The Guardians of NZ Superannuation has appointed Rosemary Vilgan to a five year board term that commences 1 October.
"The NZ Super Fund is projected to reach NZ$70 billion of assets under management within the next decade," said Catherine Savage, chair of the Guardians of NZ Superannuation. "Rosemary brings a wealth of international investment fund experience and will help the Guardians to scale up as the fund grows to that size.
"We're proud of the results the fund has delivered for New Zealand taxpayers and the positive role it plays in capital markets, responsible investment activities and supporting good businesses to thrive.
Vilgan is currently the chairperson of the Commonwealth Bank Group Staff Superannuation Fund and the chairperson of the Federal Government's Safety, Rehabilitation and Compensation Commission (stepping down in October), a Member of the Cambooya Investment Committee, the Advisory Board for the Committee for Brisbane and a member of various Queensland University of Technology (QUT) Committees.
"Guardians Board members are chosen for their experience, training and expertise in the management of financial investments, as well as their mix of complementary skills," Savage said. "Rosemary's deep experience in the Australasian investment sector brings a unique perspective to the Guardians Board and we look forward to her joining the team."
Vilgan was the CEO of QSuper from 1998 until late 2015. She was awarded an honorary doctorate by QUT for her services to the University, which included 12 years as a councillor, and was also granted life membership of the Association of Superannuation Funds of Australia (ASFA) for her services.
She has held a variety of other business and not for profit positions over her business life and, in recognition of her career, was named the 2013 Telstra Australian Businesswoman of the Year. She holds qualifications in business and superannuation and is a fellow of both the Australian Institute of Company Directors and ASFA and a member of Chief Executive Women.
"I look forward to joining the Board of the Guardians and supporting its incredibly important work investing for New Zealand's future," Vilgan said. "Since inception the NZ Super Fund has achieved strong results and is well-placed to meet its mandate of smoothing the future cost to taxpayers of providing universal superannuation.
"Most recently the fund has met the challenge of market turmoil caused by the COVID-19 crisis and is set up to deliver strong results over the long-term. The Guardians' team has a well-earned reputation for excellence and I'm excited about helping the organisation grow and develop into the future.
"My background is in supporting large institutional investors as they go through periods of change and I will be drawing on that experience to ensure the Guardians is set up to take advantage of the opportunities in front of it."
Vilgan replaces Stephen Moir who is rotating off the board having served since 2009.
"Stephen has made an outstanding contribution to the board, especially with his deep knowledge of capital markets and experience supporting financial institutions through varied market environments," Savage said. "We thank him for his service and wish him the best for his future endeavours."
Guardians board members are appointed by the governor-general on the recommendation of the minister of finance. The minister's recommendation follows nominations from a committee, independent of the Guardians, which is established by the minister. On receiving those nominations, the minister consults with representatives of other political parties in Parliament before recommending the governor-general appoint a person to the board.