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NZ Super Fund Annual Report 2020

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NZ Super Fund Annual Report 2020 B.21 Tā te wā whakamātau 2020 2020 Guardians of New Zealand Superannuation // Annual Report Guardians of New Zealand Superannuation // The test of time 01 Like a tōtara, we stand strong, focused on our long-term purpose: helping fund superannuation for New Zealand’s future generations. — GUARDIANS OF NEW ZEALAND SUPERANNUATION ANNUAL REPORT 2020 02 Guardians of New Zealand Superannuation // The test of time GUARDIANS OF NEW ZEALAND SUPERANNUATION ANNUAL REPORT 2020 ANNUAL REPORT GUARDIANS OFNEWZEALAND SUPERANNUATION 03 The tōtara stands tall, enabling life to prosper beneath its wide canopy. But examine the deep knotted rings of its trunk and you’ll find it has weathered many storms to get to where it is today. — At the Guardians, now is the time we must retain our discipline to stay the course and capitalise on our ability to ride out tough patches to maximise returns over the long term. — GUARDIANS OF NEW ZEALAND SUPERANNUATION ANNUAL REPORT 2020 04 OUR MISSION: Each year, the Government puts money aside so that it can be used to pay for superannuation in the future, reducing the tax burden faced by future generations of New Zealanders. The Guardians is responsible for investing the money the Government sets aside into a growth-oriented and diversified portfolio of investments: the New Zealand Superannuation Fund. We also oversee another fund, the Elevate NZ Venture Fund. This fund exists to support the development of New Zealand’s early- stage growth companies and venture capital ecosystem. — 2019/20 MAJOR ACHIEVEMENTS: PRIORITIES FOR 2020/21: • Applied our investment strategies through • Refresh our Responsible Investment Strategy the market volatility brought about by • Following the 2020 Culture Survey, undertake Covid-19, with a view to maximising returns a range of initiatives to sustain the Guardians’ over the long term culture • Reviewed the composition of the NZ Super • Implement control effectiveness assessments Fund’s Reference Portfolio and key risk indicators for the Guardians’ • Input into the establishment of the Elevate top risks NZ Venture Fund • Reviewed and increased our carbon 102 - 2 reduction targets GUARDIANS OF NEW ZEALAND SUPERANNUATION ANNUAL REPORT 2020 05 NZ SUPER FUND SIZE $44,796,195,494 (AFTER COSTS, BEFORE NZ TAX) 2019/20 RETURN INCREASE IN FUND SIZE IN 2019/20 1.73 % $1.7 b (AFTER COSTS, BEFORE NZ TAX) (BEFORE NZ TAX) VALUE ADDED IN 2019/20 VALUE ADDED SINCE INCEPTION -$923m $7. 8 b (VS REFERENCE PORTFOLIO BENCHMARK, (VS REFERENCE PORTFOLIO BENCHMARK, AFTER COSTS) AFTER COSTS) NZ SUPER FUND RETURNS As at 30 June 2020 ACTUAL FUND RETURN VALUE ADDED BY THE GUARDIANS NET RETURN (after costs, before NZ tax) (compared to passive Reference Portfolio (returns over and above the Treasury Bill benchmark) return – the Government’s marginal cost of debt) 9.63% p.a. 1.21% p.a. 5.91% p.a. 12.60% p.a. 2.28% p.a. 10.37% p.a. 1.73% -2.08% 0.84% Since inception (September 2003) 10 years 1 year 102 - 2 102 - 7 201 - 1 GUARDIANS OF NEW ZEALAND SUPERANNUATION ANNUAL REPORT 2020 06 CONTENTS HOW TO READ THIS REPORT This Annual Report has been prepared in 01 02 03 accordance with the Global Reporting Initiative (GRI) Standards core OVERVIEW OF THE INVESTMENT REPORTS GOVERNANCE option. It describes the GUARDIANS performance of the New Zealand Superannuation Fund, the Elevate NZ Venture Fund, and the Guardians of New Zealand This section provides high- Following on from the This section provides Superannuation level information on the information provided in the detailed information on the ('Guardians'), the Crown purpose and mandate of Overview, the Investment Guardians’ governance entity that manages the the Guardians and its funds, Reports provide details on structure and principles. We funds, over the 2019/20 including a snapshot of our the investment performance discuss our risk management financial year. performance and key of the NZ Super Fund and approach and provide detail The Overview of the highlights from the 2019/20 the Elevate Fund. This on our remuneration and Guardians section includes financial year. It also provides section also contains discretionary incentive a performance summary, detail on our people-related investment case studies, a scheme. who we are and what we initiatives. feature on our Climate do, key achievements and Change Investment Overview .................... 76 our future priorities. For Overview ..................... 10 Strategy, and a Responsible more depth, the remainder Investment Report. Principles ..................... 79 of the report details five Chair’s Statement ........ 12 important aspects of the How we Invest ............. 32 The NZ Super Fund Guardians and its funds: Chief Executive Officer’s Contributions Model .. 