of the Public Sector Pension Investment Board. He holds a degree in Commerce from the University of British Columbia and an MBA from INSEAD, France. PANEL MEMBERS BIOGRAPHIES
THAM CHIEW KIT Mr Tham is the Managing Director heading Total Portfolio Strategy in GIC. His TPS team is responsible for the construction and management of the overall GIC portfolio, including its active strategies. His team provides portfolio analysis and market assessment to support GIC management and the GIC Board in their investment decisions. The team helps to evaluate the GIC active portfolio and its specific strategies in light of market opportunities and risks. It plays a pivotal role in the conceptualisation and implementation of GIC’s New Investment Framework.
MASSIMILIANO CASTELLI Dr Castelli is Managing Director and Head of Strategy, Global Sovereign Markets, UBS Asset Management. As Head of Strategy in the team serving sovereign institutions globally, he analyses the market trends affecting the investment behaviour of central banks, sovereign wealth funds and other state-controlled investment institutions. He is a member of the UBS Sovereign Investment Management Committee. He is a global thought leader on the macroeconomic, financial and political trends in sovereign wealth management. He recently published The New Economics of Sovereign Wealth Funds in the Wiley Finance Series. He has previously been Head of Public Policy for UBS in Europe, Middle East and Africa, Senior Economist for the Middle East region at UBS and consultant advising governments and corporates in emerging markets on behalf of international institutions. Max holds a PhD in Economics from the University of Rome where he lectured and a Master’s in Economics from the University of London. He is a Fellow at the Sovereign Investment Lab at Bocconi University, Milan and a Member of Executive Committee, Asset Management Investment Council, International Capital Market Association.
ANGELA RODELL Ms Rodell has been the Chief Executive Officer/Executive Director of the Alaska Permanent Fund Corporation since October 2015. She also served on the APFC’s Board of Trustees as a cabinet member, having been appointed Commissioner of the Department of Revenue in 2013. As Commissioner, she was responsible for 900 employees and was a member of several boards, including the Alaska Retirement Management Board, the Alaska Housing Finance Corporation Board, the Alaska State Bond Committee and the Alaska Industrial Development and Export Authority. Ms Rodell first joined the State of Alaska in 2011 as State Treasurer and Deputy Commissioner over Revenue’s Treasury Division, Permanent Fund Dividend Division and the Child Support Services Division. Formerly, she was financial advisor for state and state authorities in more than nine states, including Alaska. She previously served as finance officer to Kentucky Housing Corporation. BALJEET KAUR GREWAL Baljeet Kaur Grewal is Managing Director, Strategy and Portfolio Investments at JSC Samruk-Kazyna of Kazakhstan. She was previously Advisor and Finance Specialist, Public Management, Financial Sector and Trade Division at the Asian Development Bank, where she advised on national economic policy and sovereign funds in West Asia. Before this, she was the Managing Director and Vice Chairman at the Investment Advisory and Islamic finance arm of Kuwait Investment Authority (KIA). She works closely with the European Central Bank, International Monetary Fund, World Bank and various governing bodies on regulatory and policy development. She has received numerous awards for excellence in Investment & Advisory in the Middle East, as well as the Sheikh Rashid al-Makhtoum Award for Regional Contribution to Finance in Asia. She is a leading advocate of women in finance. In her earlier career, she was Head of Investment Banking Research at Maybank Group, Malaysia, held senior positions at ABN AMRO Bank and Deutsche Bank. She is a Fellow of Cambridge University, holds an Executive MBA (Cambridge University) and has a (1st Class Hon) degree in Economics.
DAVID NEAL Mr Neal is Managing Director of the Australian Future Fund. Prior to taking up his role in 2014, he was the Fund’s Chief Investment Officer responsible for the management and leadership of the Investment Policy team who invest the assets of the Future Fund and other fund portfolios. He joined the Future Fund in 2007 from Watson Wyatt Australia where he was Head of Investment Consulting. He spent 15 years with Watson Wyatt where he started his career in the United Kingdom and moved to Australia to establish and lead the firm’s investment consulting business in Australia. David graduated from St Edmund Hall, Oxford, with an MA Hons in Electronic and Structural Materials Engineering.
