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

The factual position is that ISIF is statutorily independent and subject to oversight by its investment committee and the NTMA's board. Under statute, I, as Minister for Finance, do not have a role in ISIF's implementation of its investment strategy. The investment strategy does operate within an ESG framework, which the Deputy has correctly highlighted. This is not the only ESG issue it has to consider. It is important that I continue to respect ISIF's independence and commercial mandate.

The Deputy mentioned the issue of fossil fuel divestment. As she knows, the House has previously legislated in respect of fossil fuel divestment, and that is reflected in the ESG parameters within which ISIF operates and is fully respected by it. However, I will write to the Deputy and give further detail on all this.

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