In 2016 KiwiSaver investors were shocked to find they held tobacco and controversial weapons company shares. Many have since argued tobacco is a baseline exclusion, though not all agree.

ASB's KiwiSaver Growth Fund, for example, still holds cigarette companies including British American Tobacco, Philip Morris and Japan Tobacco.

Excluding entire industries to avoid financing "social evils" like gambling, alcohol and pornography is straight forward, but also a blunt instrument. Reality is often more nuanced.

Within an industry, some companies are more problematic than others.

Luxury brand company LVMH Moët Hennessy Louis Vuitton, listed on the Paris stock exchange, has interests including expensive champagne and cognac while London listed Diageo includes cheaper alcopops.

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