Scoop has an Ethical Paywall
Super Fund fails the ethical investment test
Indonesia Human Rights Committee
Box 68-419
Auckland
30 September, 2008
Media Release:
Super Fund fails the ethical investment test
It is absurd to hear the Super Fund’s Chairman David May claiming that the Fund is investing responsibly and in a manner that upholds New Zealand’s reputation as a ‘global citizen’.
Mr May made these claims yesterday while releasing the Super Fund annual report. However, the Super Fund investments in the US Corporation, Freeport McMoran Copper and Gold and its joint venture partner, Rio Tinto Inc are proof of deeply unethical investing.
“Indonesia Human Rights Committee took part in a deputation to meet with Super Fund executives just a week ago and the topic of Freeport was high on the agenda. Freeport has a notorious international record, why does Board continue to ignore this issue?” said Maire Leadbeater for the Indonesia Human Rights Committee.
The four decade operation of the Freeport McMoran open pit copper and gold mine in Indonesian controlled West Papua has caused untold suffering to the local people and devastated a vast area of once pristine rainforest, alpine valleys and mangrove estuary. Freeport makes direct payments to the Indonesian military for “protection” despite its black record of repressing local opposition by force and fostering inter-communal conflict.
Freeport has already poured over a billion tons of tailings sludge directly into the local rivers and created a massive deposition area or dead zone in places up to 15 metres deep. Waste rock or overburden piles up in the alpine valleys and the result is Acid Rock Drainage. West Papua is the most biodiverse region in the world – and it is under assault.
The giant Norway Pension Fund divested from Freeport McMoran in 2006 and recently announced its decision to divest from Rio Tinto. The Ethics Council of the Norway Fund concluded that the mine was responsible for severe and irreversible environmental damage and also that dialogue with company representatives had been ineffective.
“The Super Fund is investing our taxes – it must think again about this investment in destruction.”
ends
Global Strategic Communications Council: One Year After Signing The Tripling Pledge, Governments’ Targets Are Unchanged, Even As Solar’s Prospects Are Upgraded
UN Climate Change: Financing The Future - Vera Songwe’s Vision For A Climate And Growth Agenda At COP29
Glasgow Actions: At COP29, Global Activists Urge Strong Climate Finance Deal By Transforming Baku's Olympic Stadium Into Call For Action
Climate Action Network: COP29 - Repression Epidemic Regarding Climate Activists And Human Rights Defenders
Demand Climate Justice DCJ: Climate Justice Groups Condemn COP29’s Carbon Markets Decision - Corporate Profits vs People’s Interests
UN News: COP29 - Push For Agreement On A New Climate Finance Deal ‘Right From The Start’