The Minister of Commerce Paul Goldsmith has refused to publicly release legal advice on KiwiSaver funds investing in controversial arms companies.
Last month, RNZ News reported at least five default KiwiSaver providers were investing in companies making cluster bombs and anti-personnel mines.
RNZ has since reported that all nine default KiwiSaver providers had those kinds of investments, and have since either dumped the investments, were in the process of doing so, or were reviewing their policies.
In response to an Official Information Act request for advice he'd received, Mr Goldsmith said he was withholding the full details to maintain professional privilege.
He said, given the quick response of providers in pulling out of such investments, consumers were already seeing the changes they wanted without regulatory intervention.
Several providers have stopped investing in weapons and munitions firms through a passive fund run by the giant American investment company Vanguard.