Responsible Investment News

Tax dodgers and predatory lenders oust fossil fuels and tobacco from KiwiSavers’ top 10 hate list

In a similar ranking in 2018 done by RIAA and Mindful Money, when factory farming, tax-dodging and privacy-abusing social media companies were not offered as options, both fossil fuels and tobacco made the top 10.

Labour rights abuses, human rights violations and environmental degradation were the top three ethical concerns of KiwiSaver.

The research also indicated eight in 10 KiwiSavers now believed funds which took a “responsible” approach to investing outperformed those which did not.

Mindful Money founder Barry Coates said over 90 per cent of people not in an ethical KiwiSaver scheme intended to move to one in the coming years.

“Demand for ethical investing remains strong through the Covid pandemic,” he said.

But when asked why they had picked the fund they were in, 41 per cent did not cite ethics.

A total of 41 per cent chose their scheme because it was run by their bank, while 19 per cent got shunted into a default fund, and 10 per cent opted for a fund suggested by their employer.

Read full article here.