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Appointment Brings NZ Super Fund And Infratil Even Closer

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Nov 6 NZPA - The Government has brought the New Zealand Superannuation Fund and infrastructure company Infratil even closer today with a key appointment.

Existing board member David Newman has been appointed deputy chair of the Guardians of the New Zealand Superannuation Fund.

Mr Newman is also chairman of Infratil, a major investor in airports and other infrastructure assets.

The fund and Infratil have entered into exclusive negotiations with Shell over possibly buying Shell New Zealand's refining, distribution and retailing businesses.

The proposed transaction includes a 17.1 percent stake in the New Zealand Refining Co, Shell New Zealand's supply and distribution infrastructure and its retail and business-to-business fuel business.

Among Shell's downstream assets are access to refinery and pipeline capacity, and ownership/access arrangements to a joint national distribution network, including 13 nationwide terminals and shipping infrastructure.

The assets also include 25 percent ownership of Loyalty New Zealand (Fly Buys), and the sales and distribution network comprising 229 retail outlets, 95 truck stops, and facilities at Auckland and Christchurch airports.

Finance Minister Bill English said when announcing the appointment that Mr Newman had the experience for the position.

Mr English also announced that Catherine Savage and Stephen Moir had been appointed to the board of the Guardians of the New Zealand Superannuation Fund.

The board is responsible for managing and administering the New Zealand Superannuation Fund.

Ms Savage is a chartered accountant and has over 17 years' experience in the funds management industry, including as managing director of AMP Capital Investors NZ, a large fund management company, from 2001 to 2007.

Mr Moir has extensive experience in banking and risk management.

He has held senior management positions at Citibank in Melbourne, Sydney, Bangkok and Singapore, Credit Suisse in Singapore and WestpacTrust in Wellington, and is currently a non-executive director of the Bank of New Zealand and a member of the NZX Discipline Panel.

The other four members of the seven-person board are David May (chairman), Bridget Liddell, Mark Tume and John Evans.

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