The Medical Assurance Society joins a growing number of KiwiSaver providers who refuse to put money into non-socially responsible shares as it divests from fossil fuels starting September.
As it makes the move, Australasia’s largest insurer for medical professionals also promises to cut its ties to tobacco and arms dealing or manufacture companies.
Mark Davy, MAS GM of marketing, said the new policy comes in response to members wanting to contribute positively to environment and human health, to keep pace with a global consumer trend of supporting brands operating with a social conscience, and simply because “it's the right thing to do,”
nzDoctor.co.nz reported.
The new policy bans oil and coal and extends to companies undertaking exploration, extraction, refining or processing of fossil fuels, and any utility that primarily burns fossil fuels; and applies to MAS's KiwiSaver Plan, Retirement Savings Plan, and money held in reserve, which amounts to a total of $1.4bn, the report said.
Davy said that in order to simplify the process of divesting, the 28,000-member society is using global environmental, social, and corporate governance research and ratings company Sustainalytics to screen its investments.
When asked if MAS has plans to divest from companies involved in dairy or deforestation, Davy replied that its socially responsible approach is still under review and evolving, and that MAS has become a member of several responsible investment organisations, the report said.
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