Trocaire Development Review Trinity college 11 th November 09 Mark Cumming

Background Reality for Trócaire’s Partners & Communities State pension fund in spotlight Sunday Tribune: Revealed: our € 1/2 bn pension funds invested in Zimbabwe Source - FoE

Global context UN John Ruggie & State duty to protect Pressure for ethics Consumers Business case The case for Responsible Investment

History of dealing with ethics UNPRI Hermes & active ownership Gaps The NPRF

Norway Fund Principles Mechanisms Operational strategies Record on divestment Norway Pension Fund

Positive screening Active engagement / ownership Negative screeningExclusion /divestment Principle 1% of fund – renewables etc sustainability societal consensus internationally accepted norms societal consensus internationally accepted norms Strategy Positively screening Active ownership AvoidanceInvestigate companies Satisfies Political concerns to engage new green deal Fiduciary duty to manage ESG concerns and signal to market due diligence to ensure avoidance of complicity Responsi ble NBIM implements NBIM decides and implements Council on Ethics evaluates, then recommends and Ministry of Finance decides on exclusion. NBIM implements

Universality of principles Risk – return profile Capacity to influence An independent council Applicability to Ireland