Funds
Summer Balanced Selection
Issues of concern
The graph below shows the percentage of the fund invested in each of the worst issues of concern to New Zealanders. Below the graph are listed all the companies this fund invests in, by issue of concern.
Key:
- Human Rights Violations
- Environmental Harm
- Animal Cruelty
- Weapons
- Fossil Fuels
- Social Harm
Companies of concern
Human Rights Violations
-
Rio Tinto Ltd 0.36%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Human Rights Abuses
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
-
Nestle SA-Reg 0.26%
Human Rights Abuses
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
NESTLE SA-REG Human Rights Abuses
Nestle manufactures and sells food and beverages. The company has been criticised for exploiting local water resources for its bottled water production, which has forced underprivileged communities to pay a premium for their groundwater while alternatives have been exhausted. There have also been several allegations of labour conflicts and human rights violations in Nestle’s palm oil, coffee, fruits and seafood supply chains.
-
Uber Technologies Inc 0.13%
Labour Rights Violations
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
UBER TECHNOLOGIES INC Labour Rights Violations
Uber is a ride and food delivery service provider. Evidence shows the company has been prioritising revenue growth over driver welfare and user safety. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage and other benefits, meaning drivers and vehicles are not subject to the labour standards expected from traditional taxi companies.
-
Credit Suisse Group AG 0.11%
Business Ethics
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
CREDIT SUISSE GROUP AG Business Ethics
Credit Suisse provides investment banking services. It has faced regulatory and legal actions related to aiding tax evasion, money laundering, corporate espionage, fraud, and breach of trade secrets. It has also been involved in multiple lawsuits related to its governance.
-
Rio Tinto PLC 0.07%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Human Rights Abuses
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
RIO TINTO PLC Fossil Fuel Power Generation Human Rights Abuses
Rio Tinto is a global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. Evidence shows that in 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable impact on the traditional owners from the loss of their heritage. There is also a pattern of evidence showing harmful community-related incidents involving Rio Tinto in West Papua, South Africa, Canada, the United States and Serbia.
Rio Tinto is also involved in fossil fuel power generation, as the company derives revenue from coal power plants through multiple associates and subsidiaries. -
Johnson & Johnson 0.06%
Public Safety
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
JOHNSON & JOHNSON Public Safety
Johnson & Johnson is the world's largest and most diverse healthcare firm. The company has been involved in repeated incidents related to the quality and safety of several of its products across all three of the company’s business segments — drugs, devices, and consumer products. Several products have been associated with allegations of severe or even fatal adverse impacts on patients.
-
Meta Platforms Inc-Class A 0.06%
Public Safety
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
META PLATFORMS INC-CLASS A Public Safety
Meta is the world’s largest online social network consisting of the Facebook app, Instagram, Messenger, WhatsApp, and many features surrounding these products. The company has faced several investigations and legal action linked to privacy-related allegations, including its handling of user data, and breaches of user privacy. Meta has also been criticised for its poor governance model, as well as allowing its platform in non-English speaking countries to be used to incite ethnic violence.
-
Motorola Solutions Inc 0.06%
War & Conflict
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
MOTOROLA SOLUTIONS INC War & Conflict
Motorola is an American provider of communication products, video equipment, telecommunications equipment, software, systems, and services. Motorola Solutions and its subsidiary, Motorola Israel, have been accused of complicity in human rights violations due to its sale of communication products to the Israeli Ministry of Defence in the occupied Palestinian territories. Israeli settlements in occupied Palestinian territories are deemed illegal under international law and the United Nations Human Rights Council Report 2023 has identified Motorola as a company providing services supporting the maintenance and existence of these settlements. As of 2023, Motorola is the sole supplier of the 4G cellular network for the Israeli Military and provides their surveillance and security system, which research shows is being used for border surveillance in the occupied Palestinian territories.
-
Credit Suisse New York 0.02%
Business Ethics
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
CREDIT SUISSE NEW YORK Business Ethics
Credit Suisse provides investment banking services. It has faced regulatory and legal actions related to aiding tax evasion, money laundering, corporate espionage, fraud, and breach of trade secrets. It has also been involved in multiple lawsuits related to its governance.
-
Rio Tinto Ltd 0.36%
Environmental Harm
-
BHP Group Ltd 1.23%
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Shell PLC 0.07%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
SHELL PLC Animal Testing Environmental Damage Fossil Fuel Production
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2021 and 2023, the company spent an average of USD $2,015 million per year on exploration activities alone. After generating 1,250 million barrels of oil in 2023, the company plans to expand their operations an additional 5,650 million barrels in the short term (1-7 years).
