Minister grumbles as Super Fund defies pay warnings
The battle between the Government and New Zealand’s sovereign wealth fund over executive salary continues, as the New Zealand Superannuation Fund appoints a new chief executive.
Yesterday the fund, which manages about $38 billion, appointed Matt Whineray, its chief investment officer since 2014, as its new chief executive.
NZ Super, along with ACC, has been repeatedly ignoring pressure to stem increases in chief executive salary. Whineray’s total available remuneration would be around $1 million. His base salary at appointment is $600,000, but the fund offers performance payments of up to an additional 60 per cent of base salary, as well as other benefits.
This would make him one of the highest-paid public servants in New Zealand.
In a statement, Finance Minister Grant Robertson acknowledged the skills that Whineray brought to the job as well as the importance of performance pay, but hinted that he was not happy with the pay package.
‘‘I am disappointed with some aspects of the remuneration package offered,’’ Robertson said.
Catherine Savage, chairwoman of the Guardians of New Zealand Superannuation, said Whineray would be entitled to the same bonus scheme as other investment staff members.
This was ‘‘closely linked to fund performance over a rolling four-year period’’, she said.