An excellent piece by Matt Nippert, Caleb Tutty, Olivia Carville in The Herald is generating a lot of discussion this morning:
Dirty secrets of KiwiSaver revealed
A Herald investigation into KiwiSaver funds has found pervasive holdings – totalling more than $100 million – by members of the public in companies considered so controversial the government-owned New Zealand Superannuation Fund has blacklisted them.
The exclusions range from companies involved in tobacco industry, to those breaching international agreements New Zealand has signed banning nuclear and cluster weapons and landmines, and mining companies guilty of gross human rights abuses.
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Fund providers are shown to have markedly different approaches to responsible investing, with several having moved in recent years to match NZSF exclusions while some are considerable more exposed than others.
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KiwiSaver funds analysed by the Herald have been approached for comment and further findings will be released this afternoon as they respond.Green Party co-leader James Shaw said he was “horrified” by the nature of the KiwiSaver investments.
“I think the vast majority of New Zealanders would also be horrified that their life savings are invested in companies that are actively involved in the manufacture and distribution of cluster munitions, nuclear weapons, land mines and tobacco.” …
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