Róisín Shortall (Dublin North West, Labour)
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Question 112: To ask the Tánaiste and Minister for Finance the ethical investment guidelines being adopted in respect of investments and investment vehicles such as the National Pension Reserve Fund under the remit of his Department; if such investments are made in accordance with United Nations guidelines on ethical investments; and if he will make a statement on the matter. [17178/07]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Under the National Pensions Reserve Fund Act 2000, the National Pensions Reserve Fund Commission controls and is responsible for the investment of the National Pensions Reserve Fund (NPRF). The NPRF joined a group of the world's largest institutional investment funds in signing the UN-sponsored Principles for Responsible Investment when they were launched in April 2006. The aim of the Principles is to integrate consideration of environmental, social and governance (ESG) issues into investment decision-making and ownership practices and, thereby, to improve long-term returns for investors.

As set out in the Annual Report of the NPRF Commission for 2006, the Commission is taking specific measures to implement the Principles. Its initial focus is on the development and implementation of a comprehensive proxy voting policy and development of the capacity to engage on ESG issues with the companies in which Fund moneys are invested. It has decided to contract third-party service providers to deliver these services within NPRF policy guidelines and expects that these proxy voting and engagement services will be in place shortly.