GUIDO RIVOLTA Mr Rivolta was appointed Chief Executive Officer and General Manager of CDP Equity and FSI Investimenti in April 2016. Mr Rivolta joined CDP Equity (previously Fondo Strategico Italiano) in March 2012 as Investment Director and member of the Investment Committee. In 2015, he was promoted to Business Director with direct responsibility on Investment and Portfolio Management. He also serves as Board Member of several portfolio companies, among which Valvitalia, Inalca, Ansaldo Energia and Kedrion. Previously, he worked at Ambienta SGR Spa, Valeo Group (in France and UK), McKinsey & Co and Pirelli. Guido holds a Master’s Degree in Mechanical Engineering from Politecnico di Milano. PANEL MEMBERS BIOGRAPHIES
MARCOS TARNOWSKI Mr Tarnowski is a Partner and leader of McKinsey & Company’s Institutional Investing practice, based in Montreal. He joined McKinsey in 2005 and his work focuses on institutional investing including global sovereign wealth funds, endowments and pension funds. He serves these institutions on a wide range of topics, including governance, investment strategy, risk and organisational health. He leads McKinsey’s strategic partnership with CEM Benchmarking Inc. He recently authored research on leading trends across the top thirty leading institutional investors globally, From Big to Great: the world’s leading institutional investors forge ahead. He is also an author of The Best of Times and the Worst of Times for Institutional Investors, how institutional investors should adapt their strategies to the changing investment landscape. Prior to McKinsey, he was Principal for Canadian private investment firm Palomino Capital and worked in Strategic Initiatives at Bombardier Inc.
MARTIN SKANCKE Mr Skancke has been Chair of the PRI Association Board since April 2014. He developed and headed the Asset Management Department of the Norwegian Ministry of Finance, which is responsible for the management of the Government Pension Fund. In 2014 he chaired the Expert Group appointed by the Norwegian Finance Ministry to assess the Government Pension Fund Global’s (GPFG) use of exclusion and ownership strategies in coal and petroleum companies. He served as Chairman of the World Economic Forum’s Public & Institutional Investors Industry Agenda Council in 2010 and 2011, and was the Norwegian representative in the drafting of the Santiago Principles. Previously, he served as Director General to the Norwegian Prime Minister and head of the Domestic Policy Department on economic policy issues, Deputy Director General at the Ministry of Finance and head of the Section for Monetary Policy and Public Finances, and worked at the Oslo office of McKinsey & Co.
ROWAN DOUGLAS CBE Mr Douglas is Chief Executive Officer, Capital, Science & Policy Practice, at Willis Towers Watson, and Chair of the Willis Research Network. Previously, he served on the Board of the Group’s reinsurance division, Willis Re, as CEO Global Analytics. He has held various appointments within the United Nations and other international organisations and was made CBE in the 2016 New Year’s Honours List for services to the economy through risk, insurance and sustainable growth. In 2013-15 he led the creation of the Insurance Development Forum (IDF) to harness the role of re/insurance capabilities to meet the Sustainable Development Goals and wider post-2015 Agenda. He was appointed to lead the Implementation Group of the IDF in May 2016. He is a member of the UK Prime Minister’s Council for Science & Technology; the Royal Society’s Working Group on Resilience to Climate Risk and Extreme Weather, and serves on the Executive Committee of the International Insurance Society (IIS), New York from which he received the Kenneth R Black Award in 2014. MICHAEL PAPAIOANNOU Dr Papaioannou is a Deputy Division Chief at the Debt and Capital Markets Instruments, Monetary and Capital Markets Department of the International Monetary Fund. While at the IMF, he served as a Special Adviser to the Governing Board of the Bank of Greece and led numerous IMF missions on establishing and managing SWFs, asset and liability management frameworks, and developing economic and financial policies for emerging and developed countries. Before joining the IMF, he was a Senior Vice President for International Financial Services and Director of the Foreign Exchange Service at the WEFA Group (Wharton Econometrics Forecasting Associates) and Chief Economist of the Council of Economic Advisors of Greece. He was Adjunct Associate Professor of Finance at Temple’s FOX School of Business and was a Principal Research Fellow at the University of Pennsylvania, Department of Economics, LINK Central. He has published extensively in the area of international finance.
