Cullen buckles on ethical investment guidelines

Green Media Release 17th May 2007

The Government has finally buckled to Green pressure to make KiwiSaver providers disclose their approach to ethical investing, although it has not stopped the New Zealand Super Fund from investing in nuclear weapons manufacture.

“The Greens have been instrumental in putting ethical investment on the agenda and hence we were gratified that Finance Minister Michael Cullen has finally buckled to our pressure for KiwiSaver providers to disclose their approach to ethical investing, as announced in his budget speech today.

“However we remain concerned that people will not have the investment guidelines by the time they have to choose their providers and so will choose them without knowing their ethical investment criteria. It’s a case of better late than never but I urge the Government to get the statements ready as fast as possible.

“Most of all I am disappointed that Michael Cullen has left the New Zealand Super Fund free to invest our taxes in nuclear weapons manufacture. In February I revealed that the Super Fund had been investing our taxes in companies involved in the manufacture of nuclear weapons and this is still occurring.

“I am currently collecting a petition to stop the Super Fund investing in nukes and will be presenting it in the next couple of weeks.

“The first victory for ethical investment is getting the KiwiSaver providers to disclose their investment approach. The next step is to get the NZ Super Fund investing our taxes ethically.

ENDS

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