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Ireland Strategic Investment Fund

Dáil Éireann Debate, Thursday - 4 March 2021

Thursday, 4 March 2021

Questions (36, 37, 38)

Catherine Connolly

Question:

36. Deputy Catherine Connolly asked the Minister for Finance the details of the State’s investments under the Ireland Strategic Investment Fund in the arms industry; and if he will make a statement on the matter. [12213/21]

View answer

Catherine Connolly

Question:

37. Deputy Catherine Connolly asked the Minister for Finance the details of the State’s investments under the Ireland Strategic Investment Fund in the tobacco industry; and if he will make a statement on the matter. [12214/21]

View answer

Catherine Connolly

Question:

38. Deputy Catherine Connolly asked the Minister for Finance the number of companies that are excluded from the NTMA’s list of possible investments; the names of these firms; and if he will make a statement on the matter. [12215/21]

View answer

Written answers

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.

ISIF's fossil fuel exclusion list is detailed below:

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).

Below is ISIF's prohibited security exclusion list:

No.

Prohibited Security List

1

Aryt Industries Ltd

2

Bharat Dynamics Ltd

3

China Aerospace Science and Technology Corporation (CASC)

4

China North Industries Corporation (Norinco)

5

Elbit Systems

6

Hanwha Corporation

7

IMI Systems Ltd

8

L3 Harris Technologies (previously L3 Technologies)

9

LIG Nex1 Co Ltd

10

Lockheed Martin

11

Motovilikha Plants JSC

12

Northrop Grumman

13

Northrop Grumman Innovation Systems Inc (previously known as Orbital ATK Inc)

14

Poongsan Corporation

15

Poongsan Holdings Corporation

16

Raytheon Technologies Corp.

17

S&T Dynamics Co. Ltd

18

S&T Holdings Co., Ltd.

19

Textron

The following list details ISIF's exclusion list for tobacco manufacturers:

No.

Tobacco Manufacturers

1

Altria Group Inc

2

British American Tobacco Malaysia Bhd

3

British American Tobacco PLC

4

Godfrey Phillips India Ltd

5

Gudang Garam Tbk PT

6

Hanjaya Mandala Sampoerna Tbk PT

7

Imperial Brands PLC

8

ITC Ltd

9

Japan Tobacco Inc

10

KT&G Corp

11

Philip Morris CR AS

12

Philip Morris International Inc

13

Reynolds American Inc

14

Scandinavian Tobacco Group A/S

15

Swedish Match AB

16

Universal Corp VA

17

Vector Group Ltd

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