Kiwisaver cashing in on human suffering

“Revelations that Kiwisaver schemes have significant stock holdings in weapons companies is sickening, but sadly not surprising,” says PAW member Valerie Morse referring to the Stuff Business report.*

“The United States and its allies have been involved in a perpetual war for more than a decade, and there is nothing better or more profitable for weapons manufacturers than ongoing war. These Kiwisaver schemes are cashing in on human suffering by investing in these companies – it is as simple as that. When the US goes to war, stocks in companies like Honeywell and TTI (Kiwisaver has holdings of both) skyrocket – and Kiwisavers make money. Frankly, I think most people would be disgusted to know that their retirement savings were helping to murder people around the world.”

“There are a significant divestment movements around weapons production, fossil fuel extraction, tobacco and the occupation of Palestine. All of these things are a direct threat to people’s lives and should not be money making opportunities.”

“People in New Zealand are interested in peace and justice – not in supporting wars and bloody conflicts around the planet. But with these stock holdings, all Kiwisaver members become unwitting supporters of war. Kiwisaver schemes need to immediately dump their holdings in weapons manufacturers, and we need to pressure them to make sure it happens.”

ENDS

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