Our ESG Committee brings together people from across all Pie teams. The committee helps decided how ESG matters are identified, researched and monitored in the investment process, and companies we won’t invest in.
ESG Policy
The Climate Friendly Fund prioritises investments in companies with lower carbon risk (lower carbon emissions and fossil fuel reserves). This ‘screen’ is in addition to the exclusions in the ESG Policy.
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We think it’s important to be transparent about what activities we have excluded, and why, so investors can decide whether our approach aligns with their values.
We exclude companies that are involved in the following activities:
Tobacco
Companies responsible for product development, manufacture, branding and sales of tobacco products. We do not exclude retailers or companies with indirect involvement, such as equipment or packaging suppliers.
This exclusion is based on New Zealand’s international commitments, such as the Framework Convention on Tobacco Control, and the ever-strengthening public stance globally and in New Zealand on controlling tobacco.
Gambling
Companies that offer gambling, including online gambling such as poker, sports or lottery betting. We do not exclude companies with indirect involvement, such as equipment suppliers.
This exclusion is based on Pie’s decision not to support gambling.
Firearms
Companies that manufacture firearms. We do not exclude retailers or suppliers.
This exclusion is based on Pie’s decision not to support firearms manufacture, particularly of assault weapons for civilian use. Since Pie's exclusion the New Zealand Government has also decided to ban military-style semi-automatics and assault rifles.
Controversial Weapons
Companies manufacturing cluster munitions, anti-personnel mines and Nuclear Explosive Devices (NEDs). We also exclude companies involved in simulated testing of NEDs. We do not exclude companies supplying components or other goods and services to these manufacturers.
This exclusion is based on international law, conventions signed by New Zealand such as the Cluster Munitions Convention and the Nuclear Non-Proliferation Treaty, and New Zealand’s broader public stance on nuclear testing.
Pornography
Companies producing pornography and any company sourcing more than 5% of its revenue from distributing pornography.
This exclusion is based on Pie’s decision not to support pornography
New Zealand Illegal Drugs
Companies cultivating, manufacturing, or supplying cannabis plants or products for recreational use. We do not exclude companies cultivating, manufacturing or supplying cannabis plants or products for medical, scientific or industrial purposes, where they are appropriately licenced or authorised to do so.
This exclusion is based on current New Zealand law and international drug control conventions to which New Zealand is a party.
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Product Disclosure Statements
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Past performance is not a guarantee of future returns. No person, including the Directors of Pie Funds Management Limited, guarantees the repayment of units in the funds or any returns of units in the funds. Returns can be negative as well as positive and returns over different periods may vary. The JUNO KiwiSaver Scheme is owned, managed and issued by Pie Funds.
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We are taking steps to try to preserve investor capital and take advantage of opportunities, arising from the severe market disruption associated with COVID-19.
To assist with buying into the current severe sell-off we have secured approval from our supervisor for a temporary exception to our Statement of Investment Policies and Objectives (SIPO), to allow us to exceed our maximum number of positions for the following funds:
We sought permission to increased position limits because we believe it will help us better serve our investors’ interests by:
The exemption is in force now. We will review the need for the exception in six months. If market conditions have returned to more normal settings, we will return within SIPO limits.