Marc Ó Cathasaigh (Waterford, Green Party) | Oireachtas source

From the outside, if you had a look at this amendment, which removes the word "may" and replaces it with the word "shall", even if you did not have a knowledge of the legislative process, you would ask what are those guys doing in there that something like this is what is taking up their time. However, this is probably the most consequential amendment. Certainly, it is the most consequential of the amendments that I have managed to get the Minister to introduce during the debates on this Bill.

Section 74(2) contains seven provisions. In six of those provisions, the word "shall" is used. The provision to which the amendment relates states:

... in accordance with the prudent person rule referred to in subsection (1)(a), may take into account the potential long-term impact of investment decisions on environmental, social and governance factors ...

The language there is weak. It opens up the possibility of the provision being ignored. This small change in language will have a big impact in terms of absolutely stitching in to the fabric of this Bill the fact that these investment decisions will have to have due regard to ESG concerns. That will change significantly how investments are made on behalf of people who are enrolled by means of the auto-enrolment scheme.

I thank the Minister for her constructive engagement on this matter. Even though it is the smallest amendment on paper, it is the most consequential of the three that I have had accepted.

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