MSP pension fund divests Russian assets

The MSP pension scheme has divested its Russian holdings, the board of trustees has confirmed.

Pauline McNeill, chair of the trustees, has written to all members confirming “all Russian equity has either been sold, or is in the process of being sold”.

Baillie Gifford, which manages the Scottish Parliamentary Pension Scheme, has said it is seeking immediate divestment from Sberbank and any other Russian companies.

A “rump holding” of equity remains that has been fair value priced at zero, the sale of which will go through once trading resumes.

A further £6,500 worth of bonds will also be disposed of “as soon as trading permits”.

McNeill wrote directly to Baillie Gifford last week to request it divests from Russian-owned assets.

She said: “The appalling events in Ukraine make it incumbent upon all of us to stand against aggression and unlawful military action in any way we can. Exerting economic pressure upon Russian financial institutions by divesting our pension holdings is an important step.”

It followed the Presiding Officer, Alison Johnson, writing to the trustees on behalf of the Scottish Parliament Corporate Body to urged for divestment.

She said that “given the seriousness of the threat against our European neighbours, I am certain that all Members, past and present, will be supportive of such representations to Baillie Gifford.”