The pension fund for council employees across the Bristol region has more than £130,000 invested with Russian companies.
Last month, the Avon Pension Fund released a statement about this, describing the exposure as "negligible" and saying that it would divest all of these investments "as soon as possible". Information obtained by BristoLive via a Freedom of Information request has revealed the exact amount being invested.
Bath and North East Somerset Council - who administer the pension fund - said the latest available data from March 8 showed that £135,000 was invested invested in firms with Russian links. It said this amounts for 0.002 per cent of the total assets.
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It said: "Due to the rapidly changing situation in respect of Russian financial assets that continue to trade (i.e. those that have not been impacted by trading suspensions) these numbers are highly likely to have changed since publication.
"All remaining direct Russian exposure is in the process of being sold where practicable and has been marked down in our portfolio to zero value. We cannot disclose the names of these assets as this is commercially sensitive information which could affect the Fund’s ability to disinvest from these assets in an orderly manner.
"Brunel continues to prohibit its underlying investment managers from making any new investments in Russian assets."
Last month, the Chair of the Avon Pension Fund Committee Councillor Paul Crossley and the Chair of the Avon Pension Fund Investment Panel Councillor Shaun Stephenson-McGall said in a statement that they committed to prohibiting any new investments in Russian assets and that they would further disinvest from all Russian-controlled and Russian-owned assets, bonds and equities, wherever they are domiciled.
The statement said: "This action will ensure that we capture all Russian assets, state-owned and private. Where we have exposure to non-Russian companies and assets that derive a material proportion of their revenues from Russia, we will seek to engage both at the company and policy level to the same end. This is consistent with our wider stewardship approach and is echoed by Brunel and the other partner funds.
"We believe, given the distinct risk of stranded assets in Russia, this position is consistent with our fiduciary duty and is in the best interests of our members.
"Critically, the Fund took steps at the end of last year to exit its dedicated emerging market equity allocation where Russian stocks were held. As a result, the direct exposure the Fund now has to this region is negligible and in line with the position set out above we will do everything in our power to ensure the remaining exposure is removed in an orderly manner and where practicable, while allowing for the impact of recognised sanctions."
Last month, Bristol City Council confirmed that it has not got any funds invested in Russian institutions, and no gifts from any Russian companies have been received by council employees.
