Prime Minister Inconsistent Over Attack On NZ Super Fund Boss

NZ Superannuation Fund chief executive Adrian Orr must wonder why he has been targeted by the Prime Minister, says New Zealand First and Northland MP Rt Hon Winston Peters.

“New Zealand First believes in pay for performance and the Super Fund has over achieved in every respect.


“Mr Orr has taken a fund, which Mr English froze contributions into in 2009, and despite global uncertainty has grown it to over $32bn. It has a world leading performance for a sovereign fund.


“Contrast that with Mr English, who as the Minister of Finance, made taxpayers bail out a number of failing finance companies, including South Canterbury Finance, and further, he has built up a mountain of public debt in this country.


“Solid Energy has not only tipped over on his watch, but its CEO was paid $1.1m last year; much more than what Mr Orr is paid and yet Solid Energy is about to go into liquidation.


“What has Mr English got to say about the pay to CEO’s of our once 100 per cent-owned power companies, all on staggering incomes whilst running a monopoly?


“The reason is Mr English doesn’t like the Superannuation Fund despite it being a model of conservative thinking. Its success shows him up badly. National opposed its establishment yet its performance has made their opposition look ridiculous.


“In fact, if Mr English hadn’t stopped contributions in 2009, in favour of tax cuts to the wealthy, the Super Fund would be worth well over $50 billion. Mr English even imposed a tax on the Fund.


“New Zealand First is not defending high salaries but why attack the very one that most justifies it? says Mr Peters.