Greer calls for MSP pension fund to divest from Sberbank
Scottish Greens finance spokesperson Ross Greer MSP has lodged a motion in Parliament calling for the Scottish Parliament Pension Fund to divest its holding in a Russian state owned bank, after it emerged that almost £300,000 was invested in Sberbank, the country's largest financial institution. The disclosure was made over the weekend following a Freedom of Information request by the Ferret, an online investigative journalism group.
Commenting, Ross Greer said:
“I cannot fathom why the Scottish Parliament Pension Fund has holdings in Sberbank in the first place. But, in light of the Russian invasion of Ukraine it is clearly inappropriate for that to remain the case. Some trustees of the fund have resisted ethical investment policies for too long but I’m sure most MSPs and former MSPs will want this urgently addressed and Sberbank immediately divested from. Colleagues who support this proposal should sign my motion as soon as possible and speak directly to the trustees.”
Text of Mr Greer’s parliamentary motion:
That the Parliament notes with disappointment the Scottish Parliamentary Pension Fund’s holdings of £299,571 in Russian state-owned Sberbank, the largest financial institution in Russia; welcomes President Biden’s decision to cut Sberbank off from the US financial system and calls on the UK Government to urgently consider similar actions; believes that all reasonable measures should be taken against the Russian state and its associates until all Russian forces withdraw from Ukraine; urges the trustees of the Scottish Parliament Pension Fund to immediately divest its holdings in Sberbank and to review all current fund investments to ensure compatibility with Scotland’s commitment to be a rights-respecting nation