Booster KiwiSaver Asset Class Conservative Fund

Companies of concern

• Human Rights Violations

  • Ubs 0.30%
    Business Ethics

    Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.

    UBS Business Ethics

    Acquired Credit Suisse in 2023, a bank with very poor governance which aided clients with tax evasion and money laundering. As a result, UBS has inherited ongoing regulatory fines and lawsuits relating to these failures. UBS has also been subject to lawsuits relating to its own manipulation of foreign exchange and interbank rates. It holds a provision of USD $4bn for claims (which may not be sufficient).

  • Johnson & Johnson 0.22%
    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.

    JOHNSON & JOHNSON Public Safety

    Johnson & Johnson is the world's largest and most diverse healthcare firm. The company has been involved in repeated incidents related to the quality and safety of several of its products across all three of the company’s business segments — drugs, devices, and consumer products. Several products have been associated with allegations of severe or even fatal adverse impacts on patients.

  • Thermo Fisher Scientific 0.22%
    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. 0.18%
    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.

  • Wells Fargo 0.09%
    Business Ethics

    Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.

  • Caterpillar 0.03%
    War & Conflict

    Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.

    CATERPILLAR War & Conflict

    Caterpillar, a manufacturer of heavy equipment, power solutions, and locomotives, has a history of supplying the Israeli military. In 2004, Human Rights Watch reported the use of Caterpillar D9 bulldozers in demolishing over 250 Palestinian homes in Gaza, resulting in Palestinian casualties. Subsequently, in 2017, the Israeli military acquired numerous Caterpillar heavy engineering vehicles through a significant deal. The sale was financed by the United States Government, but the deal itself was between the Israeli military and Caterpillar. Incidents involving Caterpillar equipment causing harm to Palestinians have persisted, with recent instances reported as of 2023.
    These occurrences include the use of Caterpillar equipment in demolishing Palestinian homes in illegally occupied territories, constructing illegal settlements and their infrastructure on occupied land, as well as building the Separation Wall in the West Bank and the Gaza border wall. Evidence also suggests Caterpillar’s products have been used by third parties in other conflict-affected areas, including Myanmar and the Western Sahara. Caterpillar's continued supply to these conflict areas raises concerns about its complicity in the misuse of its products.

  • Li Ning Co Ltd 0.01%
    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.

  • Motorola Solutions Inc 0.01%
    War & Conflict

    Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.

    MOTOROLA SOLUTIONS INC War & Conflict

    Motorola is an American provider of communication products, video equipment, telecommunications equipment, software, systems, and services. Motorola Solutions and its subsidiary, Motorola Israel, have been accused of complicity in human rights violations due to its sale of communication products to the Israeli Ministry of Defence in the occupied Palestinian territories. Israeli settlements in occupied Palestinian territories are deemed illegal under international law and the United Nations Human Rights Council Report 2023 has identified Motorola as a company providing services supporting the maintenance and existence of these settlements. As of 2023, Motorola is the sole supplier of the 4G cellular network for the Israeli Military and provides their surveillance and security system, which research shows is being used for border surveillance in the occupied Palestinian territories.

  • Rio Tinto 0.01%
    Fossil Fuel Power Generation

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

    Human Rights Abuses

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

    RIO TINTO Fossil Fuel Power Generation Human Rights Abuses

    Rio Tinto is a global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. Evidence shows that in 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable impact on the traditional owners from the loss of their heritage. There is also a pattern of evidence showing harmful community-related incidents involving Rio Tinto in West Papua, South Africa, Canada, the United States and Serbia.
    Rio Tinto is also involved in fossil fuel power generation, as the company derives revenue from coal power plants through multiple associates and subsidiaries.

• Animal Cruelty

  • Ralph Lauren Corp. 0.14%
    Fur & Speciality Leather

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

  • Procter & Gamble Co. 0.07%
    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 0.03%
    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.

  • The Sherwin-Williams Co. 0.02%
    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.

  • Asian Paints Ltd. 0.01%
    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.

  • Colgate-Palmolive Co. 0.01%
    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.

  • Hermès International Sca 0.01%
    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).

  • L'Oréal SA 0.01%
    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.

• Weapons

  • Dick's Sporting Goods, Inc. 0.13%
    Firearms

    Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.

    DICK'S SPORTING GOODS, INC. Firearms

    Dick’s Sporting Goods retails athletic apparel, footwear, and equipment for sports. The company sells a range of semi-automatic rifles, shotguns, handguns related ammunition, as well as components such as rifle scopes.

  • Walmart, Inc. 0.07%
    Firearms

    Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.

    WALMART, INC. Firearms

    Walmart is the USA’s largest retailer by sales, selling a variety of general merchandise and grocery items. Walmart retails shotguns, pistols and ammunition at some of its stores in the USA, as well as components for firearms such as scopes. Walmart are currently working to improve their weapon-realted controls.

  • Transdigm Group, Inc. 0.01%
    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.

• Fossil Fuels

  • Contact Energy Ltd. 0.21% 1.5°C
    This company is on a 1.5°C pathway
    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.

  • Fairfax Financial Holdings Ltd. 0.18%
    Fossil Fuel Power Generation

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

  • Loews Corp. 0.13%
    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.

  • Channel Infrastructure 0.05%
    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.

  • Genesis Energy Ltd. 0.05%
    Fossil Fuel Power Generation

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

    GENESIS ENERGY LTD. Fossil Fuel Power Generation

    Genesis Energy is engaged in energy generation, trading and selling of electricity, and owns a portfolio of fossil fuel and renewable generation assets across New Zealand. Evidence shows that thermal generation from gas represents a significant portion of the company's total power generation (from the Huntly power station), and that oil and gas power revenues represent approximately 35% of the company's total revenue.

  • Ampol Ltd. 0.02%
    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.

  • Marathon Petroleum Corp. 0.02%
    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.

  • Valero Energy Corp. 0.02%
    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.

  • Hd Hyundai Co., Ltd. 0.01%
    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.

  • Phillips 66 0.01%
    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.

  • Rio Tinto 0.01%
    Fossil Fuel Power Generation

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

    Human Rights Abuses

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

    RIO TINTO Fossil Fuel Power Generation Human Rights Abuses

    Rio Tinto is a global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. Evidence shows that in 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable impact on the traditional owners from the loss of their heritage. There is also a pattern of evidence showing harmful community-related incidents involving Rio Tinto in West Papua, South Africa, Canada, the United States and Serbia.
    Rio Tinto is also involved in fossil fuel power generation, as the company derives revenue from coal power plants through multiple associates and subsidiaries.

• Social Harm

  • Vici Properties, Inc. 0.08%
    Adult Entertainment/Pornography

    Where companies are involved in the production or distribution of adult entertainment.

    Gambling

    Where companies are involved in the manufacture or retail of gambling specialised equipment, gambling supporting products and services, or gambling operations.

  • Gaming & Leisure Properties, Inc. 0.03%
    Gambling

    Where companies are involved in the manufacture or retail of gambling specialised equipment, gambling supporting products and services, or gambling operations.