Michael McGrath (Cork South Central, Fianna Fail)
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The NTMA inform me that the Ireland Strategic Investment Fund (ISIF) constructs its portfolio within the legislative framework set for it by the Oireachtas and will align it with any changes it makes. ISIF endeavours to be a responsible investor, actively integrating ESG factors into its decision-making processes with a view to enhancing the overall outcomes for the Fund and ultimately its beneficial owner.

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).

Exclusions are also made on sustainable investment grounds using ISIF’s Exclusion Decision Making Framework including in respect of Tobacco and Nuclear Weapons.

As a body under my aegis my officials routinely engage with the NTMA, including ISIF, on a range of matters, as required.