If adrian orr was motivated by his salary he would have left already _ stuff. co. nz

The former Reserve Bank head of economics who runs the New Zealand Superannuation Fund has slowly taken on something of a saint-like status.

A world-leading money man leading a campaign to offset the inevitable financial burden of an aging population, which Kiwi politicians are unwilling to confront.

Prime Minister Bill English was clearly furious that NZ Super ignored his advice not to give Orr a major pay increase.


How much do you pay a cleaning lady per hour When asked if she could think of a similar rebuke from a shareholder to a board chair, NZ Super Fund chairwoman Catherine Savage said she could not think of one.

The NZ Super Fund, as we are consistently told, is achieving best-in-class returns. Cleaning lady holiday tip A rate of return of 9.9 per cent a year, meaning New Zealand now had $5.7 billion more than it would have had it left the money in the bank.

* NZ Super Fund chairwoman will not resign over boss Adrian Orr’s pay rise

“We’ve got a fantastic chief executive who we want to keep,” NZ Super Fund chairwoman Catherine Savage said on Tuesday, after news of her decision to effectively ignore the advice of Prime Minister Bill English and give Orr a potential pay increase of 36 per cent.

Make no mistake – a chair ignoring clear and direct advice from a sole shareholder is an extraordinary move, which Savage must have been aware of. Cleaning lady synonym But she was unrepentant, predicting the same disagreement will happen next year too.

One commentator suggested if Orr had achieved such a return in New York he might have made a billion dollars.

But the situation around NZ Super, and Orr’s stunning pay increase, is not as simple as that.

While it is clearly a top performer, the NZ Super Fund has a massive political advantage over anyone else wishing to drop billions of dollars in New Zealand, a fact often overlooked.

Take, for example, its investment in Z Energy, where it partnered with Wellington investment fund Infratil. Animated cleaning lady Both parties made a profit of about $1 billion from the investment in just over five years.

While NZ Super and Orr no doubt offered valuable advice, the investment was managed by Morrison & Co, the investment bank behind Infratil. What does a cleaning lady do The NZ Super Fund’s primary role was as a provider of capital.

Could Infratil have chosen a different partner, say a foreign fund? It is hard to believe it would have been as successful.

Almost since Z Energy was established its chief executive Mike Bennetts was warning very publicly that margins needed to increase to allow it to invest (credit where it is due, petrol stations were closing at a rate of one a week at the time).

Margins certainly have increased, to the point where Energy Minister Judith Collins announced an inquiry into fuel prices.

But in the intervening years, until the NZ Super Fund exited its position (it now owns just 1.5 per cent), Z Energy joyfully told customers that filling up at the pump was helping boost our pension pot.

Imagine if a Wall Street fund manager had made such a hefty profit, through an investment which played a significant role in making our petrol more expensive. Tip cleaning lady home The public would have been up in arms. Average cleaning lady cost But only long after the fund sold its shares did the issue hit the spotlight.

Z Energy is not the only time NZ Super has used its position.

When NZ Post chairman Sir Michael Cullen – who ironically established the NZ Super Fund – announced the partial sale of Kiwibank, he gave a series of bottom lines.

In the following months NZ Super and ACC strong-armed NZ Post into paying for a $90m recapitalisation of Kiwibank as part of the sale.

What could Sir Michael and NZ Post do about it? Nothing. How much do you tip a cleaning lady There was no way Kiwibank could become even 1 per cent privately owned, and the Beehive was licking its lips at the prospect of a $200m special dividend. Cleaning lady images The former Finance Minister had no one else to turn to.

Have a sensitive asset which you want to sell? Life will be a lot easier if it is Orr who writes the cheque.

The point should not be laboured. How much does a maid cost Almost all sovereign wealth funds have the kind of home advantage which NZ Super enjoys.

In any case, much of the fund’s investment is offshore, where it is just another player.

In 2015 JP Morgan hailed NZ Super as the best performing sovereign wealth fund over five years. Sadie the cleaning lady original London’s Financial Times has written fawning profiles. Girl cleaning clipart Orr has what all Kiwis seem to need in their celebrities: international validation.

Savage, who became chair of the NZ Super Fund in December 2015, says her extraordinary disagreement with the Prime Minister stems from the fact that he wants to benchmark Orr’s salary with the public sector, while she believes it should be compared to “the market”, whatever exactly that means.

But Orr’s job is unique, including in a way that few outside the fund management will appreciate. Average cleaning lady rates He never has to ask anyone for money, and there is almost no risk that his one shareholder will look to draw any money down at any time in the next decade.

While many fund management heads spend a chunk of their time in marketing roadshows or in meetings where they pitch to have other investors trust them with their money, Orr has a single pot of cash from a very long term investor.

When he goes to marketing meetings, he is the investor, and in New Zealand at least, he is the biggest show in town.

It is a luxury that very few in similar roles enjoy, including those in “the market” which Savage refers to.

As Bill English has said, his criticism of Orr’s pay rise is not a reflection of the talent of the people involved.

But as he added, no matter how many times people tell him public sector jobs need to reflect private sector pressure, there are queues of talented people who apply for the top public sector jobs.

Of course Orr could have earned more elsewhere. British maid cleaning adelaide But after a decade in the same job, he chooses not to.

Prior to the episode over his pay he was tipped as a leading candidate to take an even more prestigious public sector role heading the Reserve Bank, which would come with a big pay cut. Cleaning lady jokes If he wasn’t at least interested, he would probably say so.

If he was motivated by earning top dollar, he would already be in New York, or Sydney at least. Thank you note for cleaning lady Clearly he is motivated by something unique to his role, which already comes with a salary few Kiwis will ever enjoy.

If that ever ceases to be the case, then the fund should just let him go. The cleaning lady hates me According to Savage, he isn’t even hinting at it.

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