Governance

The Auckland Future Fund is a council-controlled organisation, established as an unincorporated non-charitable trust, managed by an independent trustee board.

This structure means the fund operates under a clear set of objectives and policies, including ethical investment considerations. As an unincorporated non-charitable trust, there is a very high level of protection over the fund’s assets. Council is also seeking legislative protection for the fund. The Auckland Future Fund’s trust status requires the fund to be managed to maintain or increase the real value of its capital over the long run.

The Auckland Future Fund Trustee Limited is a wholly owned subsidiary of Auckland Council and is in place to manage the fund, in accordance with the terms of the trust deed and relevant policies.

The fund is set up as a trust, with strict management protections over the fund assets. The council is also seeking additional legislative protection.

Current protections include:

• categorising the fund as a strategic asset
• key policies in the Long-term Plan (Auckland Future Fund Policy and Auckland Future Fund Distribution Policy) that restrict decision-making and distributions
• key provisions in the Trust Deed
• the appointment of professional independent directors
• council-controlled organisation accountability measures.

Decisions are made independently by the Auckland Future Fund Trustee, in accordance with the governing documents of the fund, which include:

• Auckland Future Fund Policy
• Auckland Future Fund Distribution Policy
• Responsible Investment Policy
• Auckland Future Fund Trust Deed
• CCO Accountability Policy.