Paul Murphy (Dublin South West, Solidarity)
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329. To ask the Minister for Finance to provide details of the Ireland Strategic Investment Fund’s shareholdings in a company (details supplied); the date it commenced and ended, if applicable; and the value over time of the shareholding. [46681/24]

Paul Murphy (Dublin South West, Solidarity)
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330. To ask the Minister for Finance his views on whether the Ireland Strategic Investment Fund is a responsible investor given its investment in a company (details supplied); if he will introduce new ethical investment guidelines for the Ireland Strategic Investment Fund and other State investment funds; and if he will make a statement on the matter. [46682/24]

Jack Chambers (Dublin West, Fianna Fail)
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The National Treasury Management Agency (NTMA) has informed me that the Ireland Strategic Investment Fund (ISIF) publishes details of individual investments in the NTMA Annual Report each year. The most recent annual report is for the year ended December 2023 which reported that ISIF held €300,000 in Palantir Technologies. ISIF’s holdings at the end of December 2024 will be disclosed in the 2024 Annual Report, which is due to be published later this year.

The Ireland Strategic Investment Fund portfolio is constructed within the legislative framework set for it by the Oireachtas. The National Treasury Management Agency (Amendment) Act 2014, (“The Act”) sets out ISIF’s mandate with regard to the investment of the assets of the Fund other than directed investments. Under the Act the Agency has responsibility for determining, monitoring and keeping under review an investment strategy for the Fund (other than directed investments) in accordance with the investment policy for the Fund.

Under the Act, the NTMA, as controller and manager of the ISIF, is also required to consult with the Ministers for Finance and the Minister for Public Expenditure, NDP Delivery and Reform in determining and reviewing ISIF’s investment strategy.

Following the development of its draft investment strategy and after consultation with Ministers, the NTMA adopted a Sustainability & Responsible Investment Strategy (S&RIS) in 2020 which was updated in 2023 and reflects a commitment to be a responsible investor as steward of public assets by protecting and enhancing both the long-term value of the ISIF and the reputation of NTMA in how it delivers its mandate, as manager and controller of the ISIF.

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) and, inter alia, exclusions on a non-statutory basis on sustainable investment grounds including Tobacco and Nuclear Weapons.

As regards the Future Ireland Fund and the Infrastructure Climate and Nature Fund there is currently an interim investment strategy in place. It is intended that this strategy will be replaced by a long term investment strategy during 2025.