Print friendly
Mum and dad KiwiSaver investors may be helping finance the Israeli war in Gaza but they might not know it.
The claim is made by Barry Coates, chief executive of Mindful Money.
Coates told Stuff’s Esther Taunton that most people do not want to invest in weapons, but KiwiSaver providers do not tell them where their money is directed.
He said that more than $60 million is invested in companies that supply weapons or parts used by the Israeli military.
Research by Mindful Money shows that around $9.3 million of KiwiSaver funds is invested in Boeing, the largest supplier of weapons to Israel.
Boeing supplies missile guidance systems as well as bombs and aircraft to Israel.
Coates says that $9.6 million is invested in Rolls-Royce Holdings which makes engines for Israeli tanks, and $8.1 million in Honeywell which makes components for missiles and drones.
“Where your money is invested has consequences ‒ for people, for workers, for the environment, for climate change.”
Coates says that Mindful Money’s annual surveys show Kiwi investors want to avoid weapons, human rights violations, animal cruelty, fossil fuels, and social harm from tobacco, alcohol and gambling.
“More KiwiSaver and investment fund managers are saying they are ethical, sustainable or using ESG [environmental, social, and governance] policies” says Coates.
“But the objective test is where they invest our money.
“Investing in weapons companies that profiteer from unjust wars is deeply offensive to most Kiwis.”
Coates says that with the availability of more ethical investment options in the last five years, Mindful Money’s research shows a huge change in investing choices.
Source
Related Posts:
News category: New Zealand.
