The unfolding conflict in the Ukraine is deeply concerning and our thoughts are with those affected by this distressing situation.  Under these circumstances, Hostplus is committed to fully divest our remaining direct holdings in Russia.

Many of our managers significantly reduced their direct holdings in the lead up and since the commencement of the crisis.

At present Hostplus has a limited exposure in Russia which represents a very small proportion of total investments we hold. We currently have direct holdings of A$10m in a $76Bn portfolio.

This direct holding has reduced from the $19m reported earlier this week and reflective of our ongoing commitment