Wednesday 02 March 2022
The Policy & Resources Committee has directed the newly formed States Investment Board (SIB) to begin divesting from Russian investments in the wake of the Russian invasion of Ukraine.
The SIB requested political direction in relation to Russian investment at its meeting held yesterday (1 March). Investment advisers have indicated that the States of Guernsey holds a very small amount of indirect investment in Russian entities (approx. 0.19%) out of a total of £3,342m.
Treasury Lead for the Policy & Resources Committee, Deputy Mark Helyar said:
"Our advisers and fund managers have reviewed the whole portfolio in common with the rest of the market. We hold investments in funds which themselves hold very small amounts of Russian investments and many have already commenced a process of divestment, wherever possible. Sanctions may affect the ability of individual funds to sell those assets, and in many cases they currently have no market value. The Policy & Resources Committee has however given a clear political instruction to divest where possible and not to seek to hold Russian related investments until further notice."
