B.C.'s public pension fund divesting from Russian companies over Ukraine invasion
British Columbia's public sector pension fund is "actively working" to sell Russian securities, the CEO confirmed Tuesday following calls for the province to divest over the Ukrainian invasion.
The B.C. Investment Management Corporation said it had already started selling Russian holdings prior to the war, and is working to offload the $107 million in stocks that remain.
"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," CEO Gordon J. Fyfe said in a statement.
"We don’t normally comment publicly on our investment activities, however given the egregious actions of Russia it is important to make an exception."
Premier John Horgan applauded the divestment decision on Twitter, saying it "reflects our values as British Columbians and our desire to support the people of Ukraine."
"It's the right thing to do," he wrote.
Last week's unprovoked attack on Ukraine prompted growing calls for the pension fund to divest from Russian companies, including in the form of a petition on behalf of pension-holders.
"There are surely many ethical and climate-friendly investment alternatives, in Canada or abroad, with better rates of return," the petition reads.
As of the latest inventory released in March 2021, the B.C. Investment Management Corporation had approximately $450 million worth of holdings in various Russian industries. That included $103.89 million in financial services company Sberbank and $32.3 million in energy giant Rosneft, both of which are state-owned.
There was also pressure to divest coming from the opposition B.C. Liberals and the B.C. Green Party. The latter has also pushed for the province to fully divest from all oil and gas development by the end of the year.
CTVNews.ca Top Stories
DEVELOPING 122 active wildfires burning across Canada, 32 considered 'out of control'
The 2024 wildfire season has begun, and it's shaping up to follow last year's unprecedented destruction in kind, with thousands of square kilometres already consumed.
B.C. parents sentenced to 15 years for death of 6-year-old boy
A British Columbia Supreme Court judge has sentenced the mother and stepfather of a six-year-old boy who died from blunt-force trauma in 2018 to 15 years in prison.
Veteran TSN sportscaster Darren Dutchyshen has died
Veteran TSN broadcaster Darren 'Dutch' Dutchyshen, one of Canada’s best-known sports journalists, has died. He was 57. His family says 'he passed as he was surrounded by his closest loved ones.'
'More aggressive': Tocchet shifts lineups as Canucks get ready to take on Oilers in Vancouver
As the Canucks prepare to take on the Oilers for Game 5, Vancouver head coach Rick Tocchet is making changes to the team's lineup.
Think twice before sharing 'heartbreaking' social media posts, RCMP warn
Mounties in B.C. are urging people to think twice before sharing "heartbreaking posts" on social media.
Police issue Canada-wide warrant for Regina homicide suspect
Police have issued a Canada-wide warrant for a man wanted in a homicide which occurred in Regina on May 12.
Trudeau calls New Brunswick's Conservative government a 'disgrace' on women's rights
Prime Minister Justin Trudeau assailed New Brunswick's premier and other conservative leaders on Thursday, calling out the provincial government's position on abortion, LGBTQ youth and climate change.
Kevin Spacey receives star support as he fights to get his career back
Kevin Spacey is pushing back on the 'rush to judgment' against him and is being backed by some big names as he seeks to reclaim his acting career.
Speaker cuts ties with Sask. Party, alleges he faced threats, harassment from gov't MLAs
The Speaker of the Saskatchewan Legislature Randy Weekes has severed ties with the Sask. Party after accusing some members of harassment and intimidation tactics, including a situation he claimed saw the Government House Leader bring a hunting rifle to the legislative building.