KEY POINTS:
The New Zealand Super Fund has increased its investment in cluster bomb manufacturers, despite the Government hosting a conference next week which aims to have cluster bombs banned, the Green Party says.
Co-leader Russel Norman said the fund had increased its investments in Lockheed from $15.8 million to $21.9 million and Raytheon from $1.5 million to $2.3 million.
He said both were involved in the manufacture of cluster bombs.
Disarmament and Arms Control Minister Phil Goff said this week that the four-day conference, which begins on Monday, would make an "important contribution to achieving an ambitious vision of a ban on cluster munitions that cause unacceptable harm to civilians".
The bombs failed to explode and were then stumbled upon, often by children "to devastating effect".
Dr Norman said it was "blatant hypocrisy" for the Government to take dividends from the manufacture of cluster bombs, while at the same time calling for a ban.
"These investments need to stop, before our reputation as a peace-loving nation is damaged."
One of the investment criteria for the fund was that its investments should not damage New Zealand's reputation.
But that reputation could be damaged because the issue of investments in cluster-bomb manufacturers was on the conference agenda.
In October the Super Fund quit investment in tobacco companies citing its commitment to global anti-tobacco policies.
But it has resisted calls to quit companies involved in weapons manufacture and those that have major holdings in Myanmar.
- NZPA
