Govt caught acting unethically over cluster bomb investments

Information uncovered by the Green Party showing the Government’s $31 billion ACC Investment Fund has been illegally investing New Zealanders’ money into cluster munitions companies is further evidence of National’s disregard for the laws and ethics of investment.

The Green Party asked the ACC Fund in November 2015 whether it had any exposure to illegal investments in cluster munitions companies through pooled or collective investment vehicles. Seventy-six working days later*, the ACC Fund admitted that it had $1.4 million invested in cluster munitions and nuclear weapons manufacturer Lockheed Martin. Before responding to the Green Party’s request for information, however, ACC sold its Lockheed investment and updated its ethical investment policy.

“Once again, funds that the National Government is directly responsible for have been caught out investing illegally and immorally,” Green Party finance spokesperson Julie Anne Genter said.

“New Zealanders care deeply about whether or not their money is being used to do harm elsewhere. It’s time the National Government did too.

“It is both unethical and illegal for funds to be invested in companies that manufacture cluster bombs, and the ACC Fund has been caught doing so by our request for information under the Official Information Act.

“Cluster bombs kill and maim tens of thousands of innocent people every year long after fighting has ceased.

“These weapons blow innocent kids’ legs off and it’s time the Government set up strong rules about profiting from investments in the companies that make these weapons.

“National signed the Cluster Bomb Convention into law in 2009. They need to take responsibility for it and ensure government funds and KiwiSaver funds don’t invest in companies which make money from manufacturing illegal weapons of war.

“The Government needs to walk its talk and set some basic ethical standards for investment,” said Ms Genter.

Link to ACC response to the Green Party:
ACC1

ACC2   

 

* !

Latest Finance Announcements

Story

Tax the banks

Instead of creating an appeal fund and one-off lotto draw, the Labour Government could tax the billions of dollars banks have made in unearned, exc...
Read More

Story

Urgent action needed to support families

 The tools exist to help families with surging costs – and as costs continue to rise it is more urgent than ever that we use them, the Green Party ...
Read More

Story

BPS constraints risk impacting low income people the most

The Government will constrain itself unnecessarily at Budget 2023 unless it changes the tax system to raise revenue from the wealthiest few which c...
Read More

Story

Case for excess profit tax on banks clearer than ever

The Government should adopt an excess profits tax and use any revenue raised to help people make ends meet, following the rise in the Official Cash...
Read More

Story

Tax excess profits, don’t leave it to the good will of large corporations

The Green Party is once again calling on the Government to introduce an excess profits tax and use the money to support people, rather than relying...
Read More

Story

RBNZ report strengthens case for excess profit tax and more income support

A drop in household income from rising bank interest rates further demonstrates the need for an excess profits tax, the Green Party says.
Read More

Latest ACC Announcements

Story

Birth injuries bill celebrated - next step, full cover

Parents who are injured while giving birth will be better supported by ACC, thanks to months of pressure from the Green Party, parents, community a...
Read More

Story

Time to transform care and support for disabled people

Urgent reform is essential to ensure disabled people have equal access to the care and support they need, the Green Party says in response to a new...
Read More

Story

Wider scope for birth injuries bill celebrated

Thanks to political pressure from the Green Party and the more than 900 personal stories of birth injury and trauma delivered to Minister Sepuloni,...
Read More

Story

Personal stories of birth injuries delivered to ACC Minister

Trigger warning: this mentions traumatic births and birth injuries Each one of the more than 900 personal stories collected by the Green Party and ...
Read More

Action

Make a submission in support of comprehensive care for parents

Now's your chance to have our say on the law change that will allow ACC to cover birth injuries. Have your say by midnight on Friday 11 February

Story

Green Party celebrates better support for birth injuries

The Greens are celebrating the first reading last night of new ACC legislation to better support birth injuries after a successful campaign achieve...
Read More