The Chief Executive of the National Treasury Management Agency, Michael Somers, has said discussions are taking place with a major pensions fund overseas to improve the agency's ability to target ethical investment opportunities for the National Pensions Reserve Fund.
The fund was set up in 2001 by the Minister for Finance Charlie McCreevy to fund social welfare and public service pensions from 2025 onwards. It is administered by the NTMA.
There has been criticism from some quarters that Pensions Reserve Fund monies were invested in companies involved in the tobacco industry and producing military equipment.
Mr Somers pointed out that the NTMA did not select the companies in which the fund was invested. He said that was the job of fund managers who were instructed to get the best rate or return available.
However, he said he was concerned about companies which are 'engaged in practices that might not exactly pass muster'.
Mr Somers said he would prefer if some of the more 'blatant' issues were addressed more forcefully than is the case at present.
The link with the overseas pensions fund would mean ethical investment issues would be looked after as far as was possible.
