Lu NancyNANCY LU (National): Mr Speaker I stand before you to support the third reading of the New Zealand Superannuation and Retirement Income (Controlling Interests) Amendment Bill. At its core the amendment seeks to empower the New Zealand Superannuation Fund by removing the limitations thereby granting the Guardian's ability to take controlling stakes in the variety of entities.Now the changes proposed to this bill are not merely admin as it sounds but are actually quite transformative. That aligns our Superannuation Fund in New Zealand with the global best practices and positions our fund to capitalise on significant investment opportunities right here in New Zealand. In the modern investment environment flexibility and strategic foresight are paramount. The current limitations for our fund in New Zealand have actually hindered the ability for the fund to fully capitalise on the dynamic and adaptable and flexible investment opportunities both domestically in New Zealand but also globally over the shore.Now the world of investment has evolved drastically over the last 10 and 20 years and as a mature investment fund the New Zealand Superannuation Fund must also evolve and catch up. It needs to be equipped with the ability to adapt to a modern economy and also to explore a wider range of investment opportunities especially with those available in New Zealand. So by allowing the Guardian to take a controlling interest we are actually allowing ourselves to align with the progressive trend ensuring that our fund is not a passive speculator but actually a very proactive participant in shaping the future and shaping the investments that it invests into.Now part of the bill actually talked about the champions of integrating ESG—which is environmental social and governance—criteria in the fund's investment decisions. So by enabling the Guardian to have that controlling interest we are actually allowing the fund to have the ability to influence and shift investment decisions. Now this approach aligns with global standards but it also resonates with values of Kiwis in our country in our community by ensuring that our investment reflects our commitment to the environment to social responsibility and to ethical governance.Now during the select committee stages we deliberated on the potential impacts of this bill and this is how I feel after we finished the select committee stage: which is the amendments that we are doing is enhancing the economic sovereignty of New Zealand. The Guardian will now after passing this bill tonight have access to a broader array of partnership opportunities that promises not only financial returns with but also a strategic benefit to our economy.During the submission stage we've also considered heard and debated the merit and also arrived at a consensus across the House that respects the need to both grow our own investment and grow with safety and insurance. So I do want to take the opportunity to thank all the members on the Finance and Expenditure Committee who share similar thoughts and insights looking into the future.Now as I debated and researched about the fund and I looked into the fund's performance—if I can quickly allude you to at the end of the 2023 financial year the fund had returned 11.87 percent for the preceding 12 months almost 8 percent for the previous five years almost 11 percent per annum over the previous 10 years and about 10 percent per annum since inception. These returns are actually in excess of the return of New Zealand Treasury bills. And guess what! The New Zealand Superannuation Fund is one of the few sovereign wealth funds in the world that actually pay taxes in their home country. So imagine this: by allowing the fund to do better by allowing them to have more opportunity to invest they bring more return for New Zealanders and they also pay more taxes in New Zealand.So with all of the above I'm actually very proud that I'm part of the team and part of the committee to be seeing and supporting this bill through. So in conclusion this bill reflects that we now have a forward-thinking approach to our national investment. It also recognises the role that the fund has in providing a long-term security to our superannuitants and improving the opportunities to enhance returns for all of New Zealand. So in the step of developments to similar funds to the other parts of the world I join all members across the House tonight and commend this bill to the House.Motion agreed to.Bill read a third time.