Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Because we are not dealing with the individual ESG risks, of which there are many, in the primary legislation. What we are doing here is setting out the overall framework, the investment policy and then the strategy and setting out how the strategy will ultimately be developed and agreed. It will have to take into account the ESG risks that are set out, but there will be the letter of expectation from the Minister. The ISIF portfolio, for example, is constructed within the legislative framework set for it by the Oireachtas but, as Minister, I will have an input through the letter of expectation and I will be happy to take on board the views of the committee on the detail of that.