New Zealand Superannuation and Retirement Income Act 2001

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61 Contents of statements of investment policies, standards, and procedures

A statement of investment policies, standards, and procedures must cover (but is not limited to)—

(a)

the classes of investments in which the Fund is to be invested and the selection criteria for investments within those classes; and

(b)

the determination of benchmarks or standards against which the performance of the Fund as a whole, and classes of investments and individual investments, will be assessed; and

(c)

standards for reporting the investment performance of the Fund; and

(d)

ethical investment, including policies, standards, or procedures for avoiding prejudice to New Zealand’s reputation as a responsible member of the world community; and

(e)

the balance between risk and return in the overall Fund portfolio; and

(f)

the fund management structure; and

(fa)

the governance framework for the implementation and operation of Fund investment vehicles referred to in section 59A; and

(g)

the use of options, futures, and other derivative financial instruments; and

(h)

the management of credit, liquidity, operational, currency, market, and other financial risks; and

(i)

the retention, exercise, or delegation of voting rights acquired through investments; and

(j)

the method of, and basis for, valuation of investments that are not regularly traded at a public exchange; and

(k)

prohibited or restricted investments or any investment constraints or limits.

Section 61(fa): inserted, on 23 October 2015, by section 8 of the New Zealand Superannuation and Retirement Income Amendment Act 2015 (2015 No 93).