New Zealand Superannuation Fund, Auckland, will exclude seven companies involved in the operation of nuclear bases from its NZ$22 billion (US$17.3 billion) portfolio, the fund announced Monday.
The newly excluded companies, in order of the value in New Zealand dollars of each company's securities in the superannuation fund’s portfolio as of March 31, are:
- Fluor Corp. $713,657
- Jacobs Engineering Group Inc. $498,107
- Serco Group PLC $335,827
- URS Corp $267,081
- Babcock & Wilcox Co. $211,888
- Huntington Ingalls Industries $159,099
According to a news release from New Zealand Superannuation, the fund sold its holdings of those companies’ securities during the current quarter. It said the sale will have no material impact on the fund’s returns.
The news release noted the superannuation fund didn't hold any securities of privately held Bechtel Group, another excluded nuclear base operator.
The superannuation fund had announced previously it would exclude companies involved in “the manufacture or testing of nuclear explosive devices.”
Recent programs aimed at extending the life of nuclear stockpiles in the U.S. and the U.K. had effectively involved the nuclear base operators in “the modification and upgrade of nuclear explosive devices,” warranting their exclusion under the superannuation fund's Responsible Investment Policy, Anne-Maree O'Connor, the fund's responsible investment manager, said in the news release.
Additionally, New Zealand Superannuation said it would lift a 2008 decision to exclude General Dynamics Corp., L-3 Communications Holdings Inc., Raytheon Co. and Goodrich Corp. from its portfolio, after confirming the companies were no longer involved in the manufacture of cluster munitions.