MATT WHINERAY Mr Whineray is Chief Investment Officer for the Guardians of New Zealand Superannuation. He joined the Guardians in 2008 from Credit Suisse (Hong Kong) where he was Head of Financial Sponsor Coverage for non-Japan Asia. Before this, he was a Managing Director of First NZ Capital and a Vice President at Credit Suisse First Boston (New York). He began his career as a Barrister and Solicitor with Russell McVeagh. He is a member of the Long- Term Investment Council for the World Economic Forum.
FRÉDÉRIC SAMAMA Mr Samama is Deputy Global Head of Institutional and Sovereign Clients for Amundi. He joined Amundi in 2009 and founded the SWF Research Initiative. Formerly, he oversaw Corporate Equity Derivatives within Credit Agricole Corporate Investment Banking in New York and Paris. During his tenure, he developed and implemented the first international leveraged employee share purchase programme, a technology now used widely among French companies. He has advised the French Government on different areas (employee investing mechanisms, market regulation) and has a track record of innovation at the crossroads of finance and government policy. Amundi is developing a low- carbon fund. He edited Sovereign Wealth Funds and Long-Term Investing (2012) with Patrick Bolton and Joseph E. Stiglitz. PANEL MEMBERS BIOGRAPHIES
ASHLEY SCHULTEN Ashley Schulten is Head of Climate Solutions, Fixed Income, within the Portfolio Solutions Group for BlackRock. She is a portfolio manager on global green and socially responsible mandates and leads the coordination of the BlackRock firm- wide Green Bond effort. She partners with BlackRock’s Impact Investing Group and Investment Stewardship Group to bring ESG and climate risk integration strategies to the Portfolio Management team. Prior to this role, she spent more than three years in the Global Rates Trading team. Previous to BlackRock, Ms Schulten spent twenty years as a sell-side interes-rate trader, most recently at Goldman Sachs. She serves on the Executive Committee of Green Bond Principles and is on the Board of the Mianus River Gorge, the first Nature Conservancy land project.
PAUL CLEMENTS-HUNT Mr Clements-Hunt is a founding partner of The Blended Capital Group, which was established in 2012. He has been a thought leader in the global sustainable finance and investment industry for more than twenty five years. In 2011-2012, he supported Former UK Prime Minister Gordon Brown in his work on financial stability and sustainability for UN Secretary General Ban Ki Moon. From 2000 to 2012, he headed UNEP Finance Initiative. He was the original United Nations backer for the United Nations Principles for Responsible Investment, launched in 2006 and now supported by 1,300 investment institutions representing US$32 trillion in assets. He was a UNPRI Board/Advisory Council member for six years. In March 2012 he left the UN to establish The Blended Capital Group, an investment advisory firm that works closely with Inflection Point Capital Management. Previously, he established one of the first environmental strategy and technology consultancies for South-East Asia while based in Bangkok (1991-1998), worked for Swiss multinational SGS and was Senior Energy and Environment Policy Manager for the International Chamber of Commerce.
