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Sovereign Bond Investing and Human Rights: An Analysis of New Zealand’s Retail Investment Funds

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Abstract

The human rights dimension of sovereign bond investment has been largely underexplored, even as ESG factors gain traction in other asset classes. This report presents a comprehensive snapshot of New Zealand retail investments in sovereign bonds as of March 2024, combining detailed portfolio data from KiwiSaver and other retail funds with the Human Rights Measurement Initiative (HRMI)’s Rights Intelligence 2024 dataset, which scores countries on human rights. Findings reveal significant lending to governments designated as 'high alert' for human rights violations and show that standard fund certifications fail to effectively screen for such investments. By shedding light on this overlooked area, the report aims to raise awareness and promote more responsible investment practices both locally and globally. The report identifies a need for more products that prioritise human rights, enhanced certification standards, and increased investor awareness.

Suggested Citation

  • Anne-Marie Brook & K. Chad Clay & Zoe Shepherd, 2025. "Sovereign Bond Investing and Human Rights: An Analysis of New Zealand’s Retail Investment Funds," Motu Working Papers 25_10, Motu Economic and Public Policy Research.
    • Handle: RePEc:mtu:wpaper:25_10
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    References listed on IDEAS

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    1. Christopher J Fariss & Michael R Kenwick & Kevin Reuning, 2020. "Estimating one-sided-killings from a robust measurement model of human rights," Journal of Peace Research, Peace Research Institute Oslo, vol. 57(6), pages 801-814, November.
    2. K Chad Clay & Ryan Bakker & Anne-Marie Brook & Daniel W Hill Jr & Amanda Murdie, 2020. "Using practitioner surveys to measure human rights: The Human Rights Measurement Initiative’s civil and political rights metrics," Journal of Peace Research, Peace Research Institute Oslo, vol. 57(6), pages 715-727, November.
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    Keywords

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    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K32 - Law and Economics - - Other Substantive Areas of Law - - - Energy, Environmental, Health, and Safety Law

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