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.
The premier also added that BCIMC would get the message from Question Period that all MLAs are opposed to investing in these Russian companies.
“The events unfolding in Europe right are unprecedented. And a clear message from all Canadians must go forward,” Horgan said.
“This is something we would want them to act upon. But we would not want to interfere in a fund that is designed to protect trustees and pensioners. They have a board to make those decisions and we are hopeful they will.”
The BC Liberals have been calling publicly for the province to divest the investment.
Falcon also called on the NDP government to search for land titles in B.C. for any evidence of ownership interests by the top 50 oligarchs who “aid and abet” Putin.
“With British Columbians united in the desire to do all we can to support the people of Ukraine as this unprovoked aggression continues, it’s vital BCIMC reconsider provincial investments that may be benefiting Putin’s regime,” Falcon said.
“While it is generally not appropriate for government to interfere in the decision-making of an independent body like BCIMC, I am urging the Minister of Finance, as the sole shareholder of BCIMC, to encourage immediate divestment from Russian-backed companies that are directly profiting from the conflict.”