The chairman is David May, the Deputy Chair of the Government Superannuation Fund Authority and the former Managing Director of the Colonial Group in New Zealand. His term runs until the end of May, 2007.

Sir Douglas Graham is Deputy Chair and will also serve a five-year term. Sir Douglas was a cabinet minister in the last National-led government and chairs the Lombard Group, a private banking firm with assets under management of around $100 million.

Other appointees are:

• Dr Michaela Anderson: Director of Policy and Research for the Association of Superannuation Funds in Australia. [Term expires 31 May, 2006.]
• Ira Bing: a private investor with a strong investment banking background in Britain and with Merrill Lynch in Europe. [31 May, 2005.]
• Brian Gaynor: a respected independent investment analyst and a director of the New Zealand Investment Trust Plc. [31 May, 2006.]
• Bridget Wickham: Chief Executive of the University of Auckland Development and an experienced senior company executive. [31 May, 2005.]

The law provides for between five to seven guardians. A seventh appointment will be made further down the track.

"The Guardians are responsible for setting the investment policies of the Fund and for appointing the funds managers so it is important that we get the right mix of experience and skills. I am confident we have done that," Dr Cullen said.

The government consulted the other political parties in June on the proposed appointments and received no objections but deferred recommending the nominees to the Governor General until after the election.

The chair will receive an annual fee of $34,000; the Deputy Chair, $21,250 and the rest, $17,000.

The Fund currently contains $805 million and is held in the Debt Management Office of the Treasury. Money is being fed into it at the rate of $46 million each fortnight.