6. JEANETTE FITZSIMONS (Co-Leader—Green) Link to this
to the Prime Minister
Does she stand by her statement yesterday that “New Zealand can aim to be the first nation to be truly sustainable—across the four pillars of the economy, society, the environment, and nationhood.”; if so, is she confident that the investments of the New Zealand Superannuation Fund are consistent with this goal?
Rt Hon HELEN CLARK (Prime Minister) Link to this
Yes, I stand by the statement I made yesterday. The legislation setting the mandate for investment in the Superannuation Fund is consistent with that goal, but it may be able to be improved to give better guidance to the fund.
Jeanette Fitzsimons Link to this
How is the $28.7 million Superannuation Fund investment in nuclear weapons manufacturers such as Northrop Grumman consistent with her vision of a sustainable nation, and how is it consistent with her statement yesterday: “Our nuclear-free policy and the values which inspired it have become central to our national identity and how we project ourselves to the world.”?
Rt Hon HELEN CLARK Link to this
As the member knows, I am one of the longest and most steadfast proponents of New Zealand’s nuclear-free status. The issues raised by the member highlight that where there are conglomerates, these issues around ethical investment are quite difficult. That is why I would welcome Maryan Street’s bill being drawn from the ballot so that a select committee can look at some of these issues more closely.
Keith LockeHow is the $17.7 million Superannuation Fund investment in cluster bomb manufacturers such as Lockheed Martin consistent with her vision of a sustainable nation, and does that investment not undermine the statement made last Friday by Phil Goff, the Minister of Defence, that “New Zealand is at the forefront of international moves to limit the humanitarian impact of cluster munitions.”?
Rt Hon HELEN CLARK Link to this
My answer is, in essence, the same as I gave to the member’s leader a moment ago. Some of these international conglomerates have many arms. It is, I think, a matter for legitimate debate as to whether something in one of those arms is so dominant that the whole company should not be invested in it. The New Zealand Superannuation Fund should be taking a close look at how funds in other progressive nations like ours actually invest.
Sue BradfordWhen might we see a Government bill in this House that would put an end to the $28 million Superannuation Fund investment in tobacco companies such as British American Tobacco and the Imperial Tobacco Group, and the $40 million investment in gambling, given that both those investments undermine the health and sustainability of individuals, families, and communities?
Rt Hon HELEN CLARK Link to this
It has not been the approach of the Government to have legislation directing what companies can or cannot be invested in. The legislation points to more general guidance, and the fund itself claims that it adheres to United Nations standards in these matters. I am on the record as saying that I find investment in tobacco companies extremely offensive, and nothing would cause me to resile from that opinion.
Jeanette Fitzsimons Link to this
Is the Prime Minister saying that the Government will simply wait for a member’s bill, which may or may not ever win the ballot, or will she commit to strengthening the legislation under which the Superannuation Fund operates, to require ethical standards for investment, as the Green Party advocated at the time the fund was set up; if so, when?
Rt Hon HELEN CLARK Link to this
At this point the Government is supporting the introduction of the member’s bill, which has yet to be drawn from the ballot. If the bill does not have any luck over a period of time, it may be that we will look at another approach to it. At the present time the member who has advanced the bill is publicising its intention, and that is where it stands.