General

ABP stops investing in Russia

Pensioenfonds ABP is selling all Russian investments that the fund still has. This concerns an amount of 520 million euros, which is 0,1 percent of the total portfolio. The board says it will not buy new Russian investments.

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Recently the AOb clarification on the Russian investments of the largest pension fund in the Netherlands. The FNV-ACOP faction, where representatives of the AOb the ABP board asked for an explanation. The representatives can ask the board questions because they sit on the Accountability Council and from that role monitor the policy of the board members.

Shocked

De AOb wanted to know how big the stake is in Russian stocks and whether the board wants to get rid of that now that Russia has invaded Ukraine. The ABP says it is 'shocked by the raid and the violence that accompanies it.' All remaining investments that the fund still had are now being sold. That share is not too bad, because ABP was already phasing out investments in Russia. For example, the fund only sold all investments in Russian oil and gas companies because it was a wants to steer a more sustainable course.

The sales will be made as soon as they are responsibly possible

The board answers the questions of the AOb that it currently still has investments in Sberbank and bonds of VEB Bank, two financial institutions that are subject to sanctions imposed by the European Union. In total, this concerns an amount of 520 million euros in ABP money that is still in Russia. The board wants to sell these investments as soon as possible, but warns that in the current circumstances it could take a while. As soon as they are responsibly possible, the sales will be carried out by our asset manager APG, according to the ABP board.

The pension fund did not have Russian government bonds, the ABP board writes. The AOb wanted to know more about it and if this was the case it had to be stopped immediately.

Would you like to know more about the Accountability Council of the ABP? Soon there will be elections and also the AOb has candidates you can vote for from April 4. Read more about the candidates

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