NYC Comptroller Seeks to Divest Pension Funds From Russia

(Bloomberg) -- New York City Comptroller Brad Lander said the city should divest of Russian assets in its five public pensions that collectively hold more than $270 billion in assets for 700,000 current and former employees and retirees.

“Russia’s aggression in Ukraine merits the swift global action we’ve already begun to see to cut President Putin and the oligarchs who enable him off from the global financial system,” Lander said in a statement Sunday. “I plan to bring specific assets to trustees of the five boards of the New York City Retirement Systems to consider for divestment.”

Lander oversees the city’s pensions, allowing his office to exert influence over the environmental, social and governance practices of money managers and companies the city invests in, but each of the five funds has its own board of directors that must approve the decisions. The system had roughly $271 million in Russian assets as of Feb. 23, a spokesperson told Reuters.

His move follows an executive order signed by New York Governor Kathy Hochul on Sunday aimed at ending any state business with or investment in Russia.

https://www.msn.com/en-us/money/other/nyc-comptroller-seeks-to-divest-pension-funds-from-russia/ar-AAUpPTZ