5 Aug 2010

Ethical investment bill fails

8:28 am on 5 August 2010

An ethical investment bill promoted by Labour MP Grant Robertson has failed to obtain enough support in Parliament where the National and ACT parties voted against it.

The bill would have required Crown Financial Institutes to invest their money in an ethical manner. They include the New Zealand Superannuation Fund, the Earthquake Commission and ACC.

Mr Robertson said the bill was an opportunity for New Zealand to practice what it preaches.

However, it was voted down by 63 votes to 58.

Mr Robertson said National appears to think the market will provide, but that does not mean all investments will be ethical.