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Statement from the Trustees on Investments in Russia

Following the Russian invasion of Ukraine and the imposition of sanctions on Russia, we’ve carried out a review of our Russian assets. We can confirm that our exposure to Russia is very low with only approximately 0.5% of Defined Contribution scheme assets and 0.14% of Defined Benefit scheme assets directly invested in Russia. The schemes may also invest in Russia indirectly by holding shares in companies that own businesses or derive income from Russia.

As a result of our review, we confirm that we’ll make no new direct investments in Russia. Our investment managers will continue to have discretion on when to sell existing Russian assets and we’ll closely monitor progress on the sale of these assets. We’ll also review how our investment managers are engaging with companies with subsidiaries or assets in Russia. The current geo-political environment makes selling these assets difficult.

We’ll keep our stance under review and communicate updates or changes on the website.


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