Our governance
08King V™ is outcomes-based. Each of the four governance outcomes is set out below as we begin our first year of application in FY2026/27.
The transition to King V™ disclosure reflects the Fund's commitment to international governance best practice.
Ethical culture is reflected in the shared values, behaviours and practices that promote ethical conduct and responsible decision-making throughout the Fund.
The Board promotes ethical and effective leadership through its oversight of culture, ethics, and conduct. Ethical behaviour is supported by the Ethics Policy, Code of Conduct, conflict-of-interest declarations, independent whistleblowing arrangements and regular oversight by the Audit and Risk Assurance Committee (ARC) and the Staff Administration and Corporate Affairs Committee (SACA).
During the year, the Fund strengthened its values-driven culture through the refresh of its organisational values, ongoing ethics awareness initiatives and continued focus on accountability, transparency, and stakeholder inclusivity. Ethical considerations are integrated into governance, strategic decision-making, investment oversight, and stakeholder engagement.
The Board is satisfied that governance practices continue to support a culture of integrity, accountability, and responsible corporate citizenship throughout the organisation.
Performance and value creation are reflected in the Fund's ability to create, preserve, and protect value within its economic, social, and environmental context in a sustainable manner.
The Board oversees Vision 2035 and its long-term aspirations relating to coverage, assets under management and stakeholder satisfaction. Through integrated oversight of strategy, performance, risk, sustainability and capital allocation, governance enables the Fund to balance financial sustainability with broader developmental and social objectives.
During the year, governance supported the expansion of social security coverage, continued growth in assets under management, digital transformation, improved member experience, and the advancement of responsible investment initiatives aligned with national development priorities. The Board also strengthened integration between strategy, risk, stakeholder interests, and sustainability considerations in support of long-term value creation.
The Board believes that governance continues to contribute meaningfully to sustainable value creation for members and stakeholders across the financial, human, intellectual, social, and natural capitals.
Conformance and prudent control are reflected in the effectiveness, consistency, and discipline with which the Fund adheres to applicable laws, regulations, adopted standards, and internal governance requirements.
The Board maintained oversight of compliance, risk management, assurance, and internal controls through the ARC, supported by the Enterprise Risk Management Framework, Risk Appetite Framework and Combined Assurance Model. Governance practices are reinforced through clearly defined responsibilities, delegated authorities, policy frameworks, and independent assurance activities.
The Fund continued to operate within an established system of governance, risk management and internal control designed to support accountability, transparency, and responsible decision-making. Compliance oversight, internal audit activities, Board and committee reviews, and ongoing policy enhancement contribute to a disciplined approach to governance and regulatory conformance.
The Board is satisfied that governance systems, controls and assurance arrangements remained effective throughout the reporting period and continue to support the Fund's strategic objectives and long-term sustainability.
Legitimacy is reflected in the trust and confidence placed in the Fund due to responsible corporate citizenship, transparent conduct, and strong stakeholder relationships.
The Board adopts a stakeholder-inclusive approach that seeks to balance the legitimate interests and expectations of members, employees, employers, regulators, Government, organised labour, development partners, and communities. Stakeholder perspectives are incorporated into governance, strategy and decision-making through structured engagement processes and ongoing relationship management.
The Fund continues to strengthen transparency through integrated reporting, stakeholder communication, member engagement initiatives and regular disclosure of governance, sustainability, and performance information. Strategic partnerships, constructive regulatory engagement, and participation in regional and international forums further support the Fund's role as a trusted institution.
The Board believes that the Fund's commitment to stakeholder inclusivity, responsible corporate citizenship and transparent governance continues to strengthen its legitimacy and social licence to operate while supporting sustainable value creation over the long term.
NSSF Integrated Report 2026
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