The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 66.5%.
-
Chevron Corp 0.03%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
CHEVRON CORP Animal Testing Environmental Damage Fossil Fuel Production
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Between 2021 and 2023, the company spent an average of USD $1,040 million per year on exploration activities alone. After generating 1,320 million barrels of oil in 2023, the company plans to expand their operations an additional 5,910 million barrels in the short term (1-7 years). Aside from Exxon Mobile, this is the largest amount of expansion relative to current operations of any of the major oil and gas companies.
Chevron’s expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK and Norway. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 53.9%.
-
Newcrest Mining Ltd 0.03%
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
-
Duke Energy Corp 0.02%
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
BHP Group Ltd 1.23%
Animal Cruelty
-
Shin-Etsu Chemical Co Ltd 0.22%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
-
LVMH Moet Hennessy Louis Vui 0.18%
Animal Welfare Issues
Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.
Fur & Speciality Leather
Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
-
Unilever PLC 0.09%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
-
Procter & Gamble Co/The 0.08%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
-
Koninklijke Ahold Delhaize N 0.07%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
-
Shell PLC 0.07%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
SHELL PLC Animal Testing Environmental Damage Fossil Fuel Production
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2021 and 2023, the company spent an average of USD $2,015 million per year on exploration activities alone. After generating 1,250 million barrels of oil in 2023, the company plans to expand their operations an additional 5,650 million barrels in the short term (1-7 years).
The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 66.5%.
-
Henkel AG & Co Kgaa 0.06%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
-
Exxon Mobil Corp 0.04%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
EXXON MOBIL CORP Animal Testing Fossil Fuel Production
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and speciality products. Between 2021 and 2023, the company spent an average of USD $1,355 million per year on exploration activities alone. After generating 1,630 million barrels of oil in 2023, the company plans to expand their operations by an additional 7,930 million barrels in the short term (1-7 years). This is the largest amount of expansion relative to current operations of any of the major oil and gas companies.
The expansion is also proposed to extend far and wide across the globe, including in Australia, Papua New Guinea, Indonesia, Malaysia, Thailand, Kazakhstan, Azerbaijan, Iraq, Qatar, UAE, Yemen, Chad, Angola, Nigeria, Equatorial Guinea, Argentina, Guyana, USA, Canada, the UK, Germany, Netherlands, and Russia. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 55.2%.
-
Chevron Corp 0.03%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
CHEVRON CORP Animal Testing Environmental Damage Fossil Fuel Production
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Between 2021 and 2023, the company spent an average of USD $1,040 million per year on exploration activities alone. After generating 1,320 million barrels of oil in 2023, the company plans to expand their operations an additional 5,910 million barrels in the short term (1-7 years). Aside from Exxon Mobile, this is the largest amount of expansion relative to current operations of any of the major oil and gas companies.
Chevron’s expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK and Norway. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 53.9%.
-
Colgate-Palmolive Co 0.03%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
-
Shiseido Co Ltd 0.03%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
-
Tosoh Corp 0.03%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
-
Henkel AG & Co Kgaa Vor-Pref 0.02%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
-
Kering 0.02%
Animal Welfare Issues
Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.
Fur & Speciality Leather
Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
KERING Animal Welfare Issues Fur & Speciality Leather
Kering specialises in luxury goods. Evidence shows the company makes several products, including bags, and watch straps from exotic leather, such as crocodile, python and ostrich leather and states that most of its houses do not use fur.
-
Shin-Etsu Chemical Co Ltd 0.22%
Weapons
-
Walmart Inc 0.08%
Firearms
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
WALMART INC Firearms
Walmart is the USA’s largest retailer by sales, selling a variety of general merchandise and grocery items. Walmart retails shotguns, pistols and ammunition at some of its stores in the USA, as well as components for firearms such as scopes. Walmart are currently working to improve their weapon-realted controls.
-
Ventia Services Group Pty Lt 0.02%
Military Weapons
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
-
Walmart Inc 0.08%
Fossil Fuels
-
BHP Group Ltd 1.23%
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Contact Energy Ltd 0.73%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
CONTACT ENERGY LTD Fossil Fuel Power Generation
Contact Energy is one of Aotearoa New Zealand’s largest electric utilities companies. Contact operates three thermal power stations that employ gas and diesel. In FY2023, 7% of the energy Contact generated came from thermal generation. However, Contact has announced plans for further investment in renewable generation. This includes NZD 1.2 billion in geothermal power, by constructing a new station and expanding capacity at an existing station, along with early developments in wind and solar generation. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
-
Genesis Energy Ltd 0.55%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
GENESIS ENERGY LTD Fossil Fuel Power Generation
Genesis Energy is engaged in energy generation, trading and selling of electricity, and owns a portfolio of fossil fuel and renewable generation assets across New Zealand. Evidence shows that thermal generation from gas represents a significant portion of the company's total power generation (from the Huntly power station), and that oil and gas power revenues represent approximately 35% of the company's total revenue.
