News

Actions

Board directs Michigan pension funds to dump Russian assets

Posted at 10:39 AM, Mar 09, 2022

LANSING, Mich. (AP) — Opposing the war in Ukraine, a state board has directed Michigan’s retirement systems to dump assets invested in Russian companies and securities.

Before the invasion, the $98 billion pension fund portfolio had 0.06% of its holdings tied to Russia.

It largely is in international index funds managed by outside firms and is likely worth far less now due to sanctions and Russia’s closed stock market.

The State of Michigan Investment Board’s resolution, adopted Wednesday, also applies to Belarussian companies and securities.

The vote came after Gov. Gretchen Whitmer requested that the board act.