Sustainable Prosperity Trust of Aotearoa

Sustainable Finance

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The United Nations Sustainable Development Goals (SDGs) and the Paris Agreement represent a global paradigm shift in the way we manage our environment, societies and economies. To meet the goals outlined in these agreements requires a shift away from exploitative approaches towards more sustainable practices.

Governments are aligning their policies with the SDGs and Paris Agreement targets. Corporates and communities are also recognising we need to change our relationship with each other and the environment to ensure future generations enjoy a similar standard of living as today’s. Globally, many regulators and central banks are delivering warnings about the risks linked to climate change.

“Sustainable investing is no longer a niche area; it is going mainstream.”

– BlackRock Investment Institute

What is the New Zealand Sustainable Finance Forum?

The New Zealand Sustainable Finance Forum (the Forum) has been established to deliver a Sustainable Finance Roadmap to help New Zealand shift to a financial system that supports sustainable social, environmental and economic wellbeing.

The Forum brings together key players in the New Zealand financial system spanning our banks, insurance companies, corporates, civil society and academia. The Forum will build on existing best practice, learning from international experience, understanding the New Zealand context, incorporating the latest analysis and evidence, and demonstrating a comprehensive understanding of the challenges and opportunities presented by this work. This will include consultation with diverse sectors and stakeholders.

Vision

The Forum is ultimately seeking to see a sustainable financial system that, specifically:

  • Plays its role in delivering on the critical sustainability agenda and the transition to a low emissions, resilient, resource efficient, just and inclusive economy

  • Has a purpose to serve the long-term wellbeing needs of society, the environment and the real economy

  • Is stable, sustainable and resilient

  • Aligns capital with the long-term wellbeing needs of society, the environment and the real economy

  • Has well-informed decision-making that is transparent and facilitates long-term wellbeing

  • Society has trust and confidence in and understands their role.

Outputs

Over an 18 month period (i.e. by mid-2020) the Forum will provide three outputs: a set of recommendations (interim and final) and then a roadmap for action.

Read the Terms of Reference for the Forum here.

What is Sustainable Finance?

The finance industry has a critical role to play along with other actors in getting the market settings right to scale up capital flows to solutions and to increase efforts to address unsustainable practices. This will require a significant shift across the entire financial system. Without the large existing capital bases that exist today helping with the joint challenge of both scaling up and directing finance towards more sustainable investments, the outcomes being sought for the people and the planet will have little chance of being realised.

New Zealand’s sustainable finance agenda is running in parallel with Australia’s. Both countries, however, trail Canada, the European Union and the United Kingdom, who, among other international peers, have begun designing and implementing roadmaps to sustainable financial systems. There is significant global momentum around this shift. Jurisdictions around the world are setting out Sustainable Finance roadmaps that realign their regulatory and financial policies to enable the financial system to contribute to, rather than hinder, the transition to a low emissions, resilient, resource efficient, just and inclusive economy.

See:

Who we are

We’ve set up a Leadership Group to set the ambition, vision and objectives of the project. The Leadership Group is supported by a Technical Working Group whose role is to consult on and draft the three key outputs.

Leadership Group members 

Matthew Whineray Co-Chair

Chief Executive Officer, New Zealand Super Fund

Matt joined the NZ Super Fund in May 2008 as General Manager, Private Markets. In 2014 Matt became Chief Investment Officer overseeing the Investments Group, responsible for the Fund’s portfolio construction and investment activity in listed and unlisted markets, both directly and through investment managers. Matt’s achievements in this role included the development of the Fund’s climate change investment strategy, risk allocation process and risk budget framework, along with the strengthening of the Guardians’ New Zealand and international direct investment capabilities.

Matt was appointed Chief Executive Officer in 2018.

Before joining the Guardians, Matt was at Credit Suisse (Hong Kong) where he was Head of Financial Sponsor Coverage for non-Japan Asia. Prior to this, he was a Managing Director at First NZ Capital in New Zealand and a Vice President at Credit Suisse First Boston in New York. Matt began his career as a Barrister and Solicitor with Russell McVeagh in Auckland.

Matt is a member of Focusing Capital on the Long Term and a Director of Netball New Zealand. Matt has previously served as a member of the World Economic Forum General Agenda Council on the Future of Investing, and as Chair of the InZone Education Foundation.

