ASB chairman Walker to lead NZ Super Fund board

Wednesday 19th September 2012

ASB chairman Gavin Walker has been appointed the next chair of Guardians of New Zealand Superannuation, which governs the country's $19.15 billion New Zealand Superannuation Fund.

Walker joined the board in 2010 and replaces the fund's inaugural chair David May, who served on the board for a decade. He also holds the chair of ASB Bank and its subsidiary Sovereign Insurance, and is a director of Lion.

"We are fortunate to have someone of Mr Walker's calibre and experience to take over the leadership of the Guardians," Finance Minister Bill English said in a statement. "I want to thank Mr May for his decade of service at the helm of the Guardians' board."

The Cullen fund, so-called for its architect former Finance Minister Michael Cullen, was established to help pre-pay the escalating pension bill for the baby boomer generation. As at July 31, it had made an absolute return of 7.16 percent since its inception in September 2003. That's 1.95 percent in excess of Treasury bills, which it aims to beat by 2.5 percent over its lifetime.

Fellow director Catherine Savage was appointed deputy chair.

BusinessDesk.co.nz

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