"That view holds that contested Security Council seats will always fall to the highest bidder of aid dollars, or to the holder of the most flexible positions on the controversial foreign policy issues of the day," he said in a speech to the Institute of International Affairs in Wellington.
"If the proponents of that view are correct, then we will lose our bid for a Security Council seat for 2015-16.
"The Prime Minister's approach and my own approach is that we would rather lose with honour than trade overseas development assistance or policy positions for Security Council votes."
Spain and Turkey are also seeking election for the two seats open to the grouping known as 'Western Europe and others.' The vote is in 2014.