Michael D Higgins (Galway West, Labour)
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Question 78: To ask the Minister for Finance if it is his view that the National Pensions Reserve Fund should operate within the guidelines of ethical investment. [21211/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I announced, during the debate on the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 last March, that the preparation of the draft legislation provided an opportunity to consider once again the position regarding ethical investment of the National Pensions Reserve Fund (NPRF) and that I would establish an Interdepartmental Committee to examine the issues further and to report to me.

The Committee includes representatives of the Ministers for the Environment, Heritage and Local Government, Enterprise, Trade and Employment and Foreign Affairs, as well as officials from my Department and representatives of the National Treasury Management Agency as Manager of the NPRF.

In its work the Committee has considered the appropriateness and possible nature of an ethical investment policy for the NPRF. The approaches to ethical/responsible investment taken in other countries have been reviewed, and submissions from a number of civil society organisations have also been considered. The Deputy will also be aware that the NPRF was a founding signatory in April 2006 to the UN-sponsored Principles for Responsible Investment which seek to integrate environmental, social and governance issues, in addition to financial issues, into investment analysis and decision-making.

I understand that the Committee's report is now complete and I will consider it in due course.