The Guardians of New Zealand Superannuation (Guardians) today welcomed two new Board members.

The Guardians note today's announcement by the Minister of Finance Bill English that Catherine Savage and Stephen Moir have been appointed by the Governor-General to the Board of the Guardians of New Zealand Superannuation, and existing Board member David Newman has been appointed as Deputy Chair.

Ms Savage is a chartered accountant with over 17 years' experience in the funds management industry, including as Managing Director of AMP Capital Investors NZ from 2001 to 2007.

Mr Moir has over 30 years' experience in banking and risk management, via senior positions in Citibank in Melbourne, Sydney, Bangkok and Singapore, Credit Suisse in Singapore and WestpacTrust in Wellington. He is currently a non-executive director of the Bank of New Zealand and a member of the NZX Discipline Panel. Mr Newman has been a member of the Guardians' Board since September 2004. He is Chairman of Infratil, Wellington Airport and Loyalty New Zealand, and is a director of Infratil Airports Europe.

The Chairman of the Guardians' Board, Mr David May, said he was looking forward to working with Ms Savage and Mr Moir. "We are pleased that they have chosen to apply their abilities and experience to our important goal of maximising returns over the long-term, without undue risk, so as to reduce future New Zealanders' tax burden." Along with Mr May, the other members of the seven-person Board are Bridget Liddell, Mark Tume and John Evans.

ENDS

For more information please contact:  
Paul Gregory, Head of Communications [email protected], 09 308 2041, 021 274 9994    

About Catherine Savage
Term of office: Appointed November 2009 for five years.  
External directorships: Managing Director of CMS Capital Limited.  
Skills, experience and expertise: Catherine was Treasurer of the National Gas Corporation from 1991-1993 prior to moving to AMP Capital Investors (NZ) Ltd where she worked in various senior management roles to 2000 when she became the Managing Director - AMP's youngest and only female country manager.  

About Stephen Moir
Term of office: Appointed November 2009 for five years.  
External directorships: Stephen is a non-executive director of the Bank of New Zealand and a member of the NZX Discipline Panel.  
Skills, experience and expertise: Stephen has more than 25 years of experience in financial services, including  being the General Manager of the Westpac Institutional Bank from 1998-2001, preceded by senior positions with Credit Suisse in  Singapore, Citibank in Singapore, Bangkok and Sydney.  

About the New Zealand Superannuation Fund:
The New Zealand Superannuation Fund, which commenced investing at the end of September 2003, is designed to reduce the tax burden on future New Zealand taxpayers of the cost of New Zealand superannuation. An ageing population means the cost of providing New Zealand superannuation is expected to double over the next 50 years. To prepare for this, the Government has made contributions to the Fund while the cost of superannuation is relatively low. The Fund will invest the money on a prudent but commercial basis and the Government will begin to make withdrawals from 2031, when the cost of superannuation has increased. As at 30 September 2009 the value of the Fund was NZ$15.2 billion. For more information visit www.nzsuperfund.co.nz