The National Pension Reserve Fund investment standards will come under scrutiny today when it reveals its investments in multi-national companies.
The fund, chaired by former Elan chief executive, Mr Donal Geaney, will publish its annual report today, which will show that it has lost 13 per cent of its value since it was set up by the Minister for Finance, Mr McCreevy.
Under the legislation setting it up, the NPRF is required to follow as a "strictly commercial investment mandate the objective of securing the optimal total financial return over the long-term". However, the selection of investment by fund managers will be closely examined today.
"The annual report will show the investments by country and by company," said the National Treasury Management Agency's Mr John Corrigan.
The issue of ethical investment has become more politically sensitive since a Green Party TD, Mr Ciaran Cuffe, was revealed to have had $70,000 worth of shares in oil companies out of a €1.3m portfolio.
The Exchequer has so far paid €8.71 billion into the fund, including €551.5 million this year, the Minister for Finance, Mr McCreevy, recently told Green Party Cork South Central TD, Mr Dan Boyle.
The fund was provisionally valued at €7.425 billion at the end of last year, which takes into account the gains made from bond investment, offset by losses suffered from a drop in equities.
