High Court declares NZ Super Fund's sustainable investment policies unlawful

The High Court, in Nazzal v Guardians of New Zealand Superannuation [2026] NZHC 681, ruled that the New Zealand Superannuation Fund's sustainable investment policies do not comply with the New Zealand Superannuation and Retirement Income Act 2001. The court found that the policies failed to meet statutory requirements, raising concerns about the legality of the fund's investment strategies. This decision has significant implications for the investment industry, emphasizing the need for compliance with legislative mandates in sustainable investment practices.