INVESTMENTS held in Russian companies by the Scottish Parliament’s pension fund has neared completion, it has been announced.
The management of the Scottish Parliamentary Pension Scheme (SPPS) was urged by trustees to divest from Russian holdings in response to Vladimir Putin’s invasion of Ukraine.
Labour MSP Pauline McNeill acts as the chair of the SPPS board of trustees and said the fund manager Baillie Gifford has told her all Russian equity has either been sold or is in the process of being sold.
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Only a “rump holding of Russian equity” remains, according to McNeill, who added this has been valued as being virtually worthless currently.
Because of sanctions placed on Russia “markets are effectively frozen” and completion of the equity sale once trading resumes.
The only other position held by Baillie Gifford is £6,500 worth of bonds, which it’s understood will also be disposed of as soon as trading permits.
McNeill added: “I am reassured by Baillie Gifford’s stance and the action it is in the process of taking.
“For many reasons the role of trustees is an important one. It includes the duty to act on behalf of all scheme members - MSPs past and present – especially when appalling events such as these materialise.”
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