MAS is a membership-based insurance and investment company for New Zealand professionals.

Our difference

As a mutual society, our customers become Members. We're owned by our Members so we don't have to generate big profits for external shareholders. And because MAS advisers are paid a salary with no commissions, you can be sure we have your best interest at heart.

Our history

We were founded by doctors for doctors in 1921, and now more than 80% of the medical profession insure with MAS.
Today we welcome all professionals along with their friends and families. If you'd like to discuss insurance, investments or lending, we'd love to talk.

Our approach to responsible investing

With MAS, your money is invested to help you achieve healthier returns and a healthier planet.  
We do this by targeting companies with superior environmental, social, and governance (ESG) performance and restricting your exposure to fossil fuels, weapons, and tobacco. 
As an active steward of your money, we engage with the companies you own to campaign for human rights, labour rights, anti-corruption, and the environment. We also represent you at company meetings and use your shareholder voting rights to advocate for people, planet, and profit.  

You can obtain an explanation of the extent to which responsible investments is taken into account on our website: mas.co.nz/responsible-investments.

About MAS:MAS is a membership-based insurance and investment company for New Zealand professionals. As a mutual society, our customers become Members. We're owned by our Members so we don't have to generate big profits for external shareholders. And because MAS advisers are paid a salary with no commissions, you can be sure we have your best interest at heart.

Our values are codified in our Responsible Investment Beliefs:

We invest for healthier returns and a healthier planet. We do this by backing companies that support positive climate outcomes, reducing exposure to harmful companies, and using our shareholder influence to drive positive change.

MAS provides the same approach to all investments. This not only includes the different multi-asset options available within its retail product ranges (e.g. Conservative; Balanced; Growth Portfolios) but also Parent Company reserves (e.g. general insurance; life and disability; and other reserves).

Responsible Investment Statement:

Our investment managers screen potential investments from an ethical perspective to ensure they meet the following criteria as an important part of our due diligence process. We will not invest in companies whose principal business activity is the manufacture and sale of armaments or tobacco, or the exploration, extraction, refining or processing of fossil fuels. In addition, the funds will not invest in any utility that primarily burns fossil fuels.

Further info on thresholds applied: Avoid harm - MAS

Approach:

MSCI undertake the screening necessary to enable the MAS Responsible Investment (RI) Policy exclusion categories, being fossil fuels, tobacco, and weapons. The threshold for exclusions is generally 10% or greater of total revenue with some categories (e.g., tobacco production or controversial weapons) having a 0% revenue threshold.

The resulting shortlisted securities form the basis of the investment universe for international equities, Australasian equities, NZ fixed interest and NZ cash. For international equities the shortlisted securities are further refined to the ‘core’ portfolio (approximately 75% of the total international equities portfolio). This is implemented by a direct mandate with Blackrock that replicates the MSCI ACWI Climate Paris Aligned Index, while also incorporating the exclusion categories of the MAS RI Policy.

For the ‘tilt’ component of international equities portfolio (approximately 25% of the total international equities portfolio), the investment manager, JB Were, identifies macroeconomic or thematic investment ideas with a 2-5 year time horizon. This is done following an investment process that considers conviction, valuation, and time horizon. Various risk and diversification reviews are carried out to derive a final list of preferred investment themes. These investments’ themes may be geographic (e.g., India) or sector-based (e.g., US medical devices). Identified securities are then put through (on a look through basis if Exchange Traded Funds are proposed) MSCI screens. In addition, companies that fall below minimum MSCI controversy scores are excluded.

Australasian equities are actively managed by JB Were using a ‘growth at reasonable price’ methodology. ESG factors are incorporated into the investment decision making process, after the exclusion screens operated by MSCI have been applied.

New Zealand fixed interest securities are selected by the investment manager, Bancorp, based on various diversification, duration, and valuation modelling. All potential and actual holdings pass through the MSCI screening process.

International fixed interest is managed by PIMCO, via a New Zealand based version of the PIMCO Global Bond Fund. All screening is carried out by PIMCO, and the exclusions are consistent with the MAS RI Policy. PIMCO consider ESG factors in their investment decision making process.

Where a potential security is not covered by MSCI screens, it must be screened by the JB Were Portfolio Implementation Team to confirm compliance with MAS RI Policy. In matters of doubt, the Portfolio Implementation Team will escalate the analysis to MSCI.

All securities are re-screened on a quarterly basis, in line with refreshed screens from MSCI.

Investment managers meet quarterly with the MAS Investment Committee / Trustees. Contractual arrangements between MAS and JB Were, and in turn between third parties, ensure key personnel know what their requirements are and attest to these on a quarterly basis. The RI Policy is reviewed at the quarterly MAS Investment Committee / Trustee meetings.

MAS has internal legal and marketing document review cycles; whereby material is reviewed quarterly or upon known changes (legal documents) and at least annually or upon known changes (generic marketing collateral, including websites and internal material (intranet, training modules etc.). Responsible Investment processes and license management follow our internal Investment Obligations and Third-Party controls procedures. These ensure requirements are being adhered to.