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Newsmakers

New Zealand Super’s Proxy Drive Against Big Tech Grows to 23 Institutions

Outraged by social media’s showing of the Christchurch massacre, the pension fund enlists other plans to push its cause.

By Chris Butera

Within two weeks of the Christchurch mosque bloodbath, New Zealand’s superannuation fund’s proxy campaign against big tech has attracted almost two dozen other funds with assets  worth more than $500 billion.

The campaign, which calls for better content screening by social media and internet search engines Facebook, Google, and Twitter, was launched by the $27.8 billion pension organization in response to last month’s Christchurch terror attacks.

In the March 15 shootings, a gunman assaulted two city mosques, killing 50 people. Prior to the violence, the gunman posted a manifesto on Facebook. Live footage of the shooting was then picked up and posted by users of Twitter and YouTube, which Google owns.

New Zealand Super then launched its campaign for institutional investors to “strengthen controls to prevent the live streaming and distribution of objectionable content.” The initial advocates consisted of the New Zealand Super, Accident Compensation Corporation, Government Superannuation Fund Authority, National Provident Fund, and Kiwi Wealth. All funds are based in New Zealand, with managed assets totaling NZ$90 billion ($60 billion).  

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Within several days, both national and international financial institutions such as Mercer NZ and the Church of England Pensions Board had confirmed they would join the cause, bringing the total number to participants to 23. Total assets of the participants are now at NZ$800 billion, or $544.5 billion.

“We have been delighted to receive swift and wholehearted support for the initiative from the wider New Zealand investment sector,” said Matt Whineray, New Zealand Super’s chief executive and chief investment officer, who said the plan’s focus has expanded to top global investors. “The combination of New Zealand’s investor voice and a global coalition of shareholders has the potential to be immensely powerful.”

Whineray and Catherine Savage, the fund’s chair, are scheduled to speak with various global investors about the initiative this week in London.

Facebook, Twitter, and Google/Alphabet representatives have not been able to be reached for comment.

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Home > News > Corporate Moves > Ohio Teachers Launches Search for Executive Director
Corporate Moves

Ohio Teachers Launches Search for Executive Director

Michael Nehf to retire when his contract is up in 2020.

By Michael Katz

The $79.9 billion State Teachers Retirement System of Ohio (STRS Ohio) has issued a request for proposal (RFP) for an executive search firm consultant to help find a new executive director to replace Michael Nehf, who will retire in June 2020. The RFP responses are due by April 30.  

The executive director search committee will be comprised of members of STRS Ohio’s retirement board. The boards consists of five elected contributing teacher members, two elected retired teacher members, an investment expert appointed by Ohio’s governor, an investment expert jointly appointed by the state’s speaker of the House and the Senate president; an investment expert designated by the Ohio Treasurer of State; and the Ohio Superintendent of Public instruction or his/her designated investment expert.

According to the RFP, the executive director is appointed by and reports to the STRS Ohio Retirement Board. Responsibilities include:

  • Providing strategic direction, planning, and leadership for the organization
  • Organizing, developing, and supervising a management team to provide superior customer service and investment results
  • Maintaining oversight of investment and administrative operations
  • Serving as the primary interface with the retirement board
  • Establishing connections to stakeholders, including retiree groups, government officials, the investment community, and the public retirement industry

The executive director also oversees investments, finance, member benefits, information technology, government relations, communications, legal issues, human resources, building services, and internal audits.

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Nehf has been the CEO and executive director of STRS Ohio since 2008. Before he joined STRS Ohio, he was executive director of the Employees Retirement System of Georgia from 2005 to 2008, and prior to that he was executive director of the Chicago Teachers’​ Pension Fund from 1994 to 2004.

STRS Ohio serves nearly 500,000 active, inactive, and retired Ohio public educators, and offers a defined benefit plan, a defined contribution plan, and a combined plan. In fiscal year 2018, STRS Ohio paid more than $7 billion in service retirement, disability and survivor benefits, plus $517 million for optional health care coverage.

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Ohio Teachers’ Plan Nabs 20% Stake in New York Tower

Ohio Teachers’ Pension System Buys Remodeled Texas High-Rise

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