A KiwiSaver fund is adding chemical company DGL to its list of businesses it won't invest in after its founder and CEO made derogatory comments about Nadia Lim.
CEO and rich lister Simon Henry made the comments during an interview with NBR last month.
During the interview, Henry hit out at the My Food Bag co-founder and celebrity chef, suggesting her looks were to blame for the company's disappointing entry into the public market.
"I can tell you, and you can quote me," he said. "When you've got Nadia Lim, when you've got a little bit of Eurasian fluff in the middle of your prospectus with a blouse unbuttoned showing some cleavage, and that's what it takes to sell your scrip, then you know you're in trouble."
He went on to suggest Lim, a well-respected businesswoman and entrepreneur, was using her "sensuality" to sell the meal delivery service.
Henry's comments drew widespread criticism with Lim calling them disappointing and saddening.
The AM hosts also criticised his comments calling them racist, sexist and a "douche move".
On Thursday, Kiwi Wealth CEO Rhiannon McKinnon told Newshub it was in the process of adding the chemical company to its exclusion list because of the "derogatory" comments.
In a later statement, McKinnon said the chemical firm's profile raised multiple warning signals.
"The company's profile raises a number of red flags we think should give anyone pause before investing - not only the CEO's recent statements but also his outsize personal control of the company through being founder, CEO and executive director and owning a >50 percent controlling stake.
"His objectionable behaviour now presents elevated reputational risks to the company which could be financially material and should raise serious concerns for any investment manager serious about returns or sustainability, let alone reducing offensive misogynistic rhetoric in public discourse."
According to its website, Kiwi Wealth considers "environmental, social, and governance issues" for all its investments as part of its Responsible Investment policy.
The company describes itself as a "100 percent New Zealand owned and operated wealth and investment organisation" which aims to help Kiwis grow their wealth.
It is owned by the NZ Super Fund, ACC and NZ Post.
Earlier on Thursday Lim told AM co-host Melissa Chan-Green Henry's comments were disappointing and damaging for young women of colour.
"What's so damaging is young people who hear these things over and over again, who then over time somehow start to believe they are less capable and have less to give and contribute than their peers.
"That's why comments like this are so damaging. It's water off a duck's back to me, it's other people I feel really, really sad and disappointed for."
It's a sentiment shared by Nina Santos from the National Council of Women who told Chan-Green the comments highlight attitudes women in business often face.
"I think we definitely need to acknowledge the broader context in which these comments were made. It just proves that misogyny and sexism are alive in New Zealand, even when we are considered a front runner in gender equality and women's rights, there's a lot more to be done."
Santos said she was offended and saddened by the comments.
"Personally as an Asian woman myself I was really offended by it but also it's just saddening because it's impossible to dissociate the racial aspect of this and the racial microaggressions, and the reality that a lot of women of colour experience this every day.
"I just think it's extremely dismissive and condescending for that comment to have been made."
Santos said Asian women are often hypersexualised in the media and this is an example of that.
"This is unfortunately not an isolated incident and it needs to be confronted."
AM and Newshub have contacted Henry for comment but are yet to hear back.
