Jack Chambers (Dublin West, Fianna Fail)
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86. To ask the Minister for Justice and Equality if any investments, either directly or indirectly through pension or other investment funds, are held in tobacco companies by her Department, any agency within the remit of her Department, or any agency or entity in receipt of departmental funding; if her Department has any guidelines on such investment; if her Department intend to introduce any policies or guidelines; and if she will make a statement on the matter. [39035/16]

Frances Fitzgerald (Dublin Mid West, Fine Gael)
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I have been informed that the Common Investment Fund (CIF) holds a small proportion of tobacco related stocks as part of a dividend reinvestment scheme which allows unit holders (charities) the choice of receiving dividend income in cash or to reinvest back into the fund. The CIF was established in April, 1985 by the Commissioners of Charitable Donations and Bequests for Ireland under a Scheme pursuant to Section 46 of the Charities Act, 1961.

By virtue of S.82 of the Charities Act 2009, all functions of the Commissioners of Charitable Donations and Bequests for Ireland were transferred to the Charities Regulatory Authority. This includes oversight of the CIF which is independently managed. I am informed by the Charities Regulator that they are currently reviewing all legacy matters, including those relating to the CIF and ethical indices will form part of that review process.

In addition, the Courts Service, in accordance with the Courts Service Act 1998, has a role in the management and investment of Court funds held in trust by the Courts on behalf of ward of courts, minors and other beneficiaries. These funds are invested in line with the provisions of the Trustee (Authorised Investments) Act, 1958 and subsequent orders. I am informed that, in accordance with the Trustee Act, and based on independent investment advice, the Courts Service invests a portion of these funds in equities/shares, including a small proportion in tobacco stocks on a passive basis. I understand that the funds are invested in line with the FTSE All World Developed Index across a very wide range of diversified funds, in the best interests of the beneficiaries. As of 30 November 2016, the % allocation within the FTSE All World Developed Index to tobacco stocks was 1.51%. This index is tracked by the Gross Roll Up World ex Eurozone Equity Fund within which the Courts Service invest a portion of the total investments. The total number of stocks within the index is 2,109 so it is a well-diversified index.

The Deputy will appreciate that both these funds are operated independently of my Department in the best interests of the beneficiaries, and my Department has no role in managing or directing investments. Neither am I aware of all the investments, either directly or through a pension or other investment funds, by organisations that are in recipient of grant funding by my Department. There are currently no guidelines regarding such investments but the matter is kept under review.