NZ Super Fund invests $100m in nukes etc

The Green Party is challenging the New Zealand Super Fund’s statement today that they no longer invest in ethically compromised companies such as those engaged in nuclear weapons manufacture.

The Super Fund said today: “the Fund does not hold investments in any firm involved in the manufacture of nuclear explosive devices”.

“However, in response to my written question (08040, 2008) the NZ Super Fund revealed that, as of August 31, it still holds $41.9m holdings in a series of companies that the Norwegian Pension Fund excludes because they are involved in developing and/or producing central components for nuclear weapons,” Green Party Co-Leader Russel Norman says.

The Norwegian Pension Fund is the second biggest sovereign fund in the world, worth NZ$500 billion, and has signed up to the same set of United Nations ethical investment guidelines as the NZ Super Fund.

“The Norwegian Pension Fund excluded BAE, Boeing, Northrop Grumman, Honeywell and United Technologies because it found they were involved in developing and/or producing central components for nuclear weapons.

“The NZ Super Fund is dancing on a pin to try to justify their investments in these companies. How can it not damage our reputation as a nuclear free nation when we invest in those companies making money out of making nuclear weapons?

“In total the NZ Super Fund has around $100m worth of investments in companies that the Norway Pension Fund shuns because of ethical reasons (see list below).”

The NZ Super Fund claimed today that “responsible investment is an important focus for us. We are proud of our achievements”.

“Are they proud of their investments in companies that the Norway Fund found were causing severe environmental damage such as Rio Tino and Freeport? Is making money by pumping 230,000 tonnes of tailings into a river system every day something to be proud of?

“The Fund has lost a lot of money for reasons beyond its control. But it is also damaging our international reputation as a good citizen and that is within its control and the control of the Government,” says Dr Norman.