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Green MP Chlöe Swarbrick says she is horrified to learn that her ANZ KiwiSaver is investing in companies fueling the war in Yemen and has quickly ditched the provider.
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The green deputy is in the process of changing providers after learning that hers has links to the humanitarian disaster in Yemen. Source: 1 NEWS
The New Zealand Superannuation Fund also admitted today that it was investing in the same companies.
Stuff revealed this morning that numerous politicians are in the ANZ KiwiSaver fund, including Prime Minister Jacinda Ardern, and her ties to military companies.
Swarbrick said it was “devastating, in the same way that I think it will be for the tens of thousands of Kiwis who have invested in similar ways and it just shouldn’t take investigative journalism to reveal this kind of thing.”
“There should be a lot more transparency, but worse than this, what is so deeply unethical should be illegal in the first place, it should never have happened,” Swarbrick told 1 NEWS.
Ardern told 1 NEWS, “I was not aware of this particular situation, but I understand that ANZ has a review system for their investments and that they are reviewing again and I think it is a good thing to do.”
ANZ Bank announced today that it is reviewing its investments related to Saudi Arabia and its involvement in the war in Yemen.
“ANZ Investments is undergoing a review of any involvement we may have with companies that can supply components to their military.
“In ANZ NZ funds managed over $ 33 billion, we have identified an exposure of 0.005% for Raytheon Technologies, 0.016% for Textron and 0.028% for BAE Systems,” it said in a statement.
Swarbrick said: “A review was great, but this should never have happened in the first place.”
“It’s just awful, it’s devastating, it’s a demonstration of how obscure these types of transactions can be within our current financial system.
BAE Systems has sold billions of dollars in weapons to the Saudi military, Textron has provided cluster munitions and aircraft to the Saudi military, and Raytheon also provides munitions.
The New Zealand Super Fund has tens of millions of dollars invested in the same three companies.
Today, a Guardians of NZ Superannuation spokesperson said that all of their investments go through a “Responsible Investment Framework.”
“Last year we began an update to our framework. This work will consider our approach to exclusions, which currently blocks investment in companies involved in the manufacture of cluster munitions, nuclear weapons and antipersonnel mines.”
In 2016 it was revealed that many KiwiSaver funds were investing in cluster munitions and landmines.
At the time, former Prime Minister John Key declined to conduct a review, saying, “I don’t think there is a problem significant enough to argue that case.”
“Ultimately, all KiwiSaver investors need to analyze the investments they are making and make the decision as to whether it is an ethical investment.”
Sir John is now the local president of ANZ Bank.
