Adrian Orr, CEO of New Zealand Super, has taken the top role at the International Forum of Sovereign Wealth Funds (IFSWF) whose members are responsible for $4 trillion.
Orr, who has led the New Zealand fund since 2007, has replaced Bader M Al Saad, managing director of the Kuwait Investment Authority, who completed a three-year stint at the helm of the organisation.
“Sovereign wealth funds must continue to embrace the principles of good governance, accountability and transparency.”—Adrian Orr“We are all managers of others peoples’ money—a fiendishly difficult task,” said Orr at the IFSWF’s annual meeting last week. “Whatever the purpose, we are each charged with succeeding over the long term.”
The group’s members are based around the world and have various sources of funding and non-profit objectives.
In one of his first moves as chair, Orr spoke about the Santiago Principles—established to enhance transparency in the sector—and his commitment to promoting them to members of the forum. Many of this group have not engaged as fully as Orr’s own fund.
“Sovereign wealth funds must continue to embrace the principles of good governance, accountability and transparency to earn respect for their operating and investment integrity,” Orr said.
A year ago, research firm GeoEconomica found just nine of the then 31 IFSWF members fully complied with the governance and disclosure standards of the Santiago Principles. NZ Super was in the top category with an A- rating and classed as fully compliant with the principles, according to GeoEconomica.
“I believe the IFSWF can greatly assist the provision of superior risk-adjusted returns to our owners, and in doing so provide increased stability to global financial markets,” said Orr at this year’s meeting.
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Related: An SWF’s SWF; Where in the World is the Kuwait Investment Authority?