I propose to take Questions Nos. 1037 and 1067 together.
I have in principle welcomed the agreement signed on 15 September by Robert Mugabe's Zanu-PF party and the two factions of the opposition Movement for Democratic Change (MDC), as have my EU colleagues. Ireland will reserve full judgment on this agreement until we have a clear picture of the allocation of Ministerial portfolios; and until we see evidence that the commitment and goodwill shown in brokering this agreement transfer into implementation. We will need to see how the proposed arrangements, especially the duplicate cabinet / Council of Ministers structures, will work out in practice. We will wish to be assured that violence and intimidation against opposition supporters and activists has ceased, and that the political and economic recovery of Zimbabwe can begin. I hope the administration which has emerged will reflect the mandate of 27 March last from the Zimbabwean people and fully respect their democratic will. It is on this basis that we will judge the value of the agreement, though we very much hope that it will turn out to be a most positive development for this long-suffering country, marking the beginning of a new era for it. EU Foreign Ministers will return to the situation in Zimbabwe in October, to discuss what progress has been made by that time. In the meantime, the EU has neither imposed new restrictive measures; nor has it lifted those already in place.
The investment of Government funds by State agencies is a matter for Ministers whose Departments have responsibility for those agencies, such as my colleague the Minister for Finance in respect of the National Pensions Reserve Fund. With regard to the National Pensions Reserve Fund, the issues raised relate to investments in a number of multinational companies which have operations across the globe, including Zimbabwe and indeed, in most cases, Ireland. The National Pensions Reserve Fund Commission is raising with these companies the concerns which have been expressed about their operations in Zimbabwe, taking into account of course the new and developing situation in this country. The National Pension Reserve Fund Commission's investment mandate, as set out in section 19 of the National Pensions Reserve Fund Act 2000, provides that the fund shall be invested to secure the optimal financial return provided the level of risk to the moneys invested is acceptable to the Commission. I understand that the Fund has gone as far as possible in accordance with its statutory investment mandate to adopt and implement a responsible investment policy and is actively pursuing a policy of engaging with companies on environmental, social and governance issues. In July 2007 it appointed Hermes Equity Ownership Services to execute proxy votes and engage with companies on its behalf across its global equity portfolio.