FERRET INVESTIGATION: Baillie Gifford should divest from Russian firms, say MSPs

By Billy Briggs in The Ferret

The trustees of the Scottish Parliamentary Pension Scheme (SPPS) have written to Baillie Gifford, the firm that manages the fund, asking that it divest from a bank sanctioned following Russia’s invasion of Ukraine.

The move followed a report by The Ferret revealing that the pension fund for Scotland’s MSPs has holdings in a Russian bank called Sberbank which are worth £299,571.  Sberbank — listed on the London stock exchange — is Russia’s biggest financial institution.

Following Vladimir Putin’s decision to attack Ukraine, Britain and the US sanctioned Sberbank, amid global calls for punitive economic sanctions on Russia.

We recognise that the SPCB cannot direct the Trustees in exercising its fiduciary duties on behalf of scheme members, but given the seriousness of the threat against our European neighbours, I am certain that all Members, past and present, will be supportive of such representations to Baillie Gifford.

Alison Johnstone MSP

The SPPS — the pension fund for MSPs — was set up at the same time as the Scottish Parliament in 1999. It is run by Baillie Gifford, an investment manager headquartered in Edinburgh.  The firm is also a major sponsor of the Edinburgh Book Festival.

BailliePrague, Czech Republic – March 20, 2013: Sign of a new opened flagship branch of Sberbank in Prague, Czech Republic. Sberbank, the largest bank in Russia, started operations in Europe.

The full story is on The Ferret website

Leave a Reply