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Disclosure

22 Mar 2022

Author:
British Columbia Investment Management Corporation

British Columbia Investment Management Corporation statement

BCI issued a public statement on March 1 stating that we’re actively working to sell the remaining Russian securities from our clients’ portfolios.

In response to the Russian invasion of Ukraine, BCI is actively working to sell the remaining Russian securities from our clients’ portfolios.

“BCI has not only been working to sell the Russian shares in our clients’ portfolios but also to have Russia removed from all global and emerging market indices,” said Gordon J. Fyfe, BCI’s chief executive officer / chief investment officer. “We don’t normally comment publicly on our investment activities, however given the egregious actions of Russia it is important to make an exception.”

BCI started selling down our holdings in Russian securities prior to the invasion, however trading in these securities has now ground to a halt, given international sanctions, trading restrictions, and Russia’s ban on foreigners selling Russian securities. Regardless we will continue to work to sell the $107 million in Russian stock that remains.

BCI recognizes that holding Russian securities in our portfolio is not aligned with our values as an organization nor that of our clients and our hearts go out to the people of Ukraine. BCI is and will continue to comply with all Canadian sanctions and stands with the global financial community in our joint response to this evolving humanitarian situation.

The statement is also available on our website.

Thank you and please watch our website for any additional information that we may share regarding this matter.

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