Govt must set the ethical standard on KiwiSaver investments

The Government needs to set higher ethical investment standards for its default KiwiSaver providers, the Green Party said today.

Radio New Zealand revealed today that a majority of the nine default KiwiSaver funds currently invest in companies involved in the manufacture of cluster bombs, landmines, and nuclear weapons. Only one default KiwiSaver provider, KiwiBank, has said that it excludes these companies from its investments.

“Profiting from the production of cluster munitions, landmines, and nuclear weapons is immoral, and most Kiwis wouldn’t want their Government directed savings invested anywhere near these companies,” Green Party finance spokesperson Julie Anne Genter said.

“The Government should be showing strong leadership by clarifying the legality of investing in cluster munitions and landmines, and put a timeframe around when all default KiwiSaver funds will be clean from them.

“Default KiwiSaver Funds need to be legally invested, at a minimum, and preferably ethically invested, so that New Zealanders have the best choices over where their money goes.

“We believe, particularly in the case of cluster munitions, that such investments are likely to be illegal under the Cluster Munitions Prohibition Act 2009.

“The Auditor General found in 2012 that it was illegal for the New Zealand Superannuation Fund to invest in cluster bomb manufacturers, either directly or indirectly.

“This is not simply some nice-to-have optional component to KiwiSaver. Cluster bombs and landmines are blowing the legs off tens-of-thousands of children in forgotten war zones long after fighting has ceased.

“New Zealand was one of six states that initiated discussions which led to the Convention on Cluster Munitions coming into existence in 2010, saying that the ‘very existence of anti-personnel landmines and cluster munitions as inherently unacceptable’.

“The Green Party in Government would establish a public, ethical default KiwiSaver fund,” said Ms Genter.

 

 

Action

Jeanette Fitzsimon's Memorial

Since her passing, we have been so moved by your stories of Jeanette. Inspiring, challenging, humorous, poignant — endless stories of a life so ric...
Take Action

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

Action

Join our call to stop funding fossil fuels!

We need to remove all public money managed by the Government from climate-changing fossil fuel industries.
Take Action

Action

Support our Climate Action Plan for bigger bolder climate action

We agree with all five of the School Strike for Climate's demands. Read more and sign the petition.
Take Action

Action

Show your support to end housing inequality

Our essential workers are the heroes getting us through the COVID-19 crisis, yet for too long they’ve been undervalued and many barely....
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