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Green Bill Will Help Clean Up Super Fund Investments

8 November 2012

Green Bill Will Help Clean Up Super Fund Investments

The Green Party is urging all other parties to support changes to the responsible investment criteria used by the New Zealand Superannuation Fund following their Climate Change (NZ Superannuation Fund) Bill being drawn from the members’ ballot today.

The Bill requires the New Zealand Superannuation Fund to consider climate change and the broader environmental impact of the companies in which they invest.

“The super fund is about long-term economic thinking. My bill will ensure environmental considerations are an integral part of that thinking,” said Green Party Co-leader Dr Russel Norman.

“The New Zealand Superannuation Fund recently divested from some companies due to environmental and human rights considerations, so it can be done.

“This is a smart way to run our superannuation fund. Investing in companies that are working to mitigate climate change means our money will be invested today in the new clean economy of tomorrow.”

Dr Norman also pointed out it is possible for the super fund to be both responsible and profitable.

“The world’s largest sovereign wealth fund, the Norwegian Pension fund, has world-leading responsible investment criteria overseen by an ethics council,” said Dr Norman.

“Their criteria prohibits investment in companies that cause severe environmental degradation.

“My bill will align our fund’s responsible investment decision making processes with global best practice. It is a clear change to the Act that will have positive consequences for the environment.”

A copy of the bill can be found here: http://www.greens.org.nz/sites/default/files/climatechangenewzealandsuperannuationfundamendment1.pdf

Note: The Climate Change (NZ Superannuation Fund) Bill was in the ballot under the name of Green MP Eugenie Sage, but has been transferred to Green Party Co-leader Dr Russel Norman who has led the party’s work on the superannuation funds ethical investment issues.


ENDS

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