KiwiSaver investors increasingly exposed to companies linked to human rights abuses
New analysis shows KiwiSaver investments in companies linked to human rights concerns have surged, despite human rights violations remaining the top ethical priority for New Zealand investors.
KiwiSaver investments in companies identified as contributing to human rights harms have increased sharply. Over the past six months alone, investments in these companies rose 43 percent, reaching more than $3.5 billion. This has been fuelled by both an increase in the number of companies identified as violating human rights, as well as increased investment in those companies.
Yet public surveys conducted over the past six years consistently show that avoiding human rights abuses is the number one concern for KiwiSaver members in New Zealand when deciding where their retirement savings should be invested.
“These findings highlight a growing gap between what New Zealanders want from their investments in terms of human rights, and where their money is actually going,” said Barry Coates, founder of Mindful Money.
“New Zealanders consistently say they do not want their retirement savings linked to labour exploitation, abuses of children, gender discrimination, harm to vulnerable communities or companies contributing to conflict. Yet billions of dollars are still invested in companies connected to these risks.”
There is also increasing public awareness of the human impact of labour exploitation within New Zealand. A new podcast from Mindful Money interviews Pearl Valor, who speaks about her labour experiences growing up in the Gloriavale Christian Community. Together with Brian Henry, Barrister for Pearl Valor and Founder of Always-Ethical – AE KiwiSaver Plan.
“People need to understand that exploitation can be hidden in plain sight,” says Valor. “When communities or companies operate without accountability, the people inside them can lose their freedom, their wages and their voice.”
Greater awareness is the first step toward protecting human rights. The Modern Slavery Bill introduced to New Zealand Parliament in February 2026 marks significant progress towards more ethical supply chains, and addressing the issues of slave and forced labour in Aotearoa.
Coates says investors have a powerful role to play.
“KiwiSaver providers need stronger policies to screen out companies linked to serious human rights harms. New Zealanders deserve confidence that their retirement savings are not contributing to exploitation or conflict.”
Human rights concerns increasingly relate to harmful corporate practices rather than harmful products themselves. While fund providers screen out issues like tobacco and gambling, few have active screens to avoid investing in harmful behaviour like human rights violations.
“My aspiration is that current members of Gloriavale, now equipped with access to news and the internet, will be empowered to acquire financial literacy and independence, and become aware of beneficial resources such as KiwiSaver.” Says Pearl” says Pearl
“I will always be grateful to Brian for his commitment to justice for those leaving the Gloriavale Community. Through this work, I and many others have been able to step into a freer world that we were never allowed to see. Modern-day slavery is real and it exists in New Zealand today. Brian is helping expose this injustice and is standing up for those who were denied their freedom, their wages, and their voice.” Says Pearl
In recent years, attention has increasingly focused on the activities of major technology companies, particularly around surveillance, social media harms and their use in conflict situations. Companies identified as raising human rights concerns include Meta, Tesla, Thermo Fisher Scientific and Palantir Technologies.
Concerns have also grown over investments in companies linked to the ongoing conflict in Gaza, the West Bank and Ukraine.
Despite concerns from members of the public, KiwiSaver investments in companies providing weapons, surveillance technology or other support linked to these conflicts increased 14 percent between March and September 2025, reaching $856 million.
Companies receiving increased investment during this period include IBM, Booking Holdings, Palantir Technologies, Motorola Solutions and Caterpillar.
“Where money flows, systems follow. Ethical investment redirects capital away from modern slavery and toward dignity, transparency, and fair work.” says Brian
“These are major global corporations, and New Zealand investors have only a small share of their capital,” Coates said. “It is unlikely that fund managers sending letters or voting a few shares will change their practices. If companies are linked to human rights violations, fund providers should respect the wishes of their clients and avoid investing in them.”
Mindful Money identifies companies associated with human rights concerns on its website, including those linked to Palestinian human rights issues, which are marked with an OPT symbol so KiwiSaver members can see whether their funds are invested in them.
Mindful Money is calling on KiwiSaver providers to strengthen their human rights screening and divest from companies associated with human rights violations.
People power
Members of the public can easily see what their fund is investing in by going to the Mindful Money website www.mindfulmoney.nz. Mindful Money is a charity and provides transparency to KiwiSaver and retail funds investors.
“All investment decisions for the AE KiwiSaver Plan are undertaken in-house, reflecting Brian Henry’s ethical management approach and his ongoing commitment to justice, which is currently demonstrated through his involvement in the Gloriavale case.” says Sandra Clark (CEO)
Members of the public can check what is in their fund using the free Fund Checker.
Notes:
Mindful Money publishes the methodology for companies that have a record of breaching internationally-agreed human rights norms. Methodology here.
Human rights violations are shown in the categories of breaches of labour rights; war and conflict; corruption and breaches of business ethics; public health and safety; and other violations including privacy and indigenous peoples’ rights.
Link to YouTube Gloriavale interview
