The Policy

Our Responsible Investment 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.

Responsible Investment Policy

Our Exclusions

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 that manufacture tobacco.


Companies that offer gambling, including online gambling.


Companies that manufacture firearms.

Controversial weapons

Companies that manufacture cluster munitions and anti-personnel mines, and companies that manufacture or test nuclear explosive devices.


Companies that produce pornography, or generate more than 5% of revenue from distributing pornography.

New Zealand illegal drugs

Companies cultivating, manufacturing or supplying cannabis plants or products for recreational use as their main business.


Companies that generate more than 5% of annual revenues from the mining or production of coal.

Oil and gas

Companies whose principal business activity is the exploration, drilling, mining and production of oil and/or gas on land or offshore, where those companies do not have a clear sustainability framework identifying material risks and mitigating actions that support credible carbon emission reduction targets.


Companies whose principal business activity is whaling.

Animals for entertainment

Companies that generate more than 5% of annual revenues from animals for entertainment.

We’re here to help

We’d love to hear how we can help. Simply call or send an enquiry to speak with our team, or arrange a visit to our offices.

Get in touch