An Bille um Infheistíocht Phoiblí Eiticiúil (Tobac), 2017
Ethical Public Investment (Tobacco) Bill 2017
Mar a tionscnaíodh
As initiated
[No. 2 of 2017]
AN BILLE UM INFHEISTÍOCHT PHOIBLÍ EITICIÚIL (TOBAC), 2017
ETHICAL PUBLIC INVESTMENT (TOBACCO) BILL 2017
Mar a tionscnaíodh
As initiated
CONTENTS
Section
1. Definitions
2. Duty of investors to avoid investment in a tobacco company
3. Direct investment in a tobacco company
4. Indirect investment in a tobacco company
5. Derivatives based on a financial index
6. Short title and commencement
[No. 2 of 2017]
2
AN BILLE UM INFHEISTÍOCHT PHOIBLÍ EITICIÚIL (TOBAC), 2017
ETHICAL PUBLIC INVESTMENT (TOBACCO) BILL 2017
Bill
entitled
An Act to prohibit the investment of public moneys directly or indirectly in equity or
debt securities issued by tobacco companies.
5
Be it enacted by the Oireachtas as follows:
Definitions
1.
In this Act—
“investor” means a person or body responsible for the investment of public moneys
owned by a Minister of the Government;
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“Minister” means the Minister for Finance;
“public moneys” means moneys provided by the Oireachtas out of the Central Fund, or
the growing produce thereof; and
“tobacco company” means a company involved in the manufacture or production of
tobacco, cigarettes, cigars, and or other tobacco products.
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Duty of investors to avoid investment in a tobacco company
2.
(1) Nothing in any enactment that authorises the investment of public moneys shall be
taken to authorise any investment, direct or indirect, in a tobacco company.
(2) Notwithstanding any other enactment, an investor, in the performance of any function
conferred on it by or under any enactment, shall endeavour to avoid the investment of
public moneys in a tobacco company.
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(3) In pursuing the objective set out in subsection (2) an investor shall have regard to the
matters set out in this Act.
Direct investment in a tobacco company
3.
25
(1) An investor shall endeavour to avoid the direct investment of public moneys in equity
or debt securities issued by a tobacco company.
(2) Where public moneys are directly invested in a company which is or becomes a
tobacco company, the investor shall—
(a) establish to its satisfaction that the company intends to cease its involvement in
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30
the manufacture or production of tobacco and or the products of tobacco, or
(b) divest itself of its investment in that company in an orderly manner.
Indirect investment in a tobacco company
4.
(1) An investor shall avoid investing public moneys in collective investment undertakings
or investment products unless, having exercised due diligence, the investor is satisfied
that there is not a significant probability that the public moneys will be invested in a
tobacco company.
(2) Where public moneys are invested in a collective investment undertaking or
investment product which invests these moneys in a company which is or becomes a
tobacco company, the investor shall—
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10
(a) establish to its satisfaction that—
(i) the company intends to cease its involvement in the manufacture of tobacco
or the products of tobacco, or
(ii) the collective investment undertaking or investment product intends to divest
itself of its investment in the company, and that there is not a significant
probability that the collective investment undertaking or investment product
will again invest public moneys in a tobacco company,
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or
(b) so far as possible, taking into account any contractual obligation it has assumed,
divest itself of its investment in that collective investment undertaking or
investment product in an orderly manner.
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Derivatives based on a financial index
5.
Nothing in this Act shall prevent an investor from contracting derivative financial
instruments based on a financial index.
Short title and commencement
6.
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(1) This Act may be cited as the Ethical Public Investment (Tobacco) Act 2017.
(2) This Act shall come into operation on such day or days as the Minister may, by order
or orders, appoint either generally or with reference to any particular purpose or
provision, and different days may be so appointed for different purposes or different
provisions.
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5
An Bille um Infheistíocht Phoiblí Eiticiúil
(Tobac), 2017
Ethical Public Investment (Tobacco) Bill
2017
BILLE
BILL
(mar a tionscnaíodh)
(as initiated)
dá ngairtear
entitled
Acht dá thoirmeasc airgead poiblí a infheistiú go An Act to prohibit the investment of public moneys
directly or indirectly in equity or debt securities
díreach nó go neamhdhíreach in urrúis
issued by tobacco companies.
chothromais nó i bhfiach-urrúis arna n-eisiúint
ag cuideachtaí tobac.
An Teachta Seán Ó Pléamonn a thug isteach,
Introduced by Deputy Sean Fleming,
17 Eanáir, 2017
17th January, 2017
BAILE ÁTHA CLIATH
ARNA FHOILSIÚ AG OIFIG AN tSOLÁTHAIR
Le ceannach díreach ó
FOILSEACHÁIN RIALTAIS,
52 FAICHE STIABHNA, BAILE ÁTHA CLIATH 2.
(Teil: 01 - 6476834 nó 1890 213434; Fax: 01 - 6476843)
nó trí aon díoltóir leabhar.
——————
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52 ST. STEPHEN’S GREEN, DUBLIN 2.
(Tel: 01 - 6476834 or 1890 213434; Fax: 01 - 6476843)
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