Robertson Grant: Ethical Investment (Crown Financial Institutions) Bill — First Reading 
Robertson Grant: Ethical Investment (Crown Financial Institutions) Bill — First Reading 
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GRANT ROBERTSON (Labour—Wellington Central) 
: 
 I thank all colleagues who have contributed to the debate on the Ethical Investment (Crown Financial Institutions) Bill. I particularly thank the Green and Maori Parties for their support for the bill. I recognise that my colleague Dr Norman was perhaps concerned about the lack of progress on this issue under the previous Labour Government. I think it is important to note that this bill was proposed and put into the ballot by Maryan Street during the last Parliament. It is an issue that Labour feels strongly about. I acknowledge that as a person who was not part of the previous Government I come in here with a fresh look at these matters. I think that it is extremely important that this bill has had the opportunity to be heard today. 
I also acknowledge the comments that Hone Harawira made about the role of the Maori Party on the issue of tobacco; I think that that has been an important leadership role. It highlights the fact that there is nothing in law today that would stop the Superannuation Fund going backwards on that decision. Nothing would actually stop it from doing that. That is why we need to move beyond minimums. 
It is sad for me that National members on the other side of the House see everything in the sense of minimums. Where is the ambition for New Zealand that we heard so much about? Where is the ambition to get out there on the front foot and say that a bill like this is good for New Zealand? It is good for our reputation internationally; it reinforces everything we try to say on the world stage about New Zealand. It does not just rely on minimums and on the fact that some good things have happened in terms of investment. This bill is trying to say that we can actually be proactive. We do not have to be defensive and we do not have to be passive about our commitment to sustainability and our commitment to human rights; we can actually be active on the world stage and promote what we believe in not only because we think it is good for the planet today but because we believe in making positive change on those matters. 
We can look to historical events like the decline of apartheid in South Africa and ask what role sanctions played in that. What was the role of the fact that people pulled investment out— 
Dr Russel Norman 
: What was the role of the National Party in that? 
GRANT ROBERTSON 
: Exactly. I say to Dr Norman that that is true. We can look to that and say that it was an opportunity for people all around the world to contribute to making social change happen. That possibility stands again if people are prepared to back this bill. 
National’s main argument against this bill is that the market will provide—the market will provide. Well that is simply not true because investment procedures could change overnight without the kind of legislative protection that is in this bill. It is a defensive negative position from National which simply follows along with the tyre-kicking style of the Government. Mr Joyce likes to influence us with the view that they will go along with where public opinion is; they are not too interested in showing any leadership. But I say that this is the opportunity to show leadership. 
The already established ethical investment principles—such as those of the UN which the Superannuation Fund follows—are good and useful and they set a benchmark. But it is interesting to note that companies that are particularly focused on ethical investment questions like HSBC have moved to develop their own guidelines about things like climate change specifically because they do not believe that the UN principles go far enough. That is what this bill is trying to do. Let us move away from a passive stance on ethics and sustainability to a more positive one. New Zealand could use that stance to our advantage globally rather than sitting back and saying that we will put into law a clause that says these investment funds simply must not do anything that is prejudicial to our reputation. Instead we should go out and try to enhance our reputation. 
In conclusion I thank all those organisations that have supported this bill and these issues; I am sure they will go on supporting them. I also mention Dr Robert Howell. I thank my intern Hannah Blumhardt who has done a significant amount of work in helping to develop Labour’s position in relation to both this issue and the speeches that have been given here today. 
New Zealand has an opportunity to be a leading global citizen to make real the statements we often make about punching above our weight and to ensure that our investment funds invest in companies that are ethical sustainable and positive for the planet. I urge National members to support this bill and take it to a select committee. The bill is not perfect but it takes us steps forward in New Zealand’s ethical investment and in our reputation on the world stage.