Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Superfund profits from nuclear proliferation

21 March 2011

Superfund profits from nuclear proliferation

The Green Party is calling on the New Zealand Superannuation Fund to divest from its $2.1 million stake in Larsen & Toubro, a Mumbai-based multinational involved in designing and building a fleet of nuclear-armed submarines for India.

A response to a Green Party Written Question revealed that the New Zealand Superannuation Fund holds 44,595 shares in Larsen & Toubro Ltd, which had a valuation of NZ$2,082,736 on June 9, 2011.

“It’s grossly irresponsible for the New Zealand Superannuation Fund to be making money out of nuclear proliferation in a region of the world that’s highly unstable,” said Green Party Co-leader Dr Russel Norman.

“Why are the directors of the Superfund risking our reputation as a responsible member of the world community with this $2.1 million investment?

“India is not a signatory to the Nuclear Non-Proliferation Treaty and is rapidly increasing their nuclear weapons arsenal. To profit from the proliferation of their nuclear weapons capability undermines our status as a nuclear free nation and stands completely against the intent of the Treaty.

“We should have nothing to do with investing in this immoral industry.”

Larsen & Toubro is India’s largest defence engineering company and is partnering with the Indian Navy to manufacture their new fleet of nuclear-armed submarines. They also hold a contract to develop a missile launcher for the Sagarika — a nuclear-tipped, sub-launched cruise missile.

The Green Party has in the past successfully called for the divestment of the New Zealand Superfund’s investment in tobacco companies, cluster bomb manufacturers, and some (but not all) companies involved in the nuclear weapons industry.


ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Coronavirus: On The Addiction To Chinese Student Fees, And A Possible Future For RNZ Concert

Last week, Australian PM Scott Morrison extended its ban on foreign visitors from or passing through from mainland China – including Chinese students - for a third week. New Zealand has dutifully followed suit, with our travel ban extending until next Monday at least, presumably dependent to some extent on what Morrison decides to do later this week.
Our universities are now asking for an exemption to the travel ban for their Chinese students, who would still, the universities assure us, be subjected to strict quarantine procedures upon arrival. Given how the inability of the university system to care for its own students on campus made world news last year, that promise may not do much to reduce the coronavirus fears among the wider New Zealand public. More>>


 

2020 And Beyond: National’s Economic Plan

National Leader Simon Bridges has today outlined National’s economic plan heading into election 2020. “National understands the economy and how it impacts on New Zealanders day to day lives... More>>

ALSO:

Abortion Legislation Committee: Abortion Bill Report Presented To The House

The Abortion Legislation Committee has presented its report on the Abortion Legislation Bill to the House. A copy of the report is available here. The bill seeks to have abortion services provided like other health services... More>>

ALSO:

Local Government NZ: New Report A Pathfinder For Affordable Housing

A report released today by LGNZ provides a roadmap for councils finding their way through the complex policy, regulatory and market tools available to help enable more affordable housing developments for New Zealanders. With demand soaring, rents ... More>>

ALSO:

“Can Do Better”: Sallies Election Year Report Card

This year’s State of the Nation report by The Salvation Army offers a mixed bag of outcomes, with some significant headline progress - but also an ambitious list of “can do better”. Government action is delivering limited improvements... More>>

ALSO:


Gordon Campbell: On Concert Being Bled For RNZ Youth Station

Release the frequencies! If only all political crises could be resolved with such (suspicious) ease. In December, the RNZ board signed off on the idea for a new youth music channel on FM. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels