KiwiWealth takes aim at Simplicity
It says KiwiSaver members are unwittingly backing shady companies because some New Zealand investment funds are outsourcing management responsibilities to overseas fund managers.
Joe Bishop, Kiwi Wealth’s General Manager Customer, Product and Innovation, said fund managers that relied on low-cost passive index funds such as Vanguard were leaving investors exposed to companies with highly questionable, and even unlawful, records on environment, human rights and governance issues.
Simplicity chief executive Sam Stubbs said, last week, that "too hard" to make exclusions on human rights grounds.
He said New Zealand managers only have so much control over international investments. Simplicity invests in a Vanguard international equity fund which owns shares in Barrick Gold which has a chequered history.
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