CII Defends Member Handling of Russian Investments

In response to a House Financial Services Committee request for information, the Council of Institutional Investors ("CII") described how its members are satisfying their fiduciary obligations and complying with international sanctions against Russia.

In their letter, CII stated that in light of (i) sanctions imposed against Russia, (ii) the destabilization of the Russian economy and (iii) the decline in the value of Russian currency, public pension fiduciaries that have existing Russian investments are engaging in careful processes to evaluate their options to restrict Russian investments and shield their plans from further losses. Some have announced formal policies; others have taken a case-by-case approach. CII stated that public pension fiduciaries are not making new "direct or indirect investments in Russia." CII noted that "virtually all public pensions are coordinating their responses closely with state and local officials," as they are governed primarily by state law.

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