Mr. Conor O'Kelly:

Clearly, this is a live issue in investment markets. We have examined it, and are continuing to do so. I suppose our first decision is around the transfer of money from National Pension Reserve Fund, NPRF, investments into the new Strategic Investment Fund. They were already investments with fund managers. We ourselves are not directly investing in those stocks; we are investing in fund managers who are investing in those stocks on an ongoing basis. The mandate that we give them can change at the time that one puts out the money, and at various stages throughout the year or the period. What is happening in reality is that all that money has been transferred and liquidated and put back into the Strategic Investment Fund. That is currently undergoing the so-called global portfolio transition strategy, so its investment mandate has changed very significantly. The risk we used to take in terms of the kind of investments we made has changed significantly, and now the money is going through this new transition process. It will come out, essentially, in three buckets: one will be a very liquid cash bucket; the next bucket will have short-term Government bonds and be semi-liquid, if you like; and the third one will have a little bit more risk, which could have some of those equity exposures.

In that case, we will be subscribing to the latest global protocol regarding investment, including in respect of fossil fuels and the environment. However, we have made a decision not to proactively force or ask because it would literally be impractical for us to do so in light of the mandate and the current transition. The new settled portfolio will subscribe to the latest global standards regarding those areas.