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Greens Find Only One Ethical Investment KiwiSaver Provider

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Aug 2 NZPA - A Green Party study says only one
KiwiSaver scheme can be described as providing a "responsible
investment" option.

Green Party co-leader Russel Norman said the survey of 25
KiwiSaver providers showed only one had an ethical investment saving
option.

This was Asteron, whose funds are managed by Tyndall.

"Asteron operates negative screening against companies involved
in destructive activities as well as engaging with firms on a broad
basis to encourage them to become more responsible," Dr Norman
said.

Four other KiwiSaver providers -- Axa, Gareth Morgan, Grosvenor
and Legal and Professional Investment Services -- all deserved an
"honourable mention" for making an effort to avoid firms in bad
practices such as whale meat and tobacco.

"Unfortunately this kind of negative screening generally only
applies to a small part of their portfolio," he said.

Seven other KiwiSaver providers -- AMP, ASB, Fidelity Life,
Medical Assurance Society, Mercer, SuperLife and Tower -- had
indicated they are considering a responsible investment option.

A number of providers still seemed sceptical about the idea of an
ethical investment option.

Funds Administration New Zealand said it was "not aware of a
groundswell demand for socially responsible investment products"
and Tower said it had offered such an option in the past but the
fund was closed due to a lack of interest.

Dr Norman said many KiwiSaver providers were "waiting to see
which the wind blows" and he urged workers to put pressure on to
get socially responsible investment options.

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