The New Zealand Super Fund says it will be reviewing its investments in companies making cluster bombs.
A Green party report comparing the fund to Norway's pension fund, shows Norway boycotts 12 companies on ethical grounds, that this country invests in.
And it highlights millions of dollars which are being invested in companies manufacturing nuclear weapons and cluster bombs.
The head of responsible investment at the fund, Anne-Maree O'Connor, says all investments are reviewed annually.
She says the fund has already divested in companies involved with landmines and whaling, due to New Zealand's stance against those issues.
Ms O'Connor says the fund follows the United Nations principles for responsible investment.
