12 Dec 2008

Super Fund to drop munition stocks

5:09 pm on 12 December 2008

The New Zealand Superannuation Fund is to divest from stocks in six companies involved in the manufacture of cluster munitions.

The Guardians of the Fund earlier said they would divest from these stocks, once an international treaty had been signed banning the production of cluster munitions.

The treaty was signed earlier in December.

Chief executive Adrian Orr says one of the companies is also involved in simulated testing of nuclear explosive devices.

He says the total value of the fund's shares in those companies is about $37 million, or 0.3% of the fund.