48Future Drought Fund investment policies

48 Future Drought Fund investment policies

(1) The Future Fund Board must formulate written policies to be complied with by it in relation to the following matters in connection with the Future Drought Fund: (a) the investment strategy for the Fund; (b) benchmarks and standards for assessing the performance of the Fund; (c) risk management for the Fund; (d) a matter relating to international best practice for institutional investment; (e) a matter specified in the rules.

Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.

(2) The Future Fund Board must ensure that policies formulated under subsection (1) are consistent with the Future Drought Fund Investment Mandate. Publication of policies (3) The Future Fund Board must cause copies of policies formulated under subsection (1) to be published on the internet. (4) The Future Fund Board must ensure that a copy of the first set of policies formulated under subsection (1) is published on the internet as soon as practicable after the commencement of this section. Review of policies (5) The Future Fund Board must conduct periodic reviews of policies formulated under subsection (1). (6) If there is a change in the Future Drought Fund Investment Mandate, the Future Fund Board must review any relevant policies formulated under subsection (1). Compliance with policies (7) The Future Fund Board must take all reasonable steps to comply with policies formulated under subsection (1). (8) A failure to comply with a policy formulated under subsection (1) does not affect the validity of any transaction. Policies (9) A policy formulated under subsection (1) is not a legislative instrument.