23 March 2017

Deadline for divestment needed on illegal weapons

The Government needs to set a clear deadline for when all KiwiSaver providers should have divested from companies involved in the manufacture of cluster bombs, landmines, and nuclear weapons, the Green Party said today.

Radio New Zealand today revealed that four default KiwiSaver providers — ANZ, Westpac, Kiwibank, and Mercer — continued to profit from investments in companies involved in the manufacture of cluster bombs, landmines, and nuclear weapons. Jacqui Dean, Minister for Commerce and Consumer Affairs, expects all KiwiSaver providers to divest from these companies but has failed to set a clear deadline when.

“The Government must set a clear deadline for when all KiwiSaver funds should dump their investments in companies involved in the manufacture of these horrific weapons,” said Green Party Co-leader James Shaw.

“The National Government’s weak approach is letting too many KiwiSaver providers off the hook for behaviour that is unethical and possibly illegal.

“Parliament’s intention was clear when it passed a law banning investment in companies producing cluster bombs in 2009.

“Jacqui Dean was on the Select Committee that added the investment ban to the law.

“It’s time for the Government to get tough on investment companies that are dragging their feet on ethical investment.

“Booster (then known as Grosvenor) moved within a week of reports last year to divest from its weapons investments. It can be done,” said Mr Shaw.

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