Govt default KiwiSaver funds must be responsibly invested

The Government should follow the actions of Grosevnor and take swift steps to ensure its default KiwiSaver funds meet minimum ethical standards, the Green Party said today.

Grosvenor announced yesterday that it was shifting its default KiwiSaver fund into a highly ethical international share index, which screens out companies producing items such as alcohol, tobacco, military weapons, firearms, nuclear power and fossil fuels. The move comes after reports last week showed at least five default KiwiSaver schemes were invested in companies making cluster bombs, mines and nuclear weapons.

“The Government can and should ensure that all default KiwiSaver funds abide by high standards for responsible investment,” Green Party finance spokesperson Julie Anne Genter said.

“KiwiBank, and now Grosvenor, have set a high bar for responsible investment for their default KiwiSaver funds, and Grosvenor has shown that fund managers can move very quickly to screen out unethical investments.

“Default KiwiSaver funds are chosen by the Government, so they should all meet ethical bottom lines consistent with our values and our law.

“By doing nothing, the Government is implicitly saying that it’s okay to invest in companies that produce illegal weapons that maim and kill innocent men, women and children.

“The Ministry of Foreign Affairs and Trade says that, ‘New Zealand regards the very existence of anti-personnel landmines and cluster munitions as inherently unacceptable’.

“If that’s still the case, the Government should walk its talk and set some basic standards for KiwiSaver investment.

“At a minimum, the Government should set a date by which all KiwiSaver funds must no longer invest in companies that manufacture cluster bombs, landmines, and nuclear weapons,” said Ms Genter.

Petition

Let’s ditch fossil fuels once and for all

When all our energy comes from the sun, the wind, and the flow of rivers, we won’t need to burn the fossil fuels that cause the climate crisis. Our...
SIGN ON

Petition

Support our Poverty Action Plan

Our Poverty Action Plan will completely change the way we support people in New Zealand so when people ask for help, they get it. It overhauls the ...
SIGN ON

Action

Local Events

We have activists across Aotearoa / New Zealand who are working hard to build a brighter future for our kids and grandkids. This page lists upcomin...
Take Action

Action

It's time to pay our essential workers a dignified wage

Our essential workers are the heroes getting us through the COVID-19 crisis, yet for too long they’ve been...
Take Action

Latest Finance Announcements

Policy

Economic Policy

A Green economy is about better quality of life for people and the planet. Economic success is intertwined with environmental and human wellbeing. ...
See More

Policy

Trade and Foreign Investment Policy

We support fair trade that’s good for economic prosperity, people, and the planet. Trade agreements must respect democracy and state sovereignty T...
See More

Story

Green Budget win backs public sector leadership on climate change

The Greens in Government have today won a significant investment to help move the public sector estate onto clean, renewable energy, Green Party Co...
Read More

Story

Budget 2019 Speech - James Shaw

E te Māngai o te Whare, tēnā koe. Ki a koutou ōku hoa Pāremata, huri noa i te Whare, ngā mihi o te tau hou ki a koutou katoa. 1.         The Wellbe...
Read More

Story

Green Party welcomes first Wellbeing Budget

“The Green Party is proud to welcome New Zealand’s first Wellbeing Budget to deliver change for New Zealanders,” Green Party Co-leader James Shaw s...
Read More

Story

Wellbeing: We need to change how we see our economy

“The Wellbeing Budget is a first step in changing the way we look at the economy and our place in it”, said Green Party Co-leader Marama Davidson. ...
Read More