Ethical KiwiSaver funds: 2026 investment options

Ethical KiwiSaver funds offered by our partner providers

¹About RIAA Certificate

RIAA Certification is an independent standard that confirms a fund’s responsible investment claims are genuine and transparent. Certified products must formally and consistently integrate environmental, social, and governance (ESG) factors, avoid significant harm, and be managed by active stewards through engagement and voting. They are also required to provide clear, honest disclosure of holdings and responsible investment practices.

²About Mindful Fund

A Mindful Fund is an investment fund independently assessed by Mindful Money to meet higher standards for ethical investing and reduce greenwashing. Mindful Funds must show clear evidence that they avoid harmful investments, engage with companies to improve social and environmental outcomes, and/or deliver positive impact, based on actual holdings and real-world actions.

Booster

Booster excludes direct investments in companies involved in controversial weapons (cluster munitions, anti-personnel mines, depleted uranium weapons, and biological/chemical weapons), nuclear weapons, military-style semi-automatic weapons and assault rifles, and tobacco production or manufacturing.

Booster also considers environmental, social, and governance (ESG) factors alongside financial criteria when selecting investments, covering areas like climate change, resource use, employee wellbeing, ethics, board independence, and employee diversity.

Beyond its core exclusions and ESG considerations, Booster’s Socially Responsible (SR) funds apply additional screening criteria. SR funds exclude directly held companies and managed fund investments that earn more than an incidental share of revenue from the following activities:

• Alcoholic beverage production, distribution, retail and supply
• Gambling operations
• Tobacco production, distribution, supply and retailing
• Military weapons manufacturing
• Animal testing on non-medical products
• Intensive animal farming (factory farming)
• Genetically modifying organisms (GMOs) intended for agricultural use
• Seaborne livestock exports
• Civilian firearms production, distribution, supply and retailing
• Nuclear power production
• Fossil fuels exploration, extraction, refinement, distribution, supply and retailing
• Pornographic material production, distribution and retailing
• Whaling
• Recreational cannabis production, distribution, supply and retailing
• Palm oil production and plantations.

SR funds also exclude certain sovereign state-related investments where there are serious ethical concerns. Exclusions are guided by factors such as New Zealand Government sanctions, formal international condemnation for human rights violations, and the Cato Institute Human Freedom Index.

Booster’s SR Funds can also invest in bonds that finance environmentally or socially beneficial projects, and they allocate a small share to the Booster Innovation Fund, which invests in early-stage companies seeking to create positive global impact.

Booster’s Socially Responsible KiwiSaver funds are RIAA certified and meet Mindful Money’s ethical standards.

Booster’s default KiwiSaver fund and responsible investing

Even if you’re in Booster’s KiwiSaver Default Saver Fund, your money is still invested in line with responsible investment principles. While this fund is not labelled as an SR fund, it applies ESG considerations and restricts or excludes investments in directly managed shares and/or managed fund investments in the following activities:

• Tobacco, nicotine alternatives, and tobacco-based products (with exceptions for addiction-reduction products)
• Fossil fuel extraction, supply, and related services
• Controversial weapons.

*Past returns source: Mindful Money; average annual returns over past 3 years, after fees and taxes

Generate

When choosing investments, Generate applies negative screening for excluded investments and considers ESG factors alongside financial performance.

In terms of negative screening, Generate excludes direct and underlying fund investments into companies directly involved in the following:

• Tobacco manufacturing
• Manufacture of cluster munitions and anti-personnel mines
• Manufacture or testing of nuclear explosive devices
• Whale meat processing.

ESG considerations are consistently built into investment decisions. Generate looks at issues like climate impact, energy and water use, human rights, labour standards, and governance practices.

Generate also applies impact investing, targeting investments with positive outcomes, such as:

• Housing, education, and healthcare provision
• Climate change mitigation
• Environmental protection.

In addition, Generate uses active ownership to promote stronger ESG standards within the companies it invests in. This includes direct engagement with management, proxy voting on key resolutions, and working with external fund managers to address ESG risks.

The company’s commitment to responsible investing is also supported by the following recognitions and memberships:

• Generate has been a signatory to the UNPRI since 2018
• Generate won Highly Commended in Mindful Money’s Best Ethical KiwiSaver Provider category at the 2025 Ethical & Impact Investment Awards
• All of Generate’s KiwiSaver funds are recognised as Mindful Funds by Mindful Money.  

Milford

Milford applies investment exclusions and restrictions across all funds, including KiwiSaver.

• Milford reviews the ESG credentials of every company before it enters a portfolio and excludes those that don’t meet their minimum standard of sustainable practices
• Certain business activities are excluded in line with New Zealand and Australian law and international conventions. Exclusions include companies directly involved in the following business activities:
• Manufacture of tobacco, alternative tobacco products, and recreational cannabis
• Various weapons, including non-compliant anti-personnel land mines, nuclear explosive devices, cluster munitions, civilian automatic and semi-automatic firearms, magazines, or parts
• Whale meat processing.

• Milford monitors indirect investments to ensure exposure to excluded companies remains below set thresholds.

Beyond exclusions, Milford actively engages with company boards and management, votes on key issues, and pushes for better sustainability practices.

Milford’s commitment to responsible investing is also demonstrated through the following:

• Milford is a signatory to the United Nations Principles for Responsible Investment (UNPRI). In UNPRI’s 2023 assessment, Milford received 4 out of 5 stars across listed equity and fixed income investing activities
• Most of Milford’s KiwiSaver funds are certified by RIAA
• The company was named a Responsible Investment Leader by RIAA in their 2022 and 2023 Responsible Investment Benchmark Report Aotearoa New Zealand, reflecting strong ESG integration, transparency, and ongoing progress in responsible investment practices.

*Past returns source: Mindful Money; average annual returns over past 3 years, after fees and taxes

Pathfinder

Pathfinder avoids or limits investment in activities that cause harm to people, animals, and the planet. These include areas such as:

• Tobacco
• Cannabis
• Alcohol
• Gambling
• Adult entertainment
• Weapons
• Fossil fuels
• Factory farming
• Livestock export
• Animal testing
• Whaling
• Animals for entertainment
• Palm oil
• GMOs.

Pathfinder’s positive investing approach directs capital toward investments that create positive outcomes for people, the planet, and animals. Its focus sectors or industries include:

• Renewable energy
• Energy efficiency, including sustainable data centres and electric vehicle innovation
• Community housing projects in New Zealand
• Businesses that advance human rights, biodiversity, climate action, and animal welfare.

Pathfinder’s ethical approach is independently recognised.

• Pathfinder was the first fund manager in New Zealand to achieve B Corp™ certification
• The fund manager received an A+ for “strategy and governance” and an A for “direct and active ownership” on their 2020 UNPRI scoring
• Several Pathfinder KiwiSaver funds, particularly the Conservative, Balanced, and Growth funds, are certified by RIAA
• All four Pathfinder KiwiSaver funds are considered Mindful investment funds
• Pathfinder has won Best Ethical KiwiSaver Provider five times in a row (2021-2025) during Mindful Money’s Ethical and Impact Investment Awards.

*Past returns source: Mindful Money; average annual returns over past 3 years, after fees and taxes