Ethical investment Bill drawn from ballot

Ethical investment Bill drawn from ballot

A bill, sponsored by Wellington Central MP Grant Robertson aiming to ensure that government investment funds are managed in a socially and environmentally responsible way will be debated in Parliament after being drawn from the Private Members Ballot.

“New Zealanders want the funds invested on their behalf to make a healthy return in order that important services such as ACC and New Zealand Super can continue to be provided,” Grant Robertson said.

“I also believe that New Zealanders want those investments to be ethically sound. This bill sets out to ensure that we can meet both of these goals.

“Our key crown financial institutions are aware of these issues and have made some progress in recent years towards socially responsible investment. For example, the Super Fund has directed its investment managers to exclude companies involved in the manufacture of cluster munitions, following New Zealand’s signing of the Cluster Munitions convention.

“What this Bill will do is give clear and consistent criteria for crown financial institutions to use to direct their investment managers to operate within, based on international norms and treaties.

“They do not limit the policies of each fund, but give clear expectations of the standards that we expect of the funds. These criteria emphasise the importance of investing in organisations that have good governance, treat their stakeholders fairly and uphold human rights and good labour standards.

“From an environmental standpoint the organisations that are invested in should be conscious of their ecological footprint and should not be harmful to resources such as air, water and land.

“My Members Bill also sets out clear reporting requirements for funds that will ensure there is transparency around investments. I want to pay tribute to my colleague Maryan Street who developed this legislation during the last Parliament.

“I am pleased to be able to take it up, and I hope other parties will support further the discussion around the importance of socially responsible and sustainable investment practices,” Grant Robertson said.

ENDS