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Great News: BCI Agreed to Sell Remaining Russian Stocks !!!

Great News: BCI Agreed to Sell Remaining Russian Stocks !!!

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This petition has been created by BetterPensionsBC P. and may not represent the views of the Avaaz community.
BetterPensionsBC P.
started this petition to
The BC Investment Management Corporation (BCI) Board of Directors
March 1, 2022: Thanks in part to pressure from this petition, BCI announced it "is actively working to sell the remaining Russian securities from our clients' portfolios", while recognizing that this will be challenging given sanctions and trading restrictions.

This is a significant change in practice for BCI, which normally doesn't respond to public calls to divest from companies. See more from Better Pensions BC on Twitter @pensionsbc

Many of Russia’s biggest companies are state-owned or controlled - they are key sources of funding for Putin and his oligarchs, who for years have repressed ordinary Russians and are now waging war on Ukraine and its people.

Through the BC Investment Management Corporation (BCI), BC public sector pension plans have (at last report) close to $450 million invested in Russian companies, including:

  • Alrosa (diamonds, state-owned): $30.48M
  • Evraz (metals + mining): $17.32M
  • Gazprom (oil + gas, state-owned): $19.16M
  • Inter RAO (energy, state-owned): $1.34M
  • Lukoil (oil + gas): $83.85M
  • Magnit (food): $9.20M
  • Moscow Exchange Micex (finance): $1.70M
  • MMC Norilsk Nickel (metals + mining): $38.16M
  • Novolipetsk Steel (aka NMLK): $10.67M
  • Novatek (oil + gas): $35.05M
  • Phosagro (chemicals): $1.28M
  • Polyus (gold): $33.05M
  • Rosneft Oil Co (oil + gas, state-owned): $32.30M
  • Sberbank of Russia (banking, state-owned): $103.89M
  • Severstal (metals + mining): $5.19M
  • Surgutneftegas (oil + gas): $6.06M
  • Tatneft (oil + gas, state-owned): $8.28M
  • VTB Bank (finance, state-owned): $0.99M

Pension plan members don't want to be bankrolling Putin's regime and fossil fuels, nor do we want our pensions exposed to the risk of Russian investments. 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.

Help us convince BCI to divest fully from all Russian companies now.

  • sign and share the petition with public sector pension members across BC
  • tell your pension plan and BCI's Board of Directors what you think: www.bci.ca/contact

BCI claims to take ESG (Environmental, Social and Governance) matters seriously, partly in the belief that owning shares gives some say in how companies behave. But we know that Russian oil and gas companies have not and will not change, regardless of how active BCI or other shareholders might be.

Divesting from Russian companies immediately will not hurt BCI's primary mandate to generate wealth for its pension plan clients, as these companies are just a fraction of BCI's overall portfolio (~0.25%). There are surely many ethical and climate-friendly investment alternatives, in Canada or abroad, with better rates of return.

Extra info

BCI manages nearly $200 billion in assets, mainly on behalf of 12 public sector pension plans, including the Public Service Pension Plan, the Municipal Pension Plan, the Teachers' Pension Plan, the College Pension Plan, and the WorkSafeBC pension plan. Collectively these pensions represent almost 700,000 British Columbians.

BCI's most recent inventory lists all its public equities investments as of March 2021, including the above Russian companies: https://uberflip.bci.ca/i/1442085-bci-investment-inventory-2021/0?
Posted (Updated )