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Amendment of Act of 2014
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34. (1) Section 39 of the Act of 2014 is amended—
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(a) in subsection (2), by the substitution of “the level of risk to the assets, including any risk posed by environmental, social or governance matters of relevance to such holding or investing” for “the level of risk to the assets”, and
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(b) in subsection (3), by the substitution of the following paragraph for paragraph (b):
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“(b) the level of risk to the assets, including any risk posed by environmental, social or governance matters of relevance to the holding or investing of the assets in accordance with this subsection.”.
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(2) Section 40 of the Act of 2014 is amended—
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(a) by the insertion of the following subsection after subsection (2):
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“(2A) The Agency shall include in the investment strategy a description of how the Agency incorporates the consideration of the risk to the assets of the Fund posed by environmental, social or governance matters of relevance to the holding and investment of the assets of the Fund in accordance with section 39, including a description of—
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(a) the basis on which the Agency identifies categories of investment in which the assets of the Fund shall not be invested in light of those matters, and
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(b) the categories of investment (if any) which have been so identified at the date of the publication of that investment strategy.”,
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and
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(b) by the insertion of the following subsection after subsection (4):
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“(5) The Agency shall publish the investment strategy on a website maintained by, or on behalf of, the Agency.”.
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(3) Section 45 of the Act of 2014 is amended in subsection (2), by the insertion of the following paragraph after paragraph (d):
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“(da) a member of any subcommittee established under section 5C of the Act of 1990;”.
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(4) Section 47 of the Act of 2014 is amended—
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(a) by the substitution of the following subsection for subsection (1):
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“(1) Subject to subsection (2E), the Agency shall transfer to—
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(a) the Exchequer, or
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(b) the Future Ireland Fund,
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from the Fund such assets of such values, on such dates, as the Minister may direct.”,
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(b) by the substitution of the following subsection for subsection (2):
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“(2) The Minister shall not direct the Agency to transfer any assets to the Exchequer or the Future Ireland Fund from the Fund before 2035 (other than under subsection (4)).”,
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and
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(c) by the insertion of the following subsections after subsection (2):
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“(2A) The Agency shall, on or before 31 July 2034 and on or before 31 July in each subsequent year, advise the Minister, by a report in writing, as to an appropriate value of assets, if any, that the Agency believes is reasonably likely to be available to be transferred from the Fund pursuant to subsection (1) in the year subsequent to the report and in each of the 4 years thereafter.
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(2B) The Agency shall, in preparing a report under subsection (2A)—
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(a) consult with the Minister, and
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(b) have regard to the need to ensure that the Fund shall continue to have sufficient assets, following each transfer of assets from the Fund pursuant to subsection (1), so as to enable the Agency to continue to perform its functions under this Part.
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(2C) The Minister shall, prior to issuing a direction under subsection (1)—
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(a) consult with the Minister for Public Expenditure, National Development Plan Delivery and Reform and the Agency, and
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(b) have regard to—
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(i) the advice of the Agency provided in accordance with subsection (2A), and
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(ii) the need to ensure that the Fund shall continue to have sufficient assets, following each transfer of assets from the Fund pursuant to subsection (1), so as to enable the Agency to continue to perform its functions under this Part.
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(2D) The Minister shall not issue a direction to the Agency under subsection (1) to transfer assets to the Exchequer or the Future Ireland Fund other than—
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(a) with the approval of the Government, and
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(b) where D il ireann has, on a proposal by the Minister, passed a resolution authorising the Minister to pay the amount specified in the direction.
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(2E) Where the Agency—
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(a) receives a direction from the Minister under subsection (1) to transfer assets of a specified value (in this section referred to as the ‘relevant value’) to the Exchequer or the Future Ireland Fund on or before a specified date (in this section referred to as the ‘relevant date’), and
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(b) is of the opinion that—
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(i) an orderly liquidation of assets of the Fund of the relevant value may not be possible in advance of the relevant date, or
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(ii) the liquidation of assets of the relevant value may only be possible on terms that are not commercially acceptable,
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the Agency shall so notify the Minister in writing of that opinion as soon as is practicable.
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(2F) Where the Minister receives a notification under subsection (2E), the Minister may, with the approval of the Government, specify a date later than the relevant date, on or before which assets of the relevant value shall be transferred from the Fund to the Exchequer or the Future Ireland Fund, as the case may be, and the Agency shall comply with the direction under subsection (1) on or before the date so specified.”.
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(5) The Act of 2014 is amended by the repeal of section 47A.
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(6) Section 49A of the Act of 2014 is amended—
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(a) in subsection (1), by the substitution of “national climate objective” for “national transition objective”, and
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(b) in subsection (4)(a), by the substitution of “national climate objective” for “national transition objective”.
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