Growing calls to divest B.C.'s public pension fund from Russian companies

As the Ukrainian people remain under siege, there is mounting pressure for B.C.'s public sector pension fund to divest from Russian companies.

As the Ukrainian people remain under siege, there is mounting pressure for B.C.'s public sector pension fund to divest from Russian companies.

The B.C. Investment Management Corporation had approximately $450 million worth of holdings in various Russian industries as of the latest inventory, released in March 2021. That included $103.89 million in financial services company Sberbank and $32.3 million in energy giant Rosneft, both of which are state-owned. 

Days into Russia's invasion of Ukraine, a petition has been circulating online calling on BCIMC to divest on behalf of public pension members who "don't want to be bankrolling" Vladimir Putin's regime.

"There is zero justification, moral or financial, for continuing to hold shares in Russian companies, many of which are now subject to international sanctions," it reads.

"There are surely many ethical and climate-friendly investment alternatives, in Canada or abroad, with better rates of return."

The petition also notes that BCIMC manages $199.6 billion in assets, meaning that Russian companies represent a small fraction of its portfolio.

Premier John Horgan expressed support for divestment during question period Monday, but stressed that elected officials do not dictate BCIMC's decisions.