Nazzal v Guardians of New Zealand Superannuation - [2026] NZHC 681

Application for judicial review. The applicants submitted the policy documents the Guardians of New Zealand Superannuation have established in response to the relevant statutory duties do not comply with the requirement to avoid prejudicing the country's reputation and are to that extent unlawful. The Court found the policy documents did not identify with sufficient clarity the standards and procedures the respondent would comply with, in a way that enabled consistent application and review.

HELD: the application for judicial review was granted. The Court made the following declaration that:

(a) part nine of the statement of investment policies, standards, and procedures; and

(b) the sustainable investment framework

do not comply with the requirements of ss 58(2)(c) and 61 (d) of the New Zealand Superannuation and Retirement Income Act 2001 and are unreasonable and unlawful.