Public servants calling for B.C. public sector pension fund to divest Russian investments
Global News
In 2021, BCIMC holdings showed more than $450 million in Russian-owned companies. Now members have signed a petition to divest in investments in Russian companies.
B.C. public servants and opposition political parties are calling on the province’s public sector pension fund to divest in investments in Russian companies.
In 2021, BC Investment Management Corporation holdings showed more than $450 million in Russian-owned companies. This includes $103.9 million worth of shares in the Russian state-owned bank Sberbank, $83.85 million in Lukoil, $32.3 million in Rosneft Oil, and $19.16 million in Gazprom.
An online petition from pension plan members states they “don’t want to be bankrolling (Vladimir) Putin’s regime and fossil fuels.
“There is zero justification, moral or financial, for continuing to hold shares in Russian companies, many of which are now subject to international sanctions. In line with Canada’s actions, and in solidarity with the people of Ukraine, BCI should do its part,” the petition reads.
In a statement, BCIMC says they will not be making any changes in the investment fund. A statement from the independent corporation states they have minimal exposure to Russia with the investment currently representing approximately 0.2 per cent of total assets under management.
“BCI is complying with the applicable Canadian sanctions and has restricted the trading of Russian securities within our global emerging markets program,” the statement reads.
Premier John Horgan was asked about the issue during question period on Monday.
In his response, Horgan says his government would not invest in these Russian companies but that BCIMC is independent of government.