Court ruling likely to concern KiwiSaver managers

The court ruled certain parts of the Guardians’ current sustainable investment policy documents do not comply with legislative requirements.

Under the law the NZ Super Fund must invest “in a manner consistent with avoiding prejudice to New Zealand’s reputation as a responsible member of the world community”.

The case, taken by the Palestinian Solidarity Network argued successfully that the NZ Super Funds investments in four companies which operate in the Occupied Palestinian Territories (OPT) was in breach of its legally imposed obligations.

The High Court ruling said these companies support illegal Israeli settlements in occupied Palestine.