Both opposition parties in the 小蓝视频 Legislature have formally called on the NDP government to order the 小蓝视频 Investment Management Corp. (小蓝视频IMC, or 小蓝视频I) to immediately divest investment in Russian entities.
Earlier today, 小蓝视频 Liberals leader Kevin Falcon said premier John Horgan need to “re-evaluate investments in Russia in light of Putin’s illegal invasion of Ukraine.”
According to the 小蓝视频 Liberals’ statement, the 小蓝视频IMC currently has investments of $103.25 million in shares of Russian state-owned bank Sberbank – as well as $83.85 million, $32.2 million and $19.16 million in Russian energy giants Lukoil, Rosneft Oil and Gazprom respectively.
The stance is rare for the 小蓝视频 Liberals, which traditionally supports free enterprise and separation of government and market-investment activities. But Falcon said in a statement that the Russian attack on Ukraine created a unique situation requiring immediate attention.
“While it is generally not appropriate for government to interfere in the decision-making of an independent body like 小蓝视频IMC, I am urging the Minister of Finance, as the sole shareholder of 小蓝视频IMC, to encourage immediate divestment from Russian-backed companies that are directly profiting from the conflict,” Falcon said. “... Pensioners and workers deserve answers and clarity on just how much of 小蓝视频IMC’s $66.6 billion public equities portfolio is invested in state-owned companies and companies tied to the Kremlin.”
The Liberals are also pushing Horgan’s NDP government to search for evidence in 小蓝视频 land titles that may indicate ownership by the top 50 oligarchs in Russia who are allegedly supportive of Russian president Vladimir Putin and decision to invade Ukraine.
In a written response, 小蓝视频I said it is aware of the situation surrounding Russia’s attack on Ukraine and is following existing Canadian sanctions on further trading of Russian securities and assets. However, 小蓝视频I did not indicate it has or is planning to divest existing investments.
“As a global investor with a diversified portfolio, 小蓝视频I has minimal exposure to Russia, currently representing approximately 0.2 per cent of total assets under management,” the statement said. “小蓝视频I is complying with the applicable Canadian sanctions and has restricted the trading of Russian securities within our global emerging markets program.”
The 小蓝视频 Ministry of Finance said in a statement that the provincial government "has no legal authority to instruct 小蓝视频I on where or how to invest" because 小蓝视频I "operates independently of the government... to avoid potential conflicts of interest."
The statement added that 小蓝视频I is - like all organizations in Canada - subject to federal sanctions.
"小蓝视频I is accountable to its clients for investment returns and the investment of each clients’ funds," the ministry said. "Individually, pension plans and other and other clients of 小蓝视频I can direct 小蓝视频I on how to manage their own investments, as they are owners of the funds."
Officials added that Finance Minister Selina Robinson has already directed staff last week to look into land ownership records in 小蓝视频 to determine possible links to Russian oligarchs. In the meantime, the province has already removed Russian liquor from 小蓝视频 shelves and dedicated $1 million towards Ukraine through the Canadian Red Cross.
Meanwhile, 小蓝视频 Green Party leader Sonia Furstenau added her voice to the call for 小蓝视频IMC to change, calling for the entity to “immediately divest public pension plans from all Russian-backed industries, with a plan for divestment from all oil and gas development by the end of 2022.”
The Greens are also asking for a clear outline from the province about how the action to divest will take place. As many as 690,000 小蓝视频 residents’ pensions are administered through the 小蓝视频IMC.
“According to news sources, 小蓝视频I has stated it has ‘minimal exposure to Russia, currently representing approximately 0.2 per cent of total assets under management,’” Furstenau said. “But with so little invested, divesting should be a straightforward way to ensure we stand in solidarity with the Ukrainian people.”
