I propose to take Questions Nos. 36, 37 and 38 together.
The Ireland Strategic Investment Fund (ISIF), which is managed and controlled by the National Treasury Management Agency (NTMA), has a statutory mandate to invest on a commercial basis and in a manner designed to support economic activity and employment in Ireland. To the extent it is not reasonably practicable to hold or invest assets on this basis, assets are to be held or invested on a commercial basis with a view to seeking appropriate rates of return having regard to the risk and duration.
In 2020, ISIF adopted a Sustainability & Responsible Investment Strategy (S&RIS) which 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. 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 , on sustainable investment grounds.
The current total number of companies excluded from ISIF’s investment portfolio is 278, whose names are listed below. This list includes companies involved with cluster munitions and anti-personnel mines, tobacco or fossil fuel exploration, extraction and/or refinement, as explained on ISIF’s website. It has recently been decided that the ISIF’s exclusion policy be extended to include direct investment in companies that have been verified to be involved in the manufacture and testing of nuclear weapons or critical component parts. This divestment process is currently underway.
No.
|
Fossil Fuel Exclusion List
|
1
|
Aboitiz Power Corp
|
2
|
Adaro Energy Tbk PT
|
3
|
AES Corp/VA
|
4
|
AGL Energy Limited
|
5
|
Aker BP ASA
|
6
|
ALBERTA ENERGY CO LTD
|
7
|
Alliant Energy Corp
|
8
|
Ameren Corp
|
9
|
American Electric Power Co. Inc.
|
10
|
Anadarko Petroleum Corp
|
11
|
Andeavor
|
12
|
Anglo American PLC
|
13
|
Antero Resources Corp
|
14
|
Antero Resources Finance Corp.
|
15
|
Apache Corp
|
16
|
ARC Resources Ltd
|
17
|
Arthur J. Gallagher & Co.
|
18
|
Ascent Resources Utica Holdings LLC
|
19
|
Banpu PCL
|
20
|
Berkshire Hathaway Energy Co.
|
21
|
Berry Petroleum Co. LLC
|
22
|
BG ENERGY CAPITAL PLC MTN RegS
|
23
|
Bharat Petroleum Corp Ltd
|
24
|
BHP Actiton Ltd
|
25
|
BHP Actiton PLC
|
26
|
BP Capital Markets America, Inc.
|
27
|
BP Capital Markets Plc
|
28
|
BP PLC
|
29
|
BPRL INTERNATIONAL SINGAPORE PTE L MTN RegS
|
30
|
BURLINGTON RESOURCES FINANCE COMPA
|
31
|
Cabot Oil & Gas Corp
|
32
|
California Resources Corp.
|
33
|
Callon Petroleum Company
|
34
|
Caltex Australia Ltd
|
35
|
Canadian Natural Resources Ltd
|
36
|
Capital Power Corp
|
37
|
Cenovus Energy Inc
|
38
|
Centennial Resource Development, Inc.
|
39
|
Chaparral Energy, Inc.
|
40
|
CHESAPEAKE ENERGY CORP
|
41
|
Chevron Corp
|
42
|
China Coal Energy Co Ltd
|
43
|
China Petroleum & Chemical Corp
|
44
|
China Resources Power Holdings Co Ltd
|
45
|
China Shenhua Energy Co Ltd
|
46
|
Chugoku Electric Power Co Inc/The
|
47
|
Cimarex Energy Co
|
48
|
CLP Holdings Ltd
|
49
|
CNAC (HK) Finbridge Co. Ltd.
|
50
|
CNAC (HK) Synbridge Co., Ltd.
|
51
|
CNOOC Ltd
|
52
|
CNRC Capital Ltd.
|
53
|
CNX RESOURCES CORP
|
54
|
Coal India Ltd
|
55
|
Concho Resources Inc
|
56
|
ConocoPhillips
|
57
|
CONSOL ENERGY INC
|
58
|
Continental Resources Inc/OK
|
59
|
Corral Petroleum Holdings AB
|
60
|
Crescent Point Energy Corp
|
61
|
CrownRock LP
|
62
|
CVR Refining LLc
|
63
|
Delek & Avner-Yam Thetis Ltd.
|
64
|
Delek US Holdings, Inc.
|
65
|
Denbury Resources Inc.
