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

Green Party supports Budget 2021 which will help those in poverty

The Green Party supports the 2021 Budget which increases income support for New Zealanders living in poverty, and we’ll continue to push for a long...
Read More

Story

Green Party welcomes KiwiSaver fossil fuel and illegal weapons exclusion

The Green Party is welcoming the changes to KiwiSaver implemented today by the Government that require default providers to exclude investments in ...
Read More

Story

Greens welcome protections for Kiwis’ savings

The Green Party is welcoming the Government’s announcement that bank deposits up to $100,000 will be protected under new rules.
Read More

Story

Housing plan a start, but much more needed to meet the scale of the crisis

The Government’s housing announcement is a very small start but it doesn’t go far enough to genuinely meet the scale of the crisis.
Read More

Story

Greens announce 4 point plan to stop runaway housing crisis

The Green Party is calling for bold, transformational measures to stop the accelerating housing crisis that is locking New Zealanders out of a stab...
Read More

Story

Tax data exposes gross inequity between the wealthiest and poorest New Zealanders

Government data today shows that the wealthiest New Zealanders aren’t paying their fair share of tax, whilst everyone else chips in, Green Party sp...
Read More

Latest ACC Announcements

Poverty Action Plan

Support shouldn’t be conditional and our plan isn’t either. Our plan is a new, simple safety net that works for all of us. It’s our plan to improv...
Read More

Policy

Accident Compensation Policy

Click here for our 2020 Election Priorities for ACC ACC needs to be a fair system that is there for all New Zealanders to get help when they need ...
See More

Policy

Prohibition of Investment of Public Funds in Fossil Fuels Bill

This Member’s Bill sets out the Green Party’s plan to move Aotearoa New Zealand towards a safe climate future, by divesting all public funds from f...
See More

Story

ACC must show leadership on climate change

As the largest publicly owned investor in New Zealand, the ACC board should divest from fossil fuels, demonstrating our leadership role on climate ...
Read More