The review examined ACC Investments’ handling of its $50.8 billion fund, which is structured to support the long-term costs associated with historical injury claims.
According to the assessment, ACC’s investment function is aligned with its statutory responsibilities and organisational goals.
WTW identified that the governance framework, investment processes, and operational systems are robust and appropriately matched to the organisation’s mandate.
ACC’s executive team and Board Investment Committee (BIC) have acknowledged the review’s findings.
Mark Cross, chair of the BIC, stated that the independent assessment confirms ACC Investments is meeting its legislative and investment objectives.
“We’re reassured by the independent review’s confirmation that ACC Investments is performing its legislative and investment objectives effectively,” he said. “It’s a clear recognition of the capability, culture, and professionalism of the investment team.”
The review noted ACC’s performance in generating investment returns above its benchmark.
Over the long term, ACC Investments has achieved an average annual return of 9.29%, outperforming its benchmark by more than 1.2% each year since the fund’s inception.
WTW also referenced the organisation’s clear governance structures and the collaborative nature of its investment team.
David Iverson, ACC’s chief investment officer, said the review supports the organisation’s confidence in its investment strategy and execution.
“The review reinforces our confidence in our investment strategy and its execution through the investment function,” he said. “It shows that ACC Investments is navigating a complex mandate with sophistication and discipline, while delivering strong long-term outcomes for levy payers.”
The BIC has stated it will review the recommendations from WTW to further enhance ACC Investments’ operational capacity and long-term sustainability.
Megan Main, ACC’s chief executive, said the organisation will work with Treasury on the review’s suggestions and continue to focus on maintaining standards within the investment function.
“We’re proud of the team’s performance and the culture of integrity and inquiry they’ve cultivated over the years,” she said. “This review validates that, and we look forward to working with Treasury on the suggested recommendations to continue the high standards within Investments for the benefit of all New Zealanders.”
ACC’s investment fund is designed to cover the future costs of claims for injuries that have already occurred, aiming to reduce the financial burden on future levy payers.
The fund’s returns help offset the costs of the ACC scheme and contribute to keeping levies stable.
The private markets portfolio includes investments in areas such as community housing, renewable energy, and infrastructure partnerships with iwi, supporting broader development across New Zealand.
ACC’s investment decisions are guided by an ethical investment policy, and the organisation is a signatory to the UN-supported Principles for Responsible Investment (PRI), which sets out standards for incorporating environmental, social, and governance (ESG) considerations.
In a separate initiative, ACC has launched an independent review of its workplace culture and internal processes for managing inappropriate behaviour.
The review, announced in March 2025, will evaluate whether ACC’s systems and policies are effective in supporting a respectful and safe work environment.
