‘Very least we can do’: B.C. pressed to divest pension funds from Russia-owned investment
Posted February 28, 2022 12:44 pm.
Last Updated February 28, 2022 9:38 pm.
Feeling helpless about how to support Ukraine, a B.C. public service employee wants to put his retirement money where his mouth is.
Matt Dell is calling for the public service pension fund to get out of investments supporting Russia.
Dell says with about $450 million of the fund in Russia state-owned or oligarch-backed companies, it’s a drop in the overall bucket. But he says this is just one pension fund — if this and others made the choice to divest, it can make a difference.
“It does all add up,” he said. “I think pulling wealth from the country just causes those companies to crater and send out a signal of support to Russia that this is not an acceptable thing to be doing, invading a democratic country.”
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The BC Public Service Pension fund invests, Dell says, primarily into oil and gas, and banking.
“This would have a very, very minor impact for a lot of pensioners or people that are invested. Russia’s a tiny portion of the global stock market, but it would have a huge impact on Russia.”
A list of Russian companies the BC public sector pension plans are invested in, according to a petition to push for a change. (Credit: Petition on avaaz.org)
Dell says funds pulling Russian-owned and backed investments would be a symbolic move to take a stand. He tells us people have been very supportive so far, adding many Canadians are looking for ways they can support Ukraine.
“We don’t know whether that should be pulling vodka, asking NHL players to make statements, or donating to the Red Cross. So I think this really got a ton of traction. People, I think, feel that Ukrainians are sacrificing so much, that if sacrificing some of our tiny portion of our investment is the very least that we can do.”
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BC Liberal Leader Kevin Falcon is calling on the the NDP government to take a close look at where its investments are.
“Although the BC Investment Management Corporation is arm’s length, as it should be from political interference, I think it’s very important that the premier and the Minister of Finance make a strong recommendation that they review that portfolio and exit those investments that are supporting corrupt oligarchs and frankly, providing the fuel for the oppression that’s currently taking place in Russia.”
He also wants to see the province search land titles.
“Ensure that if there are any oligarchs that have been identified — the top 50, so to speak — that have any ownership of any assets in British Columbia, that we seize those assets and do everything we can to support those brave Ukrainians who are fighting for the democratic values that we all agree in support.”
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B.C. Finance Minister Selina Robinson says the province is working in coordination with the federal government about what further actions it might take in order to send a message to Russia.
“We’re continuing to explore other ways with the leadership of the federal government to deliver our commitment to support the people of Ukraine.”
Dell and another BC Public Service employee recently started a petition to raise awareness about where people’s retirement investments are and push for change.
“Maybe investments are one little piece of the thread that we are pulling to unravel this nightmare scenario.”