Karen Silk Co-Chair

Karen is a highly experienced financial services executive with a strong track record of building and transforming businesses across both Australia and New Zealand.

In her current role Karen leads teams responsible for the development and delivery of banking services to our Institutional, Business and Consumer customers. In addition Karen leads both our Westpac Life and BT Funds Management businesses.

Karen chairs Westpac New Zealand’s environmental solutions group and in 2017 was appointed to the Board of the NZ Sustainable Business Council.

Before returning to New Zealand, Karen held a range of senior positions within Westpac Australia, her last role being Managing Director and Global Head of Debt Capital Markets. Prior to this Karen led Westpac Australia’s Corporate and Institutional Property teams and was the inaugural chair of the Westpac Group Property Risk Council.

Karen is a graduate of Canterbury University and INSEAD Alumni.

Paul Newfield

Paul has overall responsibility at Morrison & Co for investment and portfolio management activity. Founded in New Zealand in 1988, Morrison & Co is one of the world’s longest established infrastructure investment managers. Today the firm manages over A$15b of infrastructure assets across Australia, New Zealand, Europe, North America and Asia through fund products such as Infratil and the Utilities Trust of Australia, as well as separately managed accounts on behalf of large sovereign and superannuation fund investors.

In 2018 Paul was appointed to the World Economic Forum’s global council for infrastructure. He is a non-executive Director of NZX-listed Tilt Renewables.

Paul is a graduate of the University of Cambridge and the University of Auckland.

Paul Goodwin

Paul leads ANZ’s Institutional business in New Zealand. The Institutional business manages large client relationships and provides specialised markets, transactional and financing products and solutions to the bank’s customers. In doing so, it supports some of New Zealand’s largest companies operating in a wide range of industries, both in New Zealand and offshore.

Institutional NZ is part of the ANZ Group’s Institutional Banking business. Paul is a member of both Institutional Banking’s leadership team and the leadership team for ANZ New Zealand.

Paul has more than 25 years’ experience in banking and finance and has been with ANZ New Zealand since 2004, where he was previously Head of Institutional Relationships. He has held senior corporate finance roles at Credit Suisse and The National Bank of New Zealand and worked for Ernst & Young in New Zealand and the United Kingdom.

A graduate of Victoria University of Wellington, Paul is also a member of the Executive Board of INFINZ.

Bryce Davies

Bryce is responsible for growing IAG’s presence, influence and standing within New Zealand—including its relationships with corporate stakeholders and its social responsibility.

In this role Bryce leads Resilient New Zealand, a coalition of engineering, banking, insurance, telecommunications and aid organisations to identify, champion and advocate ways New Zealand can be more resilient to natural disasters.

Bryce was also a member of the Government’s Climate Change Adaptation Technical Working Group. Before IAG, Bryce held a range of risk and reputation roles across insurance, banking, funds management, and started his career in the consulting sector.

Mark Peterson

Mark joined NZX in May 2015. He has 25 years' experience in financial services covering the capital markets, private wealth, institutional and retail banking, and insurance.

Mark previously worked as the Managing Principal of ANZ Securities, and before that held senior management roles with First NZ Capital, ANZ and The National Bank of NZ.

Mark holds a Bachelor of Commerce and Administration from Victoria University of Wellington, has completed executive training at Mt Eliza business school.

Debbie Birch

Debbie is a full time professional director with a portfolio of governance roles in the tourism, primary industry, financial services and local government sectors.

She is a Director of Tourism Holdings Ltd, Ruapehu Alpine Lifts Ltd, White Island Tours Ltd, Ngati Awa Group Holdings Ltd and the Local Government NZ Independent Assessment Board, and Chair of Taupo Moana Group Ltd and Crown Irrigation Investment Ltd.

Ms Birch has more than 30 years’ experience in global financial markets offshore and in New Zealand and most recently has been GM, Investments with Te Tumu Paeroa. Previously Ms Birch has held senior executive positions in major global banks and also ran her own funds management business in Australia.

Her interests are in promoting regional growth opportunities alongside building balanced investment portfolios for Māori/iwi entities.

