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.