Paul Gavan (Sinn Fein) | Oireachtas source

I move amendment No. 67:

In page 57, between lines 8 and 9, to insert the following: “Investment in fossil fuel undertakings

76. (1) (a) The Authority shall endeavour to ensure that the assets of an AE provider scheme are not directly invested in a fossil fuel undertaking.

(b) Where the Authority becomes aware that an undertaking in which the assets of an AE provider scheme are directly invested is, or becomes, a fossil fuel undertaking, the Authority shall divest the assets of the relevant AE provider scheme from such investment as soon as practicable.

(2) The Authority shall endeavour to ensure that the assets of a relevant AE provider scheme are not invested in an indirect investment, unless it is satisfied on reasonable grounds that such indirect investment is unlikely to have in excess of 5 per cent of its assets, or such lower percentage as the Minister may prescribe by order made under this section, invested in a fossil fuel undertaking.

(3) Every order made under subsection (2) shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order is passed by either such House within the next 21 days on which that House has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done under the order.

(4) In this section—

“fossil fuel” means coal, oil, natural gas, peat or any derivative thereof intended for use in the production of energy by combustion;

“fossil fuel undertaking” means an undertaking which is—

(a) engaged, for the time being, in the exploration for or extraction or refinement of a fossil fuel where such activity accounts for 10 per cent or more of the turnover of that undertaking, as derived from its most recently published audited financial statements,

(b) a holding undertaking or, as the case may be, a higher holding undertaking of an undertaking of the kind referred to in paragraph (a), or

(c) a holding undertaking or, as the case may be, a higher holding undertaking of undertakings engaged, for the time being, in the exploration for or extraction or refinement of a fossil fuel, where the aggregate turnover of such undertakings accounts for 10 per cent or more of the turnover of the group on a consolidated basis, as derived from its most recently published audited financial statements;

“indirect investment” means an investment of the assets of a relevant AE provider scheme in an investment product or in a collective investment undertaking and includes financial derivative instruments, exchange traded funds or hedge funds;

“turnover” in relation to an undertaking or a group of undertakings means the amount of revenue derived from the provision of goods and services falling within the ordinary activities of the undertaking or group of undertakings, after deduction of—

(a) trade discounts,

(b) value-added tax, and

(c) any other taxes based on the amounts so derived.”.