Sir Stephen Tindall

Sir Stephen founded The Warehouse in 1982 and grew the company into a billion-dollar business before stepping down as Managing Director in 2001. His vision for creating an organisation to provide support for worthwhile initiatives benefiting New Zealand and New Zealanders resulted in the establishment of The Tindall Foundation, promoting a ‘hand up’ rather than a ‘hand out’ philosophy.

Sir Stephen has seen many personal honours and awards come his way. In August 2009, he was bestowed the accolade of a knighthood in recognition of his work with New Zealand businesses and the community. He has helped ordinary Kiwis reach their potential and is a true leader across the spheres of business, community and the environment. Through his investment business K1W1, Sir Stephen has invested in more than 100 New Zealand export-oriented technology companies, with the goal to help New Zealand businesses thrive on the world stage.

As a further acknowledgement in 2015, Sir Stephen was named the Kiwibank ‘New Zealander of the Year’.

Simon MacKenzie

Simon is passionate about the power of technology to transform the energy industry and consumers’ lives. As Group Chief Executive Officer, Simon has expanded and driven Vector’s portfolio of businesses to embrace innovative technologies and strategies to deliver efficient, sustainable energy solutions to consumers.

Simon was appointed Vector’s Group Chief Executive Officer in 2008. His tertiary qualifications include engineering, finance and business studies, and the Advanced Management Programme at the Wharton School, University of Pennsylvania.

Penny Sheerin

Penny is Chapman Tripp’s national financial services convenor. She specialises in financial services regulation, funds management, and insurance.

Penny advises clients on the establishment, restructuring and compliance of a wide range of financial and investment products offered in New Zealand, including tax-effective PIE (portfolio investment entity) funds, KiwiSaver schemes, and insurance products. She also advises on regulatory requirements for investment managers, financial advisers, brokers and other financial service providers, and on anti-money laundering obligations.

Penny’s practice covers the full range of legislation affecting financial service providers, including the Financial Markets Conduct Act, Anti-Money Laundering and Countering Financing of Terrorism Act, Financial Advisers Act, Financial Service Providers (Registration and Dispute Resolution) Act, Insurance (Prudential Supervision) Act, the trans-Tasman mutual recognition regime and the non-bank deposit takers laws.

Penny has been a Chapman Tripp Partner since 2012. Prior to joining Chapman Tripp, Penny worked for the Securities Commission and Takeovers Panel.

Julia Hoare

Julia has been a director of A2 Milk Company since 2013, and Deputy Chair since 2015. She is also Chair of the Audit and Risk Management Committee and a member of the Nomination Committee.

Julia has extensive chartered accounting experience in Australia, the UK and New Zealand and was a partner with PwC New Zealand for 20 years. She is a member of the New Zealand External Reporting Advisory Panel (XRAP), a body designed to support the standard setting process of the New Zealand External Reporting Board (XRB), and the New Zealand Institute of Directors National Council.

In addition to her Company directorship, Julia is Deputy Chair of Watercare Services Limited, and a director of New Zealand Post Limited, Port of Tauranga Limited, AWF Madison Group Limited and Auckland International Airport Limited.

Jennifer Gill

In August 2019 Jennifer will retire as the CEO of Foundation North, after 15 years in the role. Her career in philanthropy began in 1985 when Sir Roy McKenzie appointed her as the Executive Officer of his personal foundation, the Roy McKenzie Foundation.

She has been a Trustee and Chair of the J R McKenzie Trust and is currently a Trustee of two family grant making trusts. She was a founding member of the board of the Wellington Regional Community Foundation, the Funding Information Service and Philanthropy NZ.

Jenny recently retired from the board of Philanthropy New Zealand after twenty years’ service. Recently Jenny has been a member of the Asia Pacific Philanthropy Consortium as well a participant in international meetings on current issues in philanthropy hosted by the Rockefeller and Volkswagen Foundations. In 2017, Jenny received an Officer of the New Zealand Order of Merit for her services to philanthropy.

How to stay up to date?

If you are interested in being kept up to date with this work, as well as be advised of any opportunities to engage in the Forum’s work, please get in touch here.

Media releases

New Zealand’s Sustainable Finance Forum takes shape (March 31, 2019)