SHAMAR MOVSUMOV Mr Movsumov is the Chief Executive Officer of the State Oil Fund of the Republic of Azerbaijan (SOFAZ). Before being appointed in 2006, he had an extensive career at the Central Bank of Azerbaijan. He held several leading positions, most recently serving as Executive Director, with responsibility of implementation of monetary policy. Mr Movsumov is a graduate of the Moscow Institute of International Relations, where he studied international economics, and the Kennedy School of Government at Harvard University in Public Administration. He speaks English, French, Turkish and Russian. REYAZ AHMAD Mr Ahmad joined the IFC Asset Management Company (AMC) in 2010 as Chief Investment Officer and Head of the IFC Catalyst Fund. He also heads the IFC Global Emerging Markets Fund of Funds. Mr Ahmad joined IFC in 1987 in the Energy Unit, working on oil and gas projects in Asia, the Middle East and Latin America. From 1992 to 1999, he worked in the International Finance Corporation’s Corporate Finance Services Department, focusing on privatization advisory transactions. In 2000, he took an external assignment as Vice-President, Strategy of Softbank Emerging Markets, returning to IFC in 2002 as Division Manager in its Global Information & Communication Technologies Department. He headed the sector team responsible for IFC’s investments in solar, wind and other renewable energy supply chains, and energy-efficient machinery. Previously, he worked at the Boston Consulting Group, SG Warburg Securities and Courtaulds plc.
TARIK SENHAJI Mr Senhaji leads Ithmar Capital, the Moroccan sovereign wealth fund. Before joining Ithmar Capital, Mr Senhaji was chairman of the Moroccan Agency for Tourism Development (SMIT). Mr Senhaji started his career as a Financial Officer at the International Finance Corporation (World Bank Group) in Washington, DC. He later moved to London to work in Capital Markets for Société Générale as Head of Medium Term Notes and then to Dresdner Kleinwort Benson as a Director in the Corporate and Structured Solutions Group. He also held the position of Managing Director at Natixis CIB, where he was in charge of securitisation and hybrid derivatives. Mr Senhaji holds degrees from École Polytechnique and the Graduate School of Economics, Statistics and Finance (ENSAE) in Paris.
SOUNDOUSS BOUHIA Dr Bouhia is Senior Strategic Advisor at Ithmar Capital, with a background in finance, economics, operations research and risk management. She taught in a university setting for fifteen years in the US at Harvard University and in Morocco. She has been advisor to the Minister of Industry and Investments, focusing on the implementation of strategic policies for developing investments. Prior to this role, she has served as Senior Consultant at McKinsey & Co, developing strategic national projects in the public and private sectors. She has a Master’s of Science and a PhD from Harvard University in Financial Engineering and Operations Research and an Masters of Engineering from École Polytechnique in Paris. She moved back to Morocco in 2004 and joined Citibank as Corporate Bank Head. PANEL MEMBERS BIOGRAPHIES
JAMIE TUUTA Mr Tuuta is the Māori Trustee and Chief Executive of Te Tumu Paeroa, which is tasked to protect and enhance Māori land and assets, administering 100,000 hectares of land and managing a variety of investment interests. He has held governance positions in iwi development, agribusiness, fishing, investment, health, Māori development, tourism and education. He is currently a director of Aotearoa Fisheries Limited, Te Ohu Kaimoana Trustee Limited, Wools of New Zealand, Taranaki Investment Management Limited and is a board member of Tourism New Zealand. He was a member of the Government appointed Investment Advisory Panel for the Primary Growth Partnership. He is a recipient of the Sir Peter Blake Emerging Leadership Award.
