Green Party claim major victory on new government financial policy....

[White Horse]

Green Party Chairman and Finance spokesperson Senator Dan Boylehas welcomed government plans to bring in ethical investment guidelines for the National Pensions Reserve Fund.
The move will examine ways for the Irish State to avoid investment in companies which flout human rights or are involved in questionable enterprises such as armaments manufacture.
Senator Boyle welcomed a decision by the Minister for Finance, Brian Lenihan, to establish a group of experts who will examine the best method of ensuring ethical investment in a complex and diversified financial world. He said the decision came as a result of good dialogue and cooperation between the government partners.
“The Green Party has long believed that ethical standards were important to guide national pension investments. The Minister’s decision is an excellent first step in that direction,” Senator Boyle concluded.
Move to ban State investment in ammunitions and tobacco / Latest news / News / Home - Green Party / Comhaontas Glas

Many people wondered whether the Green would begin punching above their weight in government. The answer came today when Dan Boyle, their Spokesman On Finance, made the above major annoucement in the midst of a financial meltdown and collapse.

[meriwether2]

One one hand you can see the rationale.

On the other hand, you know it probably wont make a bit of difference.

There are ethical funds out there. The last time I came across them, they were stating their returns outstripped general index returns.

I'd be interested to see how they are still doing.

(However, the last time I flicked through one of those green funds, BP were a listed equity, so ethics is in the eye of the beholder.)

[He3]

How much longer will we have the NPRF?

[anewbeginning]

Well it's being invested in the banks now...that's a good sound investment, right?

And I mean 2 million of it will be going to pay some of the chief execs, maybe more for the BOI head since we don't know what he is getting and Lenihan is afraid to ask....so that's a good way to spend the national pension reserve fund....

It's a pity the Greens aren't as worried about the human rights of the hundreds of thousands it has helped put on the dole.

[lostexpectation]

this is the announcement of a committee


what are we investing that we shouldn't be

[meriwether2]

Oh yes, Id like this idea very much if there was something solid behind it.

Has Dan come forward with an economic rationale? An investment rationale?

Can he point and say 'armaments and fags gave a CARG of 2% over the last ten years, but ethical investments provided a CARG of 2.3% over the same time period'?

If he did, it would indicate a welcome injection of savvy amongst this incredibly useless government.

[Defeated Romanticist]

Oh yes, Id like this idea very much if there was something solid behind it.

Has Dan come forward with an economic rationale? An investment rationale?

Can he point and say 'armaments and fags gave a CARG of 2% over the last ten years, but ethical investments provided a CARG of 2.3% over the same time period'?

If he did, it would indicate a welcome injection of savvy amongst this incredibly useless government.

Economic rationale doesn't matter to Dan. The GP are afterall insisting wasting a billion+ on the metro to know-where.

[mccafferty cat]

The country is going down the tubes, and Dan Boyle thinks that preventing the already decimated NPRF from investing in naughty things is a "major victory".....

Pathetic. Speaks volumes about the man. True political pond-life.

[geraghd]

Oh yes, Id like this idea very much if there was something solid behind it.

Has Dan come forward with an economic rationale? An investment rationale?

Can he point and say 'armaments and fags gave a CARG of 2% over the last ten years, but ethical investments provided a CARG of 2.3% over the same time period'?

If he did, it would indicate a welcome injection of savvy amongst this incredibly useless government.

Well interestingly religious funds have outperformed most funds over the last year or so with high positive returns despite the international market turmoil. The best performers of those was in fact an Islamic based one which arguably has a much stricter view of ethical investment - shunning stocks and investments in alcoholic beverage companies and other vehicles with interest based investments that many other religious funds would have no quams in investing in.

[joemomma]

Can he point and say 'armaments and fags gave a CARG of 2% over the last ten years, but ethical investments provided a CARG of 2.3% over the same time period'?

Why would he do that? The point is that at present investment decisions can only be made on the basis of the return, Boyle wants to change that to introduce ethical factors also. If the change were to be justified on the basis of the return then there would be no point in making a change.