Michael McGrath (Cork South Central, Fianna Fail)
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The NTMA has advised me that the Ireland Strategic Investment Fund (ISIF) constructs its portfolio within the legislative framework set for it by the Oireachtas and aligns it with any changes it makes.

ISIF has, to date, completed several divestment programmes and excluded investments from the Fund, consistent with legislative changes enacted by the Oireachtas which have had a consequential impact on ISIF’s investment strategy. In this context ISIF operates an exclusion policy which is consistent with its statutory mandate, as amended from time to time.

Exclusion is used on a limited basis, reflecting exclusions mandated by legislation (such as the Fossil Fuel Divestment Act 2018 or the Cluster Munitions and Anti-Personnel Mines Act 2008). As of October 2023, in accordance with its obligations under the Fossil Fuel Divestment Act 2018, ISIF had developed a list of 243 fossil fuel companies in which it will not invest.

In addition, ISIF also maintains an exclusionary strategy around cluster munitions and antipersonnel mines (which are prohibited investments under the Cluster Munitions and Anti-Personnel Mines Act 2008), tobacco manufacturing and direct investment in companies involved in the manufacture and testing of nuclear weapons or their critical component parts.

I would also like to note the proposed Private Members Illegal Israeli Settlements Divestment (Private Members Bill), 2023, which seeks to amend the National Treasury Management Agency (Amendment) Act 2014. The amendment would require ISIF divest from companies named in a UN Human Rights Council Database published by the UN Human Rights Council on 12 February 2020, (A/HRC/43/71).

As the Deputy is aware to allow appropriate time to consider implications of the Private Members Bill and explore possible ways to proceed the Government proposed a timed amendment to the Bill of nine months on Tuesday, 16 May and this was subsequently approved by Dáil Éireann.

The timed amendment approach allows time to consider the intent of the Bill further including consideration of other alternative non-legislative based approaches or a combination of legislative and non-legislative based approaches which could achieve a similar outcome.

As a result, my officials are engaging the relevant stakeholders on this Bill, including the relevant Oireachtas Committee on this Bill.

This work will help the Government determine its final approach to the proposed Private Members Bill and the issues it raises in advance of the mid-February timeline.