Investment Intensive Agencies

This page lists the Government Investment Ministers Group approved list of agencies deemed to be investment-intensive (prior named capital intensive agencies) for the purposes of investment management and asset performance expectations, which are set out in Cabinet Office circular CO(19)6.

Cabinet expects higher standards of investment management and asset performance from investment-intensive agencies.

There is a three tier system, with Tiers 1 and 2 being investment-intensive agencies, and Tier 3 being non-investment-intensive agencies. The Tiers are:

• Tier 1 investment-intensive agencies includes agencies with:
  • large asset portfolios  (over $1 billion) or that have large investment intentions, or
  • who have a role to monitor or assist delivery of large investment portfolios in Crown Entities, or
  • who manage assets that are service critical.

• Tier 2 investment-intensive agencies includes agencies with:
  • medium-sized asset portfolios (approx $500m - $1 billion) or that have medium level investment intentions, or
  • who have a role to monitor or assist delivery of moderate investment portfolios in Crown Entities, or
  • who manage assets with a moderate level of service criticality.

• Tier 3 non investment-intensive agencies includes all other agencies outside the above two tiers.

Changes to the classification of investment-intensive agencies can be approved by the Government Investment Ministers Group at any time.

Given the value and importance of the assets under management by investment-intensive agencies, these agencies are required to produce long-term investment plans covering at least 10 years.  They are also required to have the Investor Confidence Rating applied to them.

Current List of Investment-Intensive Agencies

Investment-intensive agencies - Tier 1

• Ministry of Education
• New Zealand Defence Force
• Department of Corrections
• Inland Revenue Department
• Accident Compensation Corporation
• Kāinga Ora - Homes and Communities
• NZ Transport Agency
• Ministry of Health
• Auckland and Canterbury DHBs

Investment-intensive agencies - Tier 2

• Ōtākaro Limited
• Department of Conservation
• Department of Internal Affairs
• Ministry of Business, Innovation, and Employment
• Ministry of Foreign Affairs and Trade
• Ministry of Justice
• Ministry of Social Development
• New Zealand Customs Service
• New Zealand Police
• Tertiary Education Commission (for Tertiary Education Institutions)
• Counties-Manukau DHB
• Waitemata DHB
• Waikato DHB
• Capital and Coast DHB
• Southern DHB
• Northland DHB