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Simplicity pushes for industry adoption of ethical standards


Simplicity KiwiSaver has called on the industry to adopt the NZ Superannuation fund principles, and offer KiwiSaver funds which eliminate investment in cluster munitions, tobacco, nuclear weapons manufacture and testing and whaling.

The pitch was made following public outcry over revelations that KiwiSaver providers are invested in so called \"sin stocks.\"

Although new to the industry, Simplicity for its part, is asking its foreign investment supplier, Vanguard,  about offering a product in New Zealand that excludes the stocks listed on NZ Super's \"black list.\"

The list of excluded investments is researched and updated regularly by the NZ Super Fund, and is already paid for by taxpayers.

\"It is in harmony with what matters to Kiwis, and with all the inventions and treaties we have signed internationally,\" says managing director Sam Stubbs.

\"The more the KiwiSaver industry speaks with one voice, the more likely global fund managers (which nearly all KiwiSaver schemes use) will provide the products we require,'' he said.

As a nonprofit KiwiSaver scheme, Simplicity is committed to running ethically and with full transparency.

We are hopeful the rest of the industry will agree that adopting the NZ Super fund guidelines will be the best way to invest ethically on behalf of all KiwiSavers.