Written answers

Tuesday, 12 May 2015

Department of Finance

National Pensions Reserve Fund Investments

Photo of Mick WallaceMick Wallace (Wexford, Independent)
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290. To ask the Minister for Finance his plans for the National Pensions Reserve Fund to divest from all companies involved in the production of nuclear weapons, expanding on the current prohibited securities list which obliges the fund to avoid investment in manufacturers of cluster munitions or anti-personnel mines; and if he will make a statement on the matter. [18552/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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On the 22 December 2014, the National Pensions Reserve Fund transitioned to the Ireland Strategic Investment Fund (ISIF) which has a statutory mandate to invest on a commercial basis to support economic activity and employment in Ireland.

The ISIF currently operates a Responsible Investment policy and is a committed signatory to the UN Principles for Responsible Investment, which focus on engagement and active ownership rather than exclusion.  Any exclusions from the Fund are mandated by legislation and in this regard the Cluster Munitions and Anti-Personnel Mines Act 2008 is the only relevant legislation. The ISIF has excluded 14 companies from the Fund to comply with this legislation, some of these companies are also alleged to be involved in the production of nuclear weapons. 

The ISIF is in the process of liquidating its investments outside Ireland and assets will be sold over time to fund Irish investment commitments as they arise. 

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