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Green Position On Super Fund

The Green Party has confirmed it is committed to the continued provision of universal (publicly funded) superannuation but are still investigating whether the Government's pre-funding proposal is the best way to do it.

Green Party Co-leader Rod Donald said the Green caucus was briefed by the Government on their proposal this morning and was also taking independent advice.

"The issue of how super will be funded in the future will be one of the most important decisions this parliament will make and the Greens want to get it right," he said.

Mr Donald said if the Greens decided to support the Government's proposal in principal they would want to ensure the fund was invested not only prudently but also ethically and with New Zealand's economic sovereignty in mind.

"We certainly would not want a super fund invested in weapons of war, cigarette factories or government regimes like Burma," said Mr Donald. The Greens would expect the Government to instruct the Funds Board to ensure any investments met triple bottom line criteria: commercial, environmental and social.

"Obviously profit on the fund investment is very important but maximising that profit must not be at the expense of the environment, the rights of workers or the advancement of democracy. Also New Zealand's ability to determine our own economic destiny must not be undermined through excessive off shore investment."

Mr Donald said the Greens supported the need for stability and security for those over 65 but were concerned that young people, low income earners and those with ill health were not being afforded the same guaranteed rights by this Government.

"We do however applaud the Government for briefing all opposition parties today. What's more, all but NZ First participated. This is the first step towards the Greens' objective of a multi party consensus on superannuation," said Mr Donald.


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