ACCESS Joint Committee statement on Russian invasion of Ukraine
The ACCESS Joint Committee met on Monday 7 March 2022.
At that meeting the 11 Local Authorities that make up the ACCESS Pool unanimously condemned the Russian invasion of Ukraine in the strongest possible terms.
The extent of direct Russian-based investment within the ACCESS Pool has only ever been on a very small scale, and as at 1 March 2022 accounted for just 0.05% of pooled assets.
Sanctions
Following the imposition of sanctions by the UK and other governments, the Russian equity market closed and Russian stocks have been excluded from major indices. As a result of these actions, the value of ACCESS Pool holdings in local Russian shares, ADRs and GDRs has been written down to zero. At this time, ACCESS has received assurances from our partners involved regarding the cessation of all new purchases of Russian securities until further notice.
Monitoring
On behalf of the Joint Committee, and with our partners and advisers, the ACCESS Support Unit will continue to monitor the situation. Furthermore, the ACCESS Authorities will continue to review and monitor their investments including approaches to exiting Russian-based investments when that is practicable.
The Committee‘s thoughts throughout this time remain with the courageous people of Ukraine.
Notes for Editors
Media enquiries:
ACCESS
Kate Cunningham, MHP Michief
access@mhpc.com / 07712 536 361
About the ACCESS Pool
The ACCESS (A Collaboration of Central, Eastern and Southern Shires) is made of 11 LGPS Administering Authorities: Cambridgeshire County Council; East Sussex County Council; Essex County Council; Hampshire County Council; Hertfordshire County Council; Isle of Wight Council; Kent County Council; Norfolk County Council; West Northamptonshire Council; Suffolk County Council; and West Sussex County Council.
ACCESS Authorities are committed to working together and have each signed an Inter Authority Agreement, setting out how they will work together in response to the Governments pooling agenda across the LGPS, and to optimise benefits and efficiencies on behalf of their individual and collective stakeholders.
The ACCESS Joint Committee currently consists of 11 Councillors nominated by each of the ACCESS Authorities