Oh dear, now this is embarrassing

NZ Superannuation Fund: News Releases

The NZ Super Fund has decided to take Canadian cash. This is a major embarrassment for Cullen and Clark as the Super Fund they set up has decided to vote with the other 63% of shareholders and take the Canadian Pension Plan offer. Does anyone find this ironic that the Canadian Pension Plan thinks AIAL is a great buy and the NZ Super Fund thinks it’ll cut and run.

Auckland (13 March 2008) – The Guardians of New Zealand Superannuation today announced their voting decision on the Canadian Pension Plan Investment Board’s (CPPIB) offer for Auckland International Airport shares.

Mr Adrian Orr, Chief Executive Officer, said: “After considering the advice of our investment managers, we voted to approve CPPIB making a partial offer for Auckland International Airport, and have tendered our shares into their offer.

“Our decision is made in accordance with our mandate. We must invest the New Zealand Superannuation Fund (Fund) on a prudent, commercial basis. As such, we manage the Fund in a manner consistent with best-practice portfolio management. This involves maximising returns without undue risk, and avoiding prejudice to New Zealand’s reputation as a responsible member of the world community,” concluded Mr Orr.

The Fund holds a minority stake in Auckland International Airport. As at 11 March, the Fund held 76.7 million Auckland International Airport shares, which represent just over 6% of the airport company.

This has got to have set Cullen off, especially as he is carefully biding his time and closely watching the numbers till Helen goes overseas so he can knife her.

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