Paul Gavan (Sinn Fein) | Oireachtas source

I move amendment No. 9:

In page 11, between lines 28 and 29, to insert the following:

"(10) The Minister shall, within the 2 years following the commencement of this section, lay a report before both Houses of the Oireachtas outlining how regulations made under this section comply with due diligence obligations under European Union law, including in respect of the proposed Corporate Sustainability Due Diligence Directive.”.

Amendment No. 9 seeks to insert a new subsection requiring that the Minister shall, within the two years following the commencement of this section, lay a report before both Houses of the Oireachtas outlining how regulations made under this section comply with due diligence obligations under European Union law, including in respect of the proposed corporate sustainability due diligence directive.

The directive, which is progressing through European institutions as we speak, will be an important step in tackling human rights abuses and environmental harms along value chains. I would briefly note that some of the examples used by the Irish Coalition for Business and Human Rights look to corporate activity in occupied Palestinian territories.

The accountability framework needs to be informed by the directive because finance can play a key role in international human rights abuses and environmental harm. There needs to be accountability and this new framework needs to hold people accountable when their financial decision-making facilitates human rights abuses and climate breakdown.

We had amendments ruled out of order which would have stipulated that the directive should be a key consideration in the drafting of the regulations by the Central Bank. There needs to be a mechanism by which the framework looks to holding individuals to account beyond the framework of harm to the market and looking at how irresponsible financial activity can harm people and the planet.