-
Z Energy Ltd 0.42%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Santos Ltd 0.39%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Rio Tinto Ltd 0.36%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Human Rights Abuses
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
-
Woodside Energy Group Ltd 0.25%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Viva Energy Group Ltd 0.23%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Channel Infrastruct NZ 0.17%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Channel Infrastructure NZ Lt 0.17%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
South32 Ltd 0.17%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Weir Group PLC/The 0.14%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
National Grid PLC 0.11%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Origin Energy Ltd 0.11%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Ampol Ltd 0.09%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Samsung C&T Corp 0.09%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Total SA 0.09%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Apa Group 0.08%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Ck Hutchison Holdings Ltd 0.08%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Endesa SA 0.07%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
ENDESA SA Fossil Fuel Power Generation
Endesa is the largest electric utilities company in Spain and the second largest in Portugal, generating electricity from a mix of hydropower, nuclear, coal, gas, oil, solar, and wind. Evidence shows that energy generated from fossil fuels accounts for 22% of the company’s revenues. However, the company have announced plans to abandon coal by 2027 and gas by 2040, while investing significantly in expanding their renewable energy capacity. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
-
Rio Tinto PLC 0.07%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Human Rights Abuses
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
RIO TINTO PLC Fossil Fuel Power Generation Human Rights Abuses
Rio Tinto is a global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. Evidence shows that in 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable impact on the traditional owners from the loss of their heritage. There is also a pattern of evidence showing harmful community-related incidents involving Rio Tinto in West Papua, South Africa, Canada, the United States and Serbia.
Rio Tinto is also involved in fossil fuel power generation, as the company derives revenue from coal power plants through multiple associates and subsidiaries. -
Shell PLC 0.07%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
SHELL PLC Animal Testing Environmental Damage Fossil Fuel Production
Shell, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in the exploration and production, refining, transportation and storage of crude oil, natural gas, and natural gas liquids. Between 2021 and 2023, the company spent an average of USD $2,015 million per year on exploration activities alone. After generating 1,250 million barrels of oil in 2023, the company plans to expand their operations an additional 5,650 million barrels in the short term (1-7 years).
The expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK, and Norway. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 66.5%.
-
Centrica PLC 0.05%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Consolidated Edison Inc 0.05%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Exxon Mobil Corp 0.04%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
EXXON MOBIL CORP Animal Testing Fossil Fuel Production
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and speciality products. Between 2021 and 2023, the company spent an average of USD $1,355 million per year on exploration activities alone. After generating 1,630 million barrels of oil in 2023, the company plans to expand their operations by an additional 7,930 million barrels in the short term (1-7 years). This is the largest amount of expansion relative to current operations of any of the major oil and gas companies.
The expansion is also proposed to extend far and wide across the globe, including in Australia, Papua New Guinea, Indonesia, Malaysia, Thailand, Kazakhstan, Azerbaijan, Iraq, Qatar, UAE, Yemen, Chad, Angola, Nigeria, Equatorial Guinea, Argentina, Guyana, USA, Canada, the UK, Germany, Netherlands, and Russia. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 55.2%.
-
Karoon Energy Ltd 0.04%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Lg Corp 0.04%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Osaka Gas Co Ltd 0.04%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Chevron Corp 0.03%
Animal Testing
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
CHEVRON CORP Animal Testing Environmental Damage Fossil Fuel Production
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Between 2021 and 2023, the company spent an average of USD $1,040 million per year on exploration activities alone. After generating 1,320 million barrels of oil in 2023, the company plans to expand their operations an additional 5,910 million barrels in the short term (1-7 years). Aside from Exxon Mobile, this is the largest amount of expansion relative to current operations of any of the major oil and gas companies.
Chevron’s expansion is proposed to extend far and wide across the globe, including in Australia, Malaysia, Brunei, Kazakhstan, Qatar, Oman, Cameroon, Nigeria, Brazil, Argentina, Bolivia, USA, Canada, the UK and Norway. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 53.9%.
