KiwiSavers invest in cluster bomb, land mine manufacturers

The subject of Kiwisaver has certainly raised a lot of questions lately with regard to the investment of funds by our corporation. Likewise have been the questions around our PM’s ongoing alliance with the US war machine. Check this one out!

EnvirowatchRangitikei

 

radionz.co.nz

Hundreds of thousands of KiwiSaver members in government-appointed default schemes may be unknowingly investing in companies making cluster bombs and anti-personnel mines.

A solider planting a land mine.

Photo: radionz.com

At least five of the nine default KiwiSaver providers invested in these types of companies, despite them being banned by government agencies such as the New Zealand Superannuation Fund and ACC.

The Green Party and Amnesty International say the government must review default providers that have investments in these weapons.

People who sign up to KiwiSaver but do not pick a scheme to enrol in are automatically allocated to one of nine providers hand-picked by the government.

These default providers are ANZ, Westpac, ASB, BNZ, Kiwibank, AMP, Mercer, Grosvenor and Fisher Funds.

More than 500,000 people are enrolled in default schemes, according to figures supplied by Inland Revenue.

An investigation by RNZ has found the default funds run by ANZ, Westpac, ASB, AMP and Grosvenor invested in the anti-personnel mine manufacturer Northrop Grumman and nuclear weapon or base operators Fluor Corp, Honeywell International and Lockheed Martin.

Westpac, ASB, BNZ, Grosvenor and AMP also invested in cluster bomb manufacturers General Dynamics and Textron.

The New Zealand Superannuation Fund and ACC are not allowed to invest in any of these companies because of the government’s obligations under international conventions banning the use of these weapons and investment in the companies that make them.

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3 thoughts on “KiwiSavers invest in cluster bomb, land mine manufacturers”

    1. I personally don’t have any in there & if I did would want to take it out but I hear it’s very difficult to do. Folks who do have also found their funds disappearing by thousands. Our gov recently lost $20 mill in a ‘fail safe’ investment in a Portuguese bank that went bust. Gone.

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