A Labour Party bill to enforce ethical government investment failed to pass muster last week.The Ethical Investment (Crown Financial Institutions) Bill was defeated 63-58 at its first reading in Parliament.Labour, the Greens, the Maori Party, United Futur
A Labour Party bill to enforce ethical government investment failed to pass muster last week.
The Ethical Investment (Crown Financial Institutions) Bill was defeated 63-58 at its first reading in Parliament.
Labour, the Greens, the Maori Party, United Future and Progressive voted in support, and National and Act against.
The bill would have required funds like ACC and the NZ Superannuation Fund – which cut investment in weapon companies in 2008 and divested from tobacco stocks in 2007 - to invest in an ethical manner.
National spokesman David Bennett said the policy behind the bill was “not something that any party in this House will particularly have a problem with” but was unnecessary.
He said that progress had been made toward ethical investment policies and remaining issues would be adequately dealt with by the market.
After the defeat, Labour MP Grant Robinson, who sponsored the bill, said that it would have represented a more active approach towards ethical investment.
He has agreed to continue working with other parties on the issue.