-
Enel Spa 0.03%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
ENEL SPA Fossil Fuel Power Generation
Enel is Europe’s largest electric utilities company by market capitalisation and holds a 70.1% stake in the energy company, Endesa. Evidence shows that energy generated from fossil fuels accounts for 15% of the company’s revenues. However, the company have announced plans to abandon coal by 2027 and gas by 2040, while investing significantly in expanding their renewable energy capacity. By 2030, the company expects to have invested a total of EUR €70 billion in renewable energy. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
-
Kansai Electric Power Co Inc 0.03%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Southern Co/The 0.03%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Air Water Inc 0.02%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Duke Energy Corp 0.02%
Environmental Damage
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Engie 0.02%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
Lg Corp-Pref 0.02%
Fossil Fuel Production
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
-
BHP Group Ltd 1.23%
This data is compiled by Mindful Money from the fund information and portfolios
that each KiwiSaver fund has
filed with the Disclose register to 30th Sept. 2023 and Mindful Money
analysis of funds within those portfolios. The list of companies of concern has
been drawn from ratings agencies and public sources, including the Norwegian
Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.
Please note that companies may breach more than one of these areas of
concern.
The listing of companies of concern is based on definitions used in Mindful Money's
methodology. These definitions may
be different from the exclusions policy and definitions applied by the fund provider.
Mindful Money uses the term Mindful Funds as our standard
for ethical investment and responsible investment. This does not imply that
other funds are unethical or that the fund providers that do not meet these
standards are unethical providers.
About this fund
In their own words
We aim to achieve positive longer-term returns by choosing a balanced mix of cash, fixed interest, equity and property investments. Investors can expect moderate to high levels of movement up and down in value and to receive longer-term returns that are higher than those of the Summer Conservative Selection (but with more risk), and lower than those of the Summer Growth Selection (but with less risk).
| Value | $124M NZD |
| Period of data report | 31st Dec. 2023 |
| Members | 2,312 |
| Fund started | 19th Sept. 2016 |
| Total annual fund fees | 0.9% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.84% |
| Other management and administration charges | 0.06% |
| Total other charges | 36.0 |
| Total other charges currency | NZD |
Key Personnel
|
Paul Robertshawe |
Currently: Chief Investment Officer,
Octagon Asset Management Limited (2 years, 1 months) |
|
Craig Alexander |
Currently: Head of Fixed Interest and ESG,
Octagon Asset Management Limited (2 years, 1 months) |
|
Jason Lindsay |
Currently: Head of Equities,
Octagon Asset Management Limited (2 years, 1 months) |
|
Neil Paviour-Smith |
Currently: Director,
Forsyth Barr Investment Management Limited (15 years, 10 months) |
|
Christine Smith-Han |
Currently: Equity and Strategy Analyst,
Octagon Asset Management Limited (2 years, 1 months) |
This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st Dec. 2023.
Past Returns
Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.
| Year | Market Average | Fund Annual Return |
|---|---|---|
| 2023 | -2.79% | -2.16% |
| 2022 | 0.71% | -0.09% |
| 2021 | 17.98% | 16.79% |
| 2020 | -1.40% | -0.55% |
| 2019 | 5.81% | 7.19% |
| 2018 | 5.28% | 6.35% |
The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st Dec. 2023.
Top 10 Investments
-
Hunter Global Fixed Interest Fund
New Zealand Int Fixed Interest14.43% -
Intermede Global Equity Fund
Ireland International Equities7.5% -
ANZ Transactional Bank Account
New Zealand Cash and Equivalents AA-2.83% -
Westpac New Zealand 1.439% 24/02/2026
New Zealand NZ Fixed Interest AA-1.34% -
BHP Group Limited
Australia Australasian Equities1.32% -
CSL Limited
Australia Australasian Equities1.05% -
Fisher & Paykel Healthcare Corporation Limited
New Zealand Australasian Equities1.0% -
New Zealand Government 15/05/2032 2.00%
New Zealand NZ Fixed Interest AA+0.94% -
New Zealand Government 14/04/2033 3.5%
New Zealand NZ Fixed Interest AA+0.91% -
Spark New Zealand Limited
New Zealand Australasian Equities0.84%
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 10.0% | 9.31% |
| New Zealand Fixed Interest | 22.0% | 26.57% |
| International Fixed Interest | 13.0% | 14.43% |
| Australasian Equities | 25.0% | 24.15% |
| International Equities | 25.0% | 21.25% |
| Listed Properties | 5.0% | 4.29% |
| Unlisted Properties | 0.0% | 0.0% |
| Other | 0.0% | 0.0% |
| Commodities | 0.0% | 0.0% |
Investment Mix
How the money in this fund is invested against the fund's targets.
Target
Actual
This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st Dec. 2023.