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


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