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

I thank the Senators across the House for their engagement on this Bill and for the broad support of the Bill. I know the motivation behind the various amendments is from the perspective of the individual Senators to improve the Bill further. I recognise the genuine motivation in that regard.

I thank Senator Higgins for tabling these amendments, which were discussed on Committee Stage, which was held recently. I note the intention is to ensure that public finances are not invested in a way which breaches the provisions of the Cluster Munitions and Anti-Personnel Mines Act 2008 and the Fossil Fuel Divestment Act 2018. I reiterate two points about these proposed amendments that were made by the Minister of State, Deputy Richmond, on Committee Stage in the House. First, the Cluster Munitions and Anti-Personnel Mines Act 2008 will already apply to these new funds without the need for this amendment. Part 4 of the 2008 Act outlines the legislative requirements for the investment of public money. It already applies to the Ireland Strategic Investment Fund, ISIF, and will apply to the new funds when this Bill is enacted.

Second, the Fossil Fuel Divestment Act 2018 is specific to the investments of the ISIF. Section 31 of this Bill replicates the provisions of the Act of 2018 to be applied to the new funds. The Senator has also proposed an amendment providing for a report outlining how the use of external investment managers for the new funds and any other funds controlled by the agency affects the State's divestment obligations under the Acts of 2018 and 2008 and any future divestment policies. As the State cannot invest in any activity prohibited under the Cluster Munitions and Anti-Personnel Mines Act 2008 and the NTMA already reports on divestments made under the Fossil Fuel Divestment Act 2018, I do not see the value in an additional report being prepared as a result of this amendment. Based on the existing requirements under the Cluster Munitions and Anti-Personnel Mines Act 2008, the inclusion in section 31 of provisions equivalent to those in the Fossil Fuel Divestment Act 2018 in respect of the new funds and the fact that there is a reporting mechanism for divestment under the fossil fuel Act, I do not propose to accept these amendments.