FOLLOWING reports that the province’s public sector pension fund, B.C. Investment Management Corporation (BCIMC), won’t comment on the status of Russian investments in its public equities portfolio, BC Liberal Leader Kevin Falcon and his party are calling for Premier John Horgan and the NDP to urge BCIMC to re-evaluate investments in Russia in light of Putin’s illegal invasion of Ukraine.
“With British Columbians united in the desire to do all we can to support the people of Ukraine as this unprovoked aggression continues, it’s vital BCIMC reconsider provincial investments that may be benefiting Putin’s regime,” said Falcon. “While it is generally not appropriate for government to interfere in the decision-making of an independent body like BCIMC, I am urging the Minister of Finance, as the sole shareholder of BCIMC, to encourage immediate divestment from Russian-backed companies that are directly profiting from the conflict.”
In 2021, the inventory of BCIMC holdings showed $103.25 million worth of shares in Russian state-owned bank Sberbank, $83.85 million in Lukoil, $32.2 million Rosneft Oil, and $19.16 million in Gazprom.
“British Columbians rightly have questions about how their provincial pension fund may be contributing to the wealth of Russian oligarchs,” said Falcon. “Pensioners and workers deserve answers and clarity on just how much of BCIMC’s $66.6 billion public equities portfolio is invested in state-owned companies and companies tied to the Kremlin.”
Falcon also called on the NDP government to search for land titles in B.C. for any evidence of ownership interests by the top 50 oligarchs who aid and abet Putin and his authoritarian regime.
