Tuesday, June 21, 2011

NZSF supports nuclear proliferation

New Zealand has a proud record of opposing nuclear weapons both domestically and on the international stage. We banned nuclear ship visits in 1984. We helped establish a South Pacific Nuclear-Free Zone in 1985. We have consistently advocated for nuclear arms reduction and spoken out against nuclear proliferation.

Meanwhile, our superannuation fund is helping India build nuclear-armed submarines:

The Green Party is calling on the New Zealand Superannuation Fund to divest from its $2.1 million stake in Larsen & Toubro, a Mumbai-based multinational involved in designing and building a fleet of nuclear-armed submarines for India.

A response to a Green Party Written Question revealed that the New Zealand Superannuation Fund holds 44,595 shares in Larsen & Toubro Ltd, which had a valuation of NZ$2,082,736 on June 9, 2011


Larsen & Toubro is India’s largest defence engineering company and is partnering with the Indian Navy to manufacture their new fleet of nuclear-armed submarines. They also hold a contract to develop a missile launcher for the Sagarika — a nuclear-tipped, sub-launched cruise missile.

Its not illegal, but it is grossly inconsistent with our foreign policy and our national values. I would expect the Cullen Fund to do better, to be better than that.