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Super Fund excludes nuclear base operators, clears ex-cluster munitions makers

Seven companies locked out, four able to return.

Wed, 11 Jul 2018

The New Zealand Superannuation Fund has excluded seven companies with operations in nuclear bases from its $22 billion portfolio, while clearing the return for four firms which had previously locked out for involvement in cluster munitions.

The Cullen Fund, so-called for its architect former Finance Minister Michael Cullen, will exclude public companies Babcock & Wilcox, Fluor Corp, Huntington Ingalls Industries, Jacobs Engineering Group, Serco Group and URS Corp, having sold its $2.2 million holdings in those firms, it says in a statement. Private company Bechtel Group will also be excluded.

The fund manager has cleared General Dynamics, L-3 Communications, Raytheon and Goodrick Group to re-enter its portfolio, having previously given them a black mark for their respective involvement in manufacture of cluster munitions. They have since stopped making such bombs.

"The exclusions we have announced today reflect new information and changes in company circumstances," responsible investment manager Anne-Maree O'Connor says. "We aim to be consistent in applying our exclusion criteria."

Last month the Super Fund dropped Barrick Gold over the world's biggest gold miner's human rights and environmental record.

In December, the Super Fund said it had excluded three Israeli companies from its portfolio on ethical grounds because of their involvement in illegal settlements and the security wall.


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Super Fund excludes nuclear base operators, clears ex-cluster munitions makers