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Investing in whose future? NZ Super Fund investments in cluster munitions and nuclear weapons production
Print this page as a leaflet (updated April 2008)
Action alert on the Super Fund investments (updated April 2008)
The NZ Superannuation Fund was established to "partially provide for the future cost of funding New Zealand Superannuation payments". It has a responsible investment policy "which aims to enhance shareholder value and protect the reputation of the Fund through encouraging high standards of corporate behaviour".
Despite this, the Super Fund invests in a range of companies involved in producing offensive weapons systems, including cluster munitions and nuclear weapons, and others that are linked to gross human rights violations - including many that overseas pension funds and banks refuse to invest in.
Some examples of these companies are:
involved in cluster munitions production
- Lockheed Martin - $21,850,772*
- Raytheon Co. - $2,294,974
- Poongsan Corp. - $1,582,636
- Thales S.A. - $657,428
- Hanwha Corp. - $139,445
[* Amount of Super Fund investment as at 30 June 2007, unless otherwise stated]
involved in nuclear weapons production
- Northrop Grumman Corp. - $22,490,337
- Lockheed Martin - $21,850,772
- Honeywell International - $13,914,219
- BAE Systems Plc - $6,154,252
- EADS Co - $2,660,672
In addition, the Super Fund invests in companies involved in violations of indigenous peoples' and other human rights, including:
- Exxon Mobil Corp - $44,800,000 (December 2007)
- Rio Tinto Group - $23,846,105 ($9,780,671 in Rio Tinto Plc, Britain, and $14,065,434 in Rio Tinto Ltd, Australia)
- BHP Billiton - $30,234,624 ($25,755,899 in BHP Billiton Ltd, Australia, and $4,478,725 in BHP Billiton Plc, Britain)
- Total SA - $19,765,245
- Freeport McMoran - $1,600,548
Should our future pension funds be based on investments in companies involved in destroying the future for people in other parts of the world?
While those responsible for the Super Fund apparently prefer to 'engage' with such companies in the hope that their behaviour will improve, the Fund has divested in companies involved in anti-personnel mines and tobacco production, and whaling. If they can divest from those companies, surely they can divest from others.
Act now! what you can do
Help get the word out about the dodgy Super Fund investments - put a link to this page from your web site, distribute the 'Investing in whose future?' leaflets on stalls, at meetings, in your newletters, in public places, or anywhere else you can think of - please email No WARP! and let us know how many copies you'd like and your postal address to send them to.
contact Michael Cullen and the Super Fund - tell them to divest from all companies engaged in offensive weapons production and human rights abuses; and raise this with your MP.
Contact details: Michael Cullen, Minister of Finance, Freepost Parliament, PO Box 18-888, Wellington, email or fax (04) 495 8442. Super Fund: Adrian Orr, Chief Executive Officer of the Guardians of New Zealand Superannuation, David May, Chairman of the Board, and Sir Douglas Graham, Deputy Chairman - post to NZ Superannuation Fund, Private Bag 106607, Auckland, email c/o Sheryl Coker, Head of Administration, email or fax (09) 300 6981, and Anne-Maree O'Connor, Head of Responsible Investment, email email.
It is very helpful for our work if you can send us copies of your letters and of any replies you receive - by post No WARP! c/o Peace Movement Aotearoa, PO Box 9314, Wellington 6141, or bcc to email, thank you.