Much of what has been written and said in recent days about the new investment mandate for the Future Fund is factually incorrect and also overlooks the most significant element of the government’s announcement.

The important facts are: the Board of Guardians remains independent of government and retains its long-standing duty to maximise returns; the benchmark return remains at the consumer price index plus 4 per cent to 5 per cent over the long term with an acceptable but not excessive level of risk; and investment decisions will continue to be commercially based upon appropriate risk-adjusted returns.