Nash Stuart: Ethical Investment (Crown Financial Institutions) Bill — First Reading 
Nash Stuart: Ethical Investment (Crown Financial Institutions) Bill — First Reading 
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STUART NASH (Labour) 
: 
 I stand in support of my colleague Grant Robertson’s bill the Ethical Investment (Crown Financial Institutions) Bill for three reasons. The first reason is that New Zealanders need to be assured that the Crown on our behalf is putting our money in investments that meet our clear test of what we believe is right. The second reason is that New Zealand markets itself globally as a clean green 100 percent pure country. If we are to be true to this branding then we need to be sure that we walk the walk in every sphere of what we do on the global stage. Ethical investment is a large part of this branding. The third reason why this is important is that there is no legislative framework in place to ensure that the agents acting on our behalf actually follow the guidelines and principles expected by all New Zealanders. 
Firstly again the Crown through five existing Crown financial institutions invests huge sums of New Zealanders’ money gathered through taxation and many forms of investment right across the globe. I suspect that many Kiwis would be most displeased if they were to find out that agents acting on our behalf were investing in industries and organisations that go against everything that we as proud New Zealanders stand for. Secondly we market our wonderful country as clean green and 100 percent pure. We declared ourselves nuclear-free before it was trendy to do so. We stood up to the world’s biggest superpower and said no. It was a principled stance based on what we believed was right for the people of New Zealand. We fail ourselves if we do not continue to act in such a noble and practical manner. Therefore we need to be able to walk the walk when it comes to our actions as a global investor. We will not be able to articulate a vision on the international stage when we ourselves are seen to be investing in industries that forge the tools of war and death are involved in activities that directly cause environmental degradation and engage in activities of human abuse. Therefore this legislation is important in mitigating this global risk to our country’s brand. 
The third reason I support this bill is that there is no legislation in place to ensure that agents acting on our behalf behave in an ethical way. Most of our Crown financial institutes have already made commitments to ethical investment through recognition of the United Nations Global Compact which stipulates 10 ethical human rights labour environment and anti-corruption principles for businesses to abide by. The Accident Compensation Corporation the Superannuation Fund and the Earthquake Commission are all signatories to the United Nations Principles for Responsible Investment which give guidelines for investment that is socially and environmentally responsible. In fact section 58(2)(c) of the New Zealand Superannuation and Retirement Income Act 2001 the New Zealand Superannuation Fund’s governing legislation requires the fund to manage its investment “avoiding prejudice to New Zealand’s reputation as a responsible member of the world community.” This bill will introduce the framework needed to actually implement these commitments fully. Without this legislation they are little more than empty lines on a page. 
In conclusion there are three reasons why I urge this House to support the bill. First New Zealanders need to be assured that the Crown on our behalf is putting our money in investments that meet our clear test of what we as New Zealanders believe is right. Second New Zealand markets itself globally as clean green “100% Pure New Zealand”. If we are to be true to this branding then we need to be sure that we walk the walk. Ethical investment is a large part of this branding. The third reason this bill is important is that at the moment no legislative framework is in place to ensure that agents acting on our behalf actually follow the guidelines expected by all New Zealanders. This is great legislation and I commend it to the House. Thank you.