We have been shocked by Russia’s invasion of Ukraine. Our sympathies go out to everyone affected by the war, and we hope for a quick and peaceful resolution.
The developments following the Russian invasion of Ukraine are sufficient reason for the Board to refrain from entering into new Russian investments. Our asset managers have been briefed on this decision.
The pension fund’s portfolio has limited exposure to Russian investments (less than 0.02% of SPF’s total assets). When taking into account the legislation relating to sanctions, the options to trade on the Russian stock exchanges, and the other market conditions, the Board will decide at a later moment in time what it will do with these existing investments in its portfolio. This concerns two shareholdings and two company loans. Russian government bonds had already been excluded from investments.
We continue to closely monitor the developments in Ukraine. The consequences for our investments are being keenly monitored, and where necessary we will take further action if developments give us reason to do so.
For more information about our investment policy and what we as SPF invest in, please visit Investment policy on the SPF website.