New Zealand’s national pension fund invests in Ravensdown and Ballance Agri-Nutrients – which both import phosphate rock from occupied Western Sahara. That does not align with its statutory obligation to safeguard the country’s reputation, Polisario official says.
Read up on New Zealand's imports of phosphate rock from occupied Western Sahara in our latest edition of the 'P for Plunder' report, published on 24 February 2020. The report documents Morocco's exports of Saharawi phosphate rock in 2019. While the exports have never been lower than in 2019, a third of the trade went to New Zealand's farmer cooperatives Ravensdown and Ballance Agri-Nutrients.Today, 5 March 2020, the UN-recognised representative of the Saharawi people has initiated legal proceedings against the New Zealand Superannuation Fund, the Government Pension Fund of the country. The Fund, which has an estimated value of over $44.5 billion, is an investor of both Ravensdown Ltd and Ballance Agri-Nutrients Ltd: two farmer cooperatives that are among the last few remaining importers of phosphate rock from occupied Western Sahara.
The Fund is managed and administered by a Crown Entity, called the Guardians of the New Zealand Superannuation Fund. The Guardians of the Fund have a statutory obligation to manage and administer the Fund in a manner consistent with avoiding prejudice to New Zealand’s reputation as a responsible member of the world community.
According to Polisario’s representative to Australia and New Zealand, Mr. Kamal Fadel, the Fund is not living up to that obligation through its investments in Ravensdown and Ballance. “The Sahrawi people are determined to protect their natural resources with all available means. This legal action is a message to all who are involved in the exploitation of Sahrawi natural resources that they face legal action, reputational risks and investor withdrawal,” Mr. Fadel says.
Over the last decade, several national pension funds from across the world have proceeded to exclude companies that are involved in the trade of resources from Western Sahara for ethical reasons. These include the Norwegian Government Pension Fund, the AP Funds in Sweden, APG in the Netherlands and the UK’s National Employment Savings Trust.
Siemens Gamesa, Siemens Energy and Enel Spa have been excluded by Norway's largest private asset manager for contributing to violations of international law in occupied Western Sahara.
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The following overview enlists stock-exchange registered companies currently operating in Western Sahara. Updated 5 October 2020.