PIE KiwiSaver Growth Fund

Companies of Concern

• Animal Cruelty 1.14%

  • L'Oréal SA

    0.43%

    0.43%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

    L'ORÉAL SA Animal Testing

    L'Oréal is a personal care company and cosmetics company concentrating on hair colour, skin care, sun protection, make-up, perfume, and hair care. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.

  • LVMH Moët Hennessy Louis Vuitton Se

    0.38%

    0.38%
    Animal Welfare Issues

    Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.

    Fur & Speciality Leather

    Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).

    LVMH MOËT HENNESSY LOUIS VUITTON SE Animal Welfare Issues Fur & Speciality Leather

    Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.

  • Unilever PLC

    0.32%

    0.32%
    Animal Testing

    Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.

    UNILEVER PLC Animal Testing

    Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.

• Human Rights Violations 3.18%

  • Thermo Fisher Scientific

    1.13%

    1.13%
    Human Rights Abuses

    Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

    THERMO FISHER SCIENTIFIC Human Rights Abuses

    Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence shows Thermo Fisher Scientific continues to supply DNA sequencing products to the Xinjiang region, despite the company announcing it would halt sales to the region in 2019.

  • Meta Platforms, Inc.

    1.10%

    1.10%
    Public Safety

    Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.

    META PLATFORMS, INC. Public Safety

    Meta is the world’s largest online social network consisting of the Facebook app, Instagram, Messenger, WhatsApp, and many features surrounding these products. The company has faced several investigations and legal action linked to privacy-related allegations, including its handling of user data, and breaches of user privacy. Meta has also been criticised for its poor governance model, as well as allowing its platform in non-English speaking countries to be used to incite ethnic violence.

  • Uber Technologies, Inc.

    0.92%

    0.92%
    Labour Rights Violations

    Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.

    UBER TECHNOLOGIES, INC. Labour Rights Violations

    Uber is a ride and food delivery service provider. Evidence shows the company has been prioritising revenue growth over driver welfare and user safety. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage and other benefits, meaning drivers and vehicles are not subject to the labour standards expected from traditional taxi companies.

• Fossil Fuels 5.46%

  • Iberdrola

    1.34%

    1.5°C

    This company is on a 1.5°C pathway

    1.34%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

    IBERDROLA Fossil Fuel Power Generation

    Iberdrola is a Spanish energy company, and one of the largest utilities in the world with electric utility operations in nearly 40 countries. Evidence shows that energy generated from oil and gas accounts for 15% of the company’s revenues. However, the company currently generates 80% of their electricity from renewable sources and have committed to achieving net-zero emissions by 2040. The company reports a total investment of EUR €150 billion is planned for this decade to enable its energy transition. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.

  • Totalenergies Se

    1.26%

    !!

    This company is expanding their fossil fuel production and
    is off track with the UN target to limit global temperature
    rise to 1.5°C

    1.26%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

    TOTALENERGIES SE Fossil Fuel Production

    French based global oil major (7th largest in the world). In 2022 it produced 970 million barrels of oil and the company plans to expand their operations with an additional 7,970 million barrels in the short term (1-7 years). This planned term expansion overshoots the IEA Net-Zero Emissions Scenario by 57%.

  • E.On Se

    0.52%

    0.52%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Constellation Energy Corp.

    0.45%

    0.45%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Viva Energy Group Ltd.

    0.35%

    !!

    This company is expanding their fossil fuel production and
    is off track with the UN target to limit global temperature
    rise to 1.5°C

    0.35%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Karoon Energy Ltd.

    0.33%

    !!

    This company is expanding their fossil fuel production and
    is off track with the UN target to limit global temperature
    rise to 1.5°C

    0.33%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Beach Energy Ltd.

    0.31%

    !!

    This company is expanding their fossil fuel production and
    is off track with the UN target to limit global temperature
    rise to 1.5°C

    0.31%
    Fossil Fuel Production

    Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.

  • Contact Energy Ltd.

    0.31%

    1.5°C

    This company is on a 1.5°C pathway

    0.31%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

    CONTACT ENERGY LTD. Fossil Fuel Power Generation

    Contact Energy is one of Aotearoa New Zealand’s largest electric utilities companies. Contact operates three thermal power stations that employ gas and diesel. In FY2023, 7% of the energy Contact generated came from thermal generation. However, Contact has announced plans for further investment in renewable generation. This includes NZD 1.2 billion in geothermal power, by constructing a new station and expanding capacity at an existing station, along with early developments in wind and solar generation. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.

  • Iberdrola Finanzas Sau

    0.26%

    1.5°C

    This company is on a 1.5°C pathway

    0.26%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

  • Wec Energy Group, Inc.

    0.24%

    0.24%
    Fossil Fuel Power Generation

    Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

• Weapons 0.88%

  • Amphenol Corp.

    0.87%

    0.87%
    Military Weapons

    Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.