We think it’s important to be transparent about what activities we don’t invest directly in, and why, so investors can decide whether our approach aligns with their values.
We do not invest directly in companies that are involved in the following activities (although some funds that we invest in may do so):
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.
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.
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.
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.
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.