One of the principal functions of the National Pensions Fund Commission is to determine and implement an investment strategy for the fund. The commission is independent of the Government in the exercise of this and its other functions. My main aim in making appointments to the National Pensions Reserve Fund Commission was to select persons of the necessary stature and calibre to manage the fund and who would be seen to be independent of Government in the performance of their functions.
The National Pensions Reserve Fund Act requires that as far as practicable, the Minister for Finance shall ensure an equitable balance between men and women in the composition of the commission. However, in appointing the commission I also had to have regard to the provisions of the Act which require commissioners to have acquired substantial expertise and experience at a senior level in areas such as accountancy, finance or economics, law or any of the other areas set out in section 7(4) of the Act. In choosing the commissioners I have tried to take account of both these objectives.
As I have already mentioned, section 7(4) of the Act sets out areas from which commissioners may be chosen. Trade union representation is one of these areas. The purpose of the subsection is to ensure only persons who have certain expertise and experience may be appointed to the fund. However, the commission is an expert rather than a representative body.
Mr. McDowell: Is the Minister aware that in a recent survey it was shown that his Department is second only to the Department of Defence in the paucity of women it appoints to State boards? A figure of 20% applies, rather than the Government target of 40%. Does he wish to confirm, repeat or deny the comments attributed to him in the press last month that he found it difficult to find women who did this sort of complicated work? Is he seriously suggesting that it was only possible to find one woman who met the criteria he has just described?