“The NZ Super Fund needs to front up with the workings behind moving $25 billion to climate-related investment and prove to Kiwis it is managing their money well” says ACT’s Associate Finance spokesperson Damien Smith.

“Any good fund manager would tell you not to put all your eggs in one basket and to diversify your portfolio. Putting 40 per cent of a fund in one area of the market has the potential to be risky for Kiwi shareholders.

“The fund needs to be clear with Kiwis about this investment and answer the following question; What investments have been given up and how much extra risk or lower return do they expect?

“Chief Investment Officer for the fund Stephen Gilmore says that months of technical analysis has been done leading to this investment. They should have no problem releasing the working so the New Zealand public can see that it all stacks up and their money isn’t being invested for the sake of greenwashed PR.

“Minister of Finance Grant Robertson has encouraged Crown Financial Institutions to transition their portfolios, telling them “to set ambitious carbon reduction targets for their portfolios, consistent with Government policy, the Paris Agreement and global investment leadership over time.”

“This is despite Robertson being a part of the Government who has overseen a 29.5 per cent increase in the use of dirty imported coal in the past year because of its illogical oil and gas ban.

“ACT says the primary focus for these funds needs to be on growing their investment and providing safe returns for their shareholders, in this case New Zealand taxpayers.”

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Damien Smith