Source · Select Committees · Treasury Committee
Recommendation 2
2
Accepted
Acknowledge expected investment failures as a sign of appropriate National Wealth Fund risk appetite.
Conclusion
It is important to understand that some companies that the NWF invests in will fail, and the NWF will lose the value of some of its investments. This, in itself, cannot be a cause of criticism of the NWF, because it should have a higher risk appetite. Indeed, if none of its investments fail that suggests that it does not have a sufficiently high-risk appetite. (Conclusion, Paragraph 25)
Government response summary AI-generated
The government describes the NWF's mandate, substantial capitalisation, and statutory footing, which provides for an independent review and reporting on impact, aligning with the understanding that high-risk investments will sometimes fail.
Government Response
The government responded to this report on 15 January 2026. No passage in that response could be matched to this conclusion. Read the response document ↗