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

I thank Deputy Carthy. The Ireland Strategic Investment Fund, ISIF, portfolio is constructed within the legislative framework set for it by the Oireachtas. ISIF endeavours to be a responsible investor, actively integrating environmental, social and governance, ESG, factors into its decision-making processes with a view to enhancing the overall outcomes for the fund and ultimately its beneficial owner.

In this context, ISIF operates an exclusion policy that is consistent with its statutory mandate, as amended from time to time. Exclusion is used on a limited basis, reflecting exclusions mandated by legislation such as the Fossil Fuel Divestment Act 2018 or the Cluster Munitions and Anti-Personnel Mines Act 2008 and, inter alia, exclusions on sustainable investment grounds including tobacco and nuclear weapons.

Information regarding the Ireland Strategic Investment Fund portfolio is available in the published NTMA annual report, the most recent of which is for 2022. As at year end 2022, ISIF had direct holdings, as defined by the updated UN database of 30 June 2023, of approximately €4.1 million in 11 companies. In publishing the update to the database, the UN noted that the update “encompasses re-assessment, on the basis of information available to the [Office of the High Commissioner for Human Rights], of the situation of these business entities in relation to their structure, ownership, and operations as relevant to their involvement in related listed activities from 1 August 2019 through 31 December 2022." It went on to state, "Accordingly, the update does not purport to provide a complete list of business enterprises engaged in certain activities in relation to Israeli settlement activity in the Occupied Palestinian Territory.” Thus, the UN list, while useful, cannot be considered fully comprehensive.

It is important to note the Government’s policy position with respect to Israel and the occupied territories. I will respond further to the Deputy in a moment.

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