Another bank drops direct “unethical” investments

An RNZ investigation earlier this month found several default KiwiSaver providers either directly or indirectly invested in tobacco companies and weapons manufacturers that made cluster bombs, anti-personnel mines and nuclear weapons.

In a statement to RNZ, ANZ said none of its funds had any direct holdings in companies that made cluster bombs.

It said its Investments Board voted on Monday to get rid of any direct holdings in companies that made other “controversial” weapons, including anti-personnel mines and nuclear armaments.

The bank would also be removing direct investments in tobacco companies.

It made the decision to because it felt it was the “right thing to do” and because of the strength of feeling among its customers, it said.

It said it did invest in collective funds that might have money in weapons companies, and it was considering also excluding those investments.

The move would not significantly impact its investment returns, the statement said.

ANZ is the country’s largest KiwiSaver provider, with more than 700,000 people investing over $8 billion in its scheme.

It has followed in the steps of seven other KiwiSaver providers in divesting its investments in armaments.

BNZ is now the only default provider yet to take action.

The taxpayer funded social justice warriors at Radio New Zealand have managed to get a result.  No matter how ridiculous this is, because they aren’t accusing the Westpac Rescue Trust of using unethical helicopters.  Nor are they demanding the government drop all the taxes on unethical cigarettes.

As long as businesses keep yielding to these Media party-driven loons, they will continue to be energised and try again on other issues.

This is the real world we live in.  A world where you are going to be damn grateful that police are carrying weapons when you visit other countries.   But somehow we must not invest in industries that equip people to keep the rest of us safe from harm.

The most perverse part of it is that this is Media party driven, tax-payer funded, and it affects the majority of New Zealanders who now risk a less secure retirement.  Nobody asked them to pick up this issue, and the banks need to be mocked for even giving it attention.

 

– RNZ

  • Day Day

    The next thing will be fossil fuels. Which are a damned good investment.

    • Isherman

      Oh they havent finished with Arms yet, there is a petition to be presented to parliament calling for a law change to stop KS fund managers from investing in any weapons or weapon systems at all, not just land mines cluster munitions or nukes. The Bryan Bruce sponsored petition now has well over 10,000 signatures. Others again now want all KS funds to be divested from any holdings in Israeli banks…this is only the beginning of a whole new SJW crusade.

      • Brian Dingwall

        The signatories are the very people who will hand over the country to our enemies, shaking the hands of the enemy soldiers who will shoot them. It wont be long at this rate either

  • Jman

    I would like a Kiwisaver provider to come out with a statement that they will invest in any legal entity they feel gives the best returns regardless of whether the SJW’s consider it unethical. If they did, I would strongly consider moving my Kiwisaver fund to them.

    • RoboRob

      I emailed my kiwisaver yesterday and said the same thing. Either don’t attempt to do ‘ethical’ investment or if you do please offer other investment plans that invest in the stocks with best returns. I also expect so called ‘ethical’ investments to have higher expenses, so thanks very much social warriors. Fools.

      • Shalice

        Fantastic idea! I have also now expressed my concern to my provider saying that the term “ethical” is very subjective and I do not wish to have my retirement plan affected by other people’s opinions.

  • Christie

    Here’s the thing. 10 years ago, tobacco was the big no-no – and now these fund managers want to stop investing in tobacco companies. But lately, we have heard – alcohol is the new smoking – so now they will not invest in our wine industry? Sitting all day is the new smoking – so they won’t invest in companies that make chairs. And now sugar is the new tobacco – so they won’t invest in companies that use or manufacture sugar. Which would be fine, except – I heard the other day that fructose is the new evil – you know, that stuff you consume when eating fruit. Where does so called ‘ethical investing’ end?

  • The SJWs strike again. They are morons. Do they think investors cash makes bombs? More likely the governments who buy them fund the bomb making…and that isn’t going to stop anytime soon…about the same time wars stop.

    When investing you should look at companies whose products are consumables…that is used all the time and need re-ordering. There is no recycilng in bombs and bullets and ammunition …the perfect consumable and always in need of constant replacement…hence profit ongoing. A good investment.

  • bilgewater

    Why are they forcing their morality on to my money?
    Their job is to get the best return in order that I have security and the maximum possible retirement fund.
    That should be their only yardstick. Let governments decide what is legal and what is not.

  • Kevin

    “An RNZ investigation earlier this month found several default KiwiSaver providers either directly or indirectly invested in tobacco companies and weapons manufacturers that made cluster bombs, anti-personnel mines and nuclear weapons.”

    Are these the same cluster bombs that helped defeat the Taliban in Afghanistan?

  • Joe Burns

    The MSM, and left wing agitators who impose their loopy ideas on the silent majority are a symptom of a world-wide problem which can be simply described as “neo-nazism”.

    I can’t see these neo-nazis forgoing their travels overseas as well as locally on aircraft and cars. Branches of these international companies manufacture weapons and vehicles almost without exception.

    How hypocritical are they?

    • It stops when companies ignore them.

      Right now companies run away every time someone shines a torch their way.

      The answer to all of this stuff is “So what?”

  • sarahmw

    So what happens when my investment in kiwisaver drops? Are these numpties going to reimburse me ha! Of course not. Just like Greenpeace and all the gweenie types shrilling and shrieking. Seems you have to be offended all the time with these sad pathetic people.

  • Shalice

    Does anyone know where to find of all KS providers that have now pulled out?

  • sheppy

    A provider should bring out a best returns possible fund that people can choose to opt into which may contain investments in all areas. That way people have the option of not suffering a badly funded retirement courtesy of a bunch of screaming skulls that will likely rely on the state

  • andrewo

    I like cluster bombs. They’re cute.

    There’s a big mummy bomb and a whole litter of baby bombs

  • Rob

    These are the same idiots who cost us billions on the partial sell down of govt shares in power companies.

  • Mikev

    We apologise if our previous apologies are not apologetic enough. We didn’t mean to invest in companies that make devices that ensure we have the freedom to choose where we invest & the right to apologise, or not as the case may be. Sorry, have just reread this and think I may have inadvertently not been as apologetic as I should or could have been.

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