CalPERS stands in solidarity with the citizens and country of Ukraine. As an organization, we have an obligation to monitor and protect our members’ assets.
What We Have Done
Like many global investors, we own stocks in Russian companies and a small amount of real estate. These investments represent about 0.17% of CalPERS’ total investment portfolio. We have no holdings in Russian government debt.
Since February, we have taken the following actions:
- We ceased all transactions in Russian publicly traded equity and have stopped the flow of any new investments into the country.
- We are reviewing all investments in Russia, including our real estate investments, to determine a path forward.
- As always, we follow all regulatory requirements from the U.S. Office of Foreign Assets Control and the sanctions that are in place.
These steps are important, and our investment team is working as swiftly as possible. However, current sanctions, market restrictions, and closure of local stock exchanges have placed significant constraints on our ability to manage these holdings.
Senate Bill 1328
At our April Board meeting, the CalPERS Board voted to oppose Senate Bill 1328 (PDF) that would require CalPERS to sell its investments in Russia and Belarus.
The decision to oppose is an investment decision. The bill is overly broad and would require us to divest from any company with active business operations in Russia or Belarus, not just Russia-owned companies. As written, this legislation could capture over 3,000 companies in our Global Public Equity and Fixed Income portfolios valued at approximately $186 billion.
This article was updated on 5/2/22.