Human Rights, Environment Obligations, and Ethical Investment: Aotearoa New Zealand is Going Down the Wrong Path
Dr Robert Howell
1 Introduction and Summary
A considerable portion of the world’s investments are unethical in that they have inadequate regard for the welfare of people and/or the planet. They invest in companies that abuse workers’ or other stakeholders rights. Their activities destroy our environment. Very few companies are fully fossil-free, or operate within ecological boundaries. One of the reasons for this is that the term ethical investing is defined by such unvalidated concepts as ESG, or responsible.
Should the Reserve Bank target unemployment as well as inflation? Will the new government abolish the dual mandate?
Back in 1989 – near the end of the fourth Labour government – the inflation-busting Reserve Bank Act was passed. Labour has shifted well away from the Rogernomics of that decade, and in 2021 Grant Robertson added maximum sustainable employment to the bank’s mandate - with the support of coalition partner NZ First.
Our Reserve Bank joined a powerful grouping of central banks that have dual targets, including the US Federal Reserve, the Reserve Bank of Australia, the Bank of Canada, the Bank of England and the European Central Bank.
Going into the 2023 election, National and Act committed to a return to the 1989 objective. Will they take us out of the mainstream and into a straitjacket rather than a life-jacket? And how does it square with their stated aim of getting people off the dole and back to work?
The next three years – the job ahead for Labour, Greens and Te Pāti Māori
The Fabians had a session on Nov 14th reflecting on the elections. Our panel of Simon Wilson, Senior Writer at NZ Herald, Bridie Witton, Stuff Press Gallery Reporter and Ollie Neas, freelance writer used the election results as a springboard to target some of the key issues for Labour, the Greens and Te Pāti Māori as they head into opposition.
Thank you for the opportunity to discuss the Pae Ora health reforms with you.
Since I was sacked by the Health Minister I have taken time to reflect on the experience and to make a considered assessment of what I learned in the process. My intention tonight is to share that with you, making the assumption that we share common ground in wanting to have an effective, efficient, excellent and equitable public health service.
If anyone does not want that, I don’t really have anything useful to share with you.
As New Zealand’s economy struggles to achieve anything like the output required to ‘catch Australia’, the sale of state assets is on the agenda yet again. The failed experiment of the 80s and 90s looks to be recycled in a one off attempt to lessen the deficit. The Fabian Society welcomes this timely visit by David Hall of the PSIRU, an expert in public service provision, particularly in the water, energy, waste management and healthcare sectors.
David's thesis is that, far from being a burden on society, public spending is an essential driving force, providing universal services for human development - healthcare, education, social security - and also the essential infrastructure making other economic activity possible, such as water, electricity, roads.
The seminar is free and will be held Monday 14th February, 6.30pm – 8.00pm, at the Auckland Trades Hall, 147 Great North Rd, Grey Lynn. You can register here.
If you know of others who would be interested, please take advantage of the 'Tell a Friend' feature on the registration page.
This has been an outstanding year for the NZ Fabian Society and I would like to tell you why.
Early in 2010, a small group of us got together, believing what New Zealand needs is a national debate on the sustainability of our society and the policies that shape it. This led us to rekindle the NZ Fabian Society and plan a nationwide programme of activities themed on 'economic resilience'.
We have been delighted with the results. An influx of members and high seminar attendances revealing a thirst for information and debate. Among the year's achievements have been:
Running 24 seminars, lectures and workshops on a wide range of topics in Auckland, Christchurch and Wellington
Becoming an Incorporated Society
Gaining 140+ members
Establishing branches in Auckland, Wellington, Christchurch and Dunedin
Presenting a Resilient Economy Workshop as a Labour Party Conference Fringe event
We have provided opportunities to learn about and debate key economic and social issues. The presentations for most of these are available for download, and for some there are also podcasted recordings. These are highly recommended holiday reading for those who missed an event or who want to revisit some of the ideas. In the following list, click on the name of the event for a podcast, or on the presenter's name for a copy of their presentation:
Our objective is summarised in our motto, to ‘incite debate’. The response to the seminars so far indicates that the state of the New Zealand and world economies weighs heavily on us all. There is a widespread desire for an understanding and critical assessment of the failed models of the last thirty years.
The Fabians strongly reject the neo-liberal slogan ‘there is no alternative’ (TINA). Instead, we believe ‘there are real alternatives (TARA), and we have aimed to both supply and critique alternatives to assist that debate.
And the problems remain. The New Zealand economy is stalled. The Government talks about the need to promote the export sector but says it can do nothing about the main inhibitor to investment, an exchange rate that fluctuates wildly because of speculation.
Our success in inciting debate on fundamental economic issues has been reflected by the increasing attention in the media and elsewhere of topics not publically in New Zealand for decades.
2011 – a big year for New Zealand.
So, we are looking forward to 2011 and are kicking off again with the theme ‘Bold Choices for a Better Future.’ What better year to debate this than in election year?
We aim to sharpen the debate and refine the alternatives. We intend to mix the standard lectures with more interactive debates, and continue to seek presenters who are expert and committed to New Zealand's future.
We want to thank all of you who have made it along to the seminars or followed us on line. Thanks for being interested enough to join the debate and add to the growing chorus of those who believe urgent action is needed if NZ is to retain control over its own future.
Please continue the conversation with family and friends and have a safe and relaxing Xmas.
Mike Smith, Chair
PS We are very grateful to our presenters, who have all given freely of their expertise and insight. It has also been great to see how their interaction inside the seminars have led to further insights and clarification of ideas. While we have aimed to incite debate, it has always been constructive.
We are also grateful to the Gamma Foundation trustees, who have made a significant contribution to our finances. We do not have the necessary resources for a full-scale think tank, and run a very lean operation. Contributions and donations to support the running of the seminars, including travel for presenters, are very welcome.
Financial journalist Bernard Hickey of interest.co.nz and Selwyn Pellett of the Productive Economy Council will discuss the need for a complete rethink of our approach to economic policy Monday evening in Wellington at Connolly Hall at 5:30pm. Besides writing regular opinion pieces and providing information on his site, Bernard Hickey writes a regular column in the Herald and has had some interesting things to say recently on "Plan to rebalance economy shredded" and "Why we must dodge the currency elephants". Selwyn Pellett will also discuss why we need to rebalance our economy towards exporting.
The seminar will be repeated on Friday 16th in Auckland at the Decima Glenn Room, Auckland University Business School at 6pm.