Following the horrific news of Russia invading Ukraine, Councillors from the Grimsby and Cleethorpes Liberal Democrat party has written to the Chief Executive of North East Lincolnshire Council to ask that its pension fund divest any shareholding it may have in companies that have invested in Russia.
Cllr Steve Beasant, Leader of the Grimsby and Cleethorpes Liberal Democrats saids, “In common with so many other local people, I am sickened by what is happening on the streets of Ukraine and our local authorities own pension fund should make its feelings clear by divesting any assets it may hold in companies with Russian investments.
“I believe our council’s pension fund should also take a stand, and if it does hold any shares in Russian companies – or those who have invested in Russia - to divest without delay”.
“I understand the need to ensure our pension scheme gets a good level of return for its members. As such I am also of the view that our pension fund should be divesting from anything subject to sanctions as it risks that level of return”.
“Others have taken action – the Church of England is divesting its £20 million in shareholdings in Russian companies and BP is selling its 19.75% stake in Russian oil giant Rosneft, and Shell is divesting from Gazprom. I encourage local government pension schemes to divest any shares they hold”.
Vladimir Putin must pay a terrible price for his entirely unprovoked decision to invade Ukraine. We must stand with the people of Ukraine, and enact the most punitive of severe sanctions upon the Russian regime.
It’s time to end the era of Russian interference in this country. UK companies, public bodies and pension funds should be looking closely at their financial links to Russia and doing the right thing.”
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