NGARIMU BLAIR Ngarimu Blair is the Ngāti Whātua Ōrākei Trustee Limited representative on the Whai Rawa Board, which is responsible for Ngāti Whātua Ōrākei property and investments. Whai Rawa has a large property portfolio in Auckland and provides dividends to its shareholder for reinvestment in its tribal members. He is a Treaty settlement negotiator for Ngāti Whātua Ōrākei and is heavily involved in their housing projects. He is a geographer with 18 years’ experience in iwi issues in Auckland City. He established the largest ecological restoration project on the Auckland Isthmus at Bastion Point and instigated numerous city art and urban design projects highlighting the Māori history of the city. He has lectured at The University of Auckland and AUT on Auckland Māori history, planning and media. He holds Board positions on the National Science Challenge and North Harbour Rugby Union. WHAIMUTU DEWES Mr Dewes is of Ngäti Porou and Ngäti Rangitihi descent and lives in Rotorua. He is the chairman of Aotearoa Fisheries Limited and the Sealord Group, a director of Contact Energy, Ngāti Porou Forests, Ngāti Porou Holding Coy and Ngāti Porou Seafoods and is a non-executive director on the Board of New Zealand Treasury. He was a member of the Māori Fisheries Commission and extensively involved in the negotiation settlement and execution of the Māori fisheries settlements. He has also held senior management roles at Fletcher Challenge and the Department of Māori Affairs.
MARK TUME Mr Tume is a professional Director with experience in the infrastructure, energy and financial sector. His current directorships include the NZ Refining NZ and NZ Oil and Gas. He is Chair of Te Ati Awa Iwi Holdings Management Limited, RetireAustralia and of Infratil. He was a member of the Board of the Guardians of New Zealand Superannuation from 2006 until 2016, when his term expired. Over his career he has held a variety of senior roles within the finance sector, including investment management, capital markets, asset and liability management and risk control.
CHRIS JOBLIN Mr Joblin has been Chief Executive Officer of Tainui Group Holdings since 2015, after joining the investment company as its Chief Financial Officer in 2009. He was previously CFO at meat processor Affco Holdings and held similar positions with companies in the United Kingdom. He is a member of the NZ Institute of Accountants (CA) and the Institute of Finance Professionals NZ. PANEL MEMBERS BIOGRAPHIES
DEBRA BIRCH Ms Birch is General Manager Investments for Te Tumu Paeroa (the Māori Trusee). She has had more than 30 years’ experience in global financial markets offshore and in New Zealand. Before taking up her role with Te Tumu Paeroa, she held senior management positions in major global banks and ran her own funds management business in Australia. She is of Ngāti Tūwharetoa, Ngāti Apa and Ngāti Hauiti descent, is a member of the Institute of Directors and the New Zealand Absolute Return Association. She is a director for Crown Irrigation Investments Limited, Ngāti Awa Group Holdings Limited, RDF1, FGP1 Manuka Research Partnership Ltd, Wellington Free Ambulance Trust and Chairperson of MTD1 Limited.
MIKE SANG Mr Sang is Chief Executive for Ngāi Tahu Holdings Limited, a position he has held since January 2013. He joined Ngāi Tahu in 2009 as Group General Manager Service Delivery to establish a group shared services arm, including Communications, Procurement, Business Information Services and Financial Administration. He acted as Chief Executive Officer for the Office of Te Rūnanga o Ngāi Tahu in 2011-12 to lead a strategic review and change programme. He previously worked at Wrightson as the Chief Financial Officer, where he was involved in the acquisition of North Island competitor Williams and Kettle and subsequent merger with PGG to create New Zealand’s largest rural services company, PGG Wrightson. He was subsequently appointed Chief Financial Officer of PGG Wrightson and headed up the its finance and treasury functions, as well as lead internal audit, strategy and planning, BIS and general counsel and company secretary for the expanded group. Contacts: DUNCAN BONFIELD Chief Executive [email protected]
VICTORIA BARBARY Director of Strategy and Communications [email protected]
ADAM ROBBINS Senior Membership Manager [email protected]
BAYASGALAN RENTSENDORJ Senior Membership Manager [email protected]
IFSWF Secretariat 1 Cornhill London EC3V 3ND United Kingdom
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Website: www.ifswf.org The Guardians of New Zealand Superannuation wish to thank the commercial partners for their support for the open conference sessions of the IFSWF Auckland 2016 meeting.