tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, February 22nd, 6:22PM

Investments

rss
Investment News

ACC's ethical investment process attacked

The Green Party wants to know whether investing in brewing companies is unethical.

Wednesday, May 14th 2003, 7:00AM

by Philip Macalister

The Green Party has attacked the Accident Compensation Corporation (ACC) over some of its shareholdings, saying they are contradictory to the organisation’s purpose.

In particular Green MP Sue Bradford singled out investments in DB Breweries and Lion Nathan.

“By making large investments in the brewing industry, ACC is blatantly contradicting one of its core purposes - to reduce accidents and injuries,” Bradford says.

“This is especially the case given the large number of motor vehicle crashes and other accidents that happen when people are under the influence of alcohol.”

However, ACC minister Ruth Dyson says that the corporation’s equity investments are not required to contribute directly to its injury prevention programme. “Those investments help fund accident compensation claimants’ entitlements.”

While Dyson deflected the direct criticism of ACC’s investment policies she did reveal in Parliament that the corporation had not met its mandated “ethical investment” guidelines.

“I am advised that this requirement has not been met by the Accident Compensation Corporation, but having had it drawn both to the corporation’s attention and to my attention, it is highly unlikely that this oversight will be repeated,” Dyson says.

Bradford says she is also concerned about ACC’s investments in mining and pesticide companies, as these activities contributed to significant public health problems.

ACC’s 2002 Annual Report shows equity investments as at 28 June 2002 with a market value of $13.5 million in mining company BHP Billiton, and $9.8 million in pesticide and herbicide manufacturer Nufarm.

« Market Review: Markets at a cross-roads?King builds an empire »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend

Good Returns Investment Centre is brought to you by:

Subscribe Now

Keep up to date with the latest investment news
Subscribe to our newsletter today

Edison Investment Research
  • Electra Private Equity
    27 September 2021
    Introducing Hostmore and Unbound brands
    On 16 September, Electra Private Equity (ELTA) issued a trading update for its largest remaining hospitality brands, Fridays and 63rd+1st, and named the...
  • European Assets Trust
    21 September 2021
    Performance, income and a well-balanced portfolio
    European Assets Trust (EAT) aims to achieve long-term growth of capital through investments in smaller European companies (excluding the UK). EAT’s...
  • Georgia Capital
    13 September 2021
    Value creation on the back of macro recovery
    Georgia Capital (GCAP) posted a 13.2% NAV total return (TR) in local currency terms in H121 (15.2% in sterling), driven by an improved operating performance...
© 2024 Edison Investment Research.

View more research papers »

Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com