Irony of Norwegian Pension Fund Model Lost on Green Party
Irony of Norwegian Government’s Pension Fund Model
Lost on Green Party
16 JANUARY 2017
FOR IMMEDIATE
RELEASE
The Taxpayers' Union is backing Finance Minister Steven Joyce’s criticism of the politicisation by the Green Party of the New Zealand Superannuation Fund after the party called for environmental conditions to be placed on the fund's investment management.
Responding to the interviews this morning on Radio NZ’s morning report, and the subsequent media release by the Green Party, Jordan Williams, Executive Director of the Taxpayers’ Union, says:
“Politicians must stay out of interfering with the investment strategy of the NZ Superfund if it is to achieve its objective to maximise returns so that future superannuation entitlements are affordable. It cannot be all things to all people and Mr Joyce is right to be holding firm. With the exception of investments which are illegal under New Zealand law, the fund should be fully diversified, ignoring political considerations and chasing the highest returns possible.”
“There is a real irony in the fact the Green Party Co-leader James Shaw cites the Norwegian Government’s Pension Fund as the model for low carbon investing. The Norwegian Fund derives its financial backing solely from oil profits, not pension or taxpayer contributions."
“The fund Mr Shaw suggests is the beacon of sustainability is literally known in Norway as Oljefondet, or in English, ‘Oil Fund'".
ENDS