KEY POINTS:
The Guardians of the New Zealand Superannuation Fund went to Parliament yesterday to defend their record on "responsible investment"
But no one from the Green Party, which initiated the commerce select committee hearing into where the super fund invests money, was there to grill them.
The committee is considering Green Party co-leader Russel Norman's petition, signed by 800 people and sponsored by party MP Sue Kedgley, which asks for an inquiry into the fund's activities and calls for law changes to ensure the fund invests in a socially and environmentally responsible way.
Dr Norman said he did not know of yesterday's hearing and was in Dunedin, so could not have attended.
The committee did not notify the Greens but details of the hearing were posted on Parliament's website.
Dr Norman sent a researcher to the hearing after being told by journalists it was on. The committee has no Green MP and none was available to stand in - they were all at other committees apart from Metiria Turei, who is in Papua-New Guinea.
"We were just stretched to cover it," Dr Norman said.
Guardians chief executive Adrian Orr received a positive reception to his submissions from the committee's other MPs.
He said the guardians had obligations to manage the fund which were to use the best practice, to maximise returns and avoid prejudicing New Zealand's reputation.
The board had adopted a responsible investment policy and a standards and procedures policy to help the guardians meet legal obligations.
The fund invested in more than 3000 companies worldwide and monitored holdings against internationally agreed standards for responsible corporate behaviour, in particular the United Nations global compact principles.
The guardians tried to engage with companies over a range of issues including human rights, labour conditions and environmental management, he said.
They were seeking further information from one company - Freeport McMoRan Copper and Gold (Freeport) - over human rights and environmental practices.
The fund had quit Singapore Technologies Engineering, Alliant Techsystems, General Dynamic and Textron Systems because of their involvement in anti-personnel mines. Maruha Group was excluded because it is involved in whale meat processing.
Mr Orr said the guardians were analysing issues of companies investing in nuclear weaponry or tobacco products. The issues were complex as such activity might be a tiny part of a company's overall operation.
The Greens published a report in February revealing the fund had invested in several companies involved in making nuclear weapons.
- NZPA
