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Ethical Superfund investment is not an option!

23 May 2004
From Bronwen Summers for Green Party parliamentary staff

Ethical Superfund investment is not an option!

Green Party parliamentary staff are outraged that the Government hasn't offered an 'ethical investment' option amongst the schemes it is touting to state employees.

"The three schemes available for state sector workers to join - Axa, ASB and AMP - do not offer an ethical investment portfolio, although we know they are out there," said Bronwen Summers, a spokesperson for the Green Party's parliamentary staff.

"All state employees are eligible to join one of these three schemes, with the Government offering a dollar-for-dollar subsidy up to one point five per cent of the employee's salary, moving to three per cent in a year's time,"

"If you are passionate about the environment, why would you join a super scheme that may have shares in a company that owns, say, the Exxon Valdez, the supertanker which caused the huge oil spill off the coast of Alaska.

"Why would you march on the streets against weapons of mass destruction, as we have done, and then invest in a superfund that has investments in weapons manufacturing?

"We are not just concerned with the fees and the rate of return. None of us want investments in tobacco, alcohol, weapons, fast food, sweatshop labour or prisons. We are simply not prepared to sell our souls.

"Other state employees I imagine also want these questions answered. How does the PSA, PPTA, NZEI and other unions covering state employees feel about all of this?

"It would also be nice to see a bigger stake in New Zealand investments. Why not have a fund supporting NZ owned and operated industry and businesses that are keeping jobs in New Zealand for New Zealanders?" Bronwen Summers concluded.

ENDS


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