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

Perhaps I could write to the Deputy with detail of the investments that have been divested. The majority of what was announced has been completed at this stage. She will acknowledge that difficult and harrowing as the issue is with the occupied West Bank and the conflict and the terrible events happening in Gaza because of the excessive use of force by the Israel Defense Forces, it is not the only environment, social, or governance issue that will need to be addressed by the NTMA in the context of the management of this fund, but also other funds. There are a number of conflicts and ongoing violations of human rights and abuses, which are likely to have to be addressed in this fund and the other funds. It is important that the commercial mandate and fundamentally the independence of ISIF is respected so that its officials are allowed to make their own investment decisions in line with the mandate, and that they retain primary responsibility for decision-making.

In addition, when it comes to the question of legislating, we have examined, and continue to examine, this issue closely.

There are quite substantive and important reasons as to why enshrining the UN database in primary legislation as a reference point and anchor for divestment is not a good idea. I am happy to go into them in more detail.

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