94 investment performance Statement .................... 14 Performance Report .. 34 and activities, governance, Risk Management ...... 96 an overview of operations, Progress Against our Value-Add in 2019/20 36 our statement of Strategic Plan .............. 16 Remuneration and performance, and the How we Invest ............. 38 Discretionary Incentive financial statements. Materiality ................... 18 Scheme ..................... 101 Risk-Adjusted Return An overview of the report Board Members ........... 20 Performance ................ 45 and supplementary information are available Leadership Team ......... 21 Investment Activity at: www.nzsuperfund.nz. Report .......................... 48 The supplementary Organisational Chart .. 22 information includes a report against the TCFD, a Investment Activity - New GRI Index and a list of the Our People .................. 23 Zealand ........................ 50 NZ Super Fund's global portfolio holdings as at Investment Activity - 30 June 2020. Global .......................... 52 Previous Annual Reports, The Portfolio Completion including the last report Team ............................ 54 (2018/19), are available at: www.nzsuperfund.nz/ Climate Change ........... 56 publications/annual- reports. Responsible Investment We welcome feedback to Report ......................... 58 help us improve our reporting. Comments can Engagement Report .. 64 be directed via email to [email protected] Investment Report - .nz. Elevate NZ Venture Fund ...................................... 71 07 04 05 06 07 OPERATIONAL REPORT STATEMENT OF FINANCIAL APPENDIX PERFORMANCE STATEMENTS Information on our This section provides a report Financial statements are Where possible, we have operational activities, as well on our performance, provided for each of the tried to avoid the use of as our environmental benchmarked against our Guardians, the NZ Super industry-specific words and performance, is covered in Statement of Performance Fund and the Elevate Fund. language. In some cases, the Operational Report. Expectations and This section also provides an however, in the interest of information on our external overview of key elements brevity and clarity, these Highlights from managers and custodians. such as tax and a five year words are unavoidable. Operations and IT .... 108 financial summary. Industry terms are explained Key 2019/20 Strategic Plan in our Glossary. This section Regulatory Update ... 109 Activities .................... 117 Financial Report ........ 124 also provides our compliance statements. Environmental Managers and Custodians NZ Super Fund Five-Year Performance ............. 110 ................................... 119 Financial Summary .... 125 Compliance Statements .................................... 242 Financial Statements – Guardians of New Zealand Glossary ..................... 243 Superannuation and Group ......................... 130 Corporate Directory .. 249 Financial Statements – New Zealand Superannuation Fund 157 Financial Statements – Elevate NZ Venture Fund .................................... 221 102 - 45 102 - 50 102 - 51 102 - 52 102 - 53 102 - 54 08 2020 Guardians of New Zealand Superannuation // Annual Report Waitakere ¯ Ranges, Auckland GUARDIANS OF NEW ZEALAND SUPERANNUATION ANNUAL REPORT 2020 09 OVERVIEW OF THE GUARDIANS SECTION ONE 01 01 Overview of the Guardians He Tiro Whānui ki ngā Kaitiaki me te Tahua Overview ................................................................. 10 Chair’s Statement ....................................................12 Chief Executive Officer’s Statement ...................... 14 Progress Against our Strategic Plan ...................... 16 Materiality ...............................................................18 Board Members ...................................................... 20 Leadership Team .....................................................21 Organisational Chart .............................................. 22 Our People .............................................................. 23 GUARDIANS OF NEW ZEALAND SUPERANNUATION ANNUAL REPORT 2020 10 OVERVIEW OF THE GUARDIANS OVERVIEW Investing for the Long Term The Guardians invests money, on behalf of the Government, to help pay for the increased cost of universal superannuation payments (New Zealand Superannuation) in the future. WHAT IS THE CHALLENGE THE NZ SUPER FUND capital withdrawals. At the NZ Super Fund’s peak, the capital IS HELPING TO SOLVE? withdrawals and tax payments combined will total 19.5% of All New Zealanders aged 65 and over are eligible to receive New the total net cost of New Zealand Superannuation and more Zealand Superannuation payments (also known as the pension, than 46% of the incremental cost increase since 2019/20 due National Super, Government Superannuation
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