|
66
|
Devon Energy Corp
|
67
|
Diamondback Energy Inc
|
68
|
DMCI Holdings Inc
|
69
|
DNO ASA
|
70
|
Duke Energy Carolinas LLC
|
71
|
Ecopetrol SA
|
72
|
Electric Power Development Co Ltd
|
73
|
Electricity Generating PCL
|
74
|
Encana Corp
|
75
|
Eni SpA
|
76
|
EnLink Midstream LLC
|
77
|
EnLink Midstream Partners LP
|
78
|
Ensign Drilling, Inc.
|
79
|
EOG Resources Inc
|
80
|
EP Energy Corp.
|
81
|
EP Petroecuador
|
82
|
EQT Corp
|
83
|
Equinor ASA
|
84
|
Eskom Holdings SOC Ltd.
|
85
|
Eterna Capital Pte Ltd.
|
86
|
Evergy Inc
|
87
|
EVN AG
|
88
|
EVRAZ Plc
|
89
|
Exxaro Resources Ltd
|
90
|
Exxon Mobil Corp
|
91
|
FirstEnergy Corp.
|
92
|
Formosa Petrochemical Corp
|
93
|
Galp Energia SGPS SA
|
94
|
Gaz Capital SA
|
95
|
Gazprom PJSC
|
96
|
GeoPark Ltd.
|
97
|
Glow Energy PCL
|
98
|
Grupa Lotos SA
|
99
|
GS Holdings Corp
|
100
|
Gulfport Energy Corporation
|
101
|
Hess Corp
|
102
|
Hindustan Petroleum Corp Ltd
|
103
|
HKELECTRIC-SS
|
104
|
Hokkaido Electric Power Co., Inc.
|
105
|
Hokuriku Electric Power Co.
|
106
|
HollyFrontier Corp
|
107
|
Huaneng Power International Inc
|
108
|
Husky Energy Inc
|
109
|
Hyundai Heavy Industries Co Ltd
|
110
|
Hyundai Heavy Industries Holdings Co Ltd
|
111
|
Icahn Enterprises Finance Corp.
|
112
|
Icahn Enterprises LP
|
113
|
Idemitsu Kosan Co Ltd
|
114
|
Imperial Oil Ltd
|
115
|
Indian Oil Corp Ltd
|
116
|
Inner Mongolia Yitai Coal
|
117
|
Innogy Finance BV
|
118
|
Inpex Corp
|
119
|
Inter Pipeline Ltd.
|
120
|
IRPC PCL
|
121
|
Jastrzebska Spolka Weglowa SA
|
122
|
JXTG Holdings Inc
|
123
|
KazMunayGas NC JSC
|
124
|
Koc Holding
|
125
|
Korea Electric Power Corp
|
126
|
Kosmos Energy Ltd.
|
127
|
Laredo Petroleum, Inc.
|
128
|
LUKOIL International Finance BV
|
129
|
LUKOIL PJSC
|
130
|
Lundin Petroleum AB
|
131
|
LyondellBasell Industries NV
|
132
|
Marathon Oil Corp
|
133
|
Marathon Petroleum Corp
|
134
|
Matador Resources Company
|
135
|
MEG Energy Corp.
|
136
|
MOL Group Finance SA
|
137
|
MOL Hungarian Oil & Gas PLC
|
138
|
Motor Oil Hellas Corinth Refineries SA
|
139
|
MPLX LP
|
140
|
Murphy Oil Corp
|
141
|
NATIONAL FUEL GAS CO
|
142
|
Neste Oyj
|
143
|
Newfield Exploration Co
|
144
|
Noble Energy Inc
|
145
|
Noble Sovereign Funding I Ltd.
|
146
|
Novatek PJSC
|
147
|
NRG ENERGY INC
|
148
|
NTPC Ltd
|
149
|
Oasis Petroleum, Inc.
|
150
|
Occidental Petroleum Corp
|
151
|
OGE Energy Corp
|
152
|
Oil & Gas Development Co Ltd
|
153
|
Oil & Natural Gas Corp Ltd
|
154
|
Oil Refineries Ltd.
|
155
|
Oil Search Ltd
|
156
|
OMV AG
|
157
|
ONEOK, Inc.
|
158
|
Origin Energy Finance Ltd.
|
159
|
Otter Tail Corp.
|
160
|
Ovintiv, Inc.
|
161
|
Parsley Energy Inc
|
162
|
Parsley Energy LLC
|
163
|
PBF Energy, Inc.
|
164
|
Petroamazonas EP
|
165
|
Petrobras Global Finance BV
|
166
|
PETRO-CANADA
|
167
|
PetroChina Co Ltd
|
168
|
Petroleo Brasileiro SA
|
169
|
Petroleos de Venezuela SA
|
170
|
PETROLEOS MEXICANOS REGS
|
171
|
Petronas Capital Ltd.
|
172
|
PGE Polska Grupa Energetyczna SA
|
173
|
Phillips 66
|
174
|
Pioneer Natural Resources Co
|
175
|
Polski Koncern Naftowy ORLEN SA
|
176
|
Power Assets Holdings Ltd.
|
177
|
PPL Corp.
|
178
|
PT Indonesia Asahan Aluminium
|
179
|
PT Pertamina (Persero)
|
180
|
PTT Exploration & Production PCL
|
181
|
PTT Global Chemical PCL
|
182
|
PTTEP Treasury Center Co. Ltd.
|
183
|
QEP Resources, Inc.
|
184
|
RANGE RESOURCES CORP
|
185
|
Reliance Industries Ltd
|
186
|
Repsol International Finance BV
|
187
|
Repsol SA
|
188
|
Rosneft Oil Co PJSC
|
189
|
Royal Dutch Shell PLC
|
190
|
RWE AG
|
191
|
Santos Ltd
|
192
|
Sasol Financing International Plc
|
193
|
Sasol Financing USA LLC
|
194
|
Sasol Ltd
|
195
|
Saudi Arabian Oil Co.
|
196
|
Seven Generations Energy Ltd
|
197
|
Shaanxi Coal Industry Co Ltd
|
198
|
Shanxi Lu'an Environmental Energy Development Co Ltd
|
199
|
Shell International Finance BV
|
200
|
Shenergy Co. Ltd.
|
201
|
Shikoku Electric Power Co Inc
|
202
|
Showa Shell Sekiyu KK
|
203
|
Sinopec Shanghai Petrochemical Co Ltd
|
204
|
SK Holdings Co Ltd
|
205
|
SK Innovation Co Ltd
|
206
|
SM Energy Co.
|
207
|
SMC Global Power Holdings Corp.
|
208
|
S-Oil Corp
|
209
|
South32 Ltd
|
210
|
SOUTHWESTERN ENERGY CO
|
211
|
State Oil Company of Azerbaijan Republic
|
212
|
Suncor Energy Inc
|
213
|
Surgutneftegas PJSC
|
214
|
Targa Resources Partners LP
|
215
|
Tata Power Co Ltd/The
|
216
|
Tatneft PJSC
|
217
|
TC Energy Corporation
|
218
|
Teck Resources Ltd
|
219
|
TESORO CORP
|
220
|
Thai Oil PCL
|
221
|
The Chugoku Electric Power Co., Inc.
|
222
|
The New Zealand Refining Co. Ltd.
|
223
|
The Okinawa Electric Power Co., Inc.
|
224
|
TOSCO CORPORATION
|
225
|
Total Capital International SA
|
226
|
TOTAL SA
|
227
|
Tourmaline Oil Corp
|
228
|
TransAlta Corporation
|
229
|
Tullow Oil plc
|
230
|
Tupras Turkiye Petrol Rafinerileri AS
|
231
|
Valero Energy Corp
|
232
|
Vermilion Energy Inc
|
233
|
Vistra Energy Corp.
|
234
|
Vistra Operations Co. LLC
|
235
|
Washington H. Soul Pattinson and Company Limited
|
236
|
WESTAR ENERGY INC
|
237
|
WESTERN GAS PARTNERS LP
|
238
|
Whiting Petroleum Corp.
|
239
|
Wintershall Dea GmbH
|
240
|
Woodside Petroleum Ltd
|
241
|
WPX Energy, Inc.
|
242
|
Yanzhou Coal Mining Co Ltd
|
This list includes companies excluded in line with the Fossil Fuel Divestment Act, 2018 and also ISIF’s High Carbon exclusion decision as part of its Sustainability and Responsible Investment Strategy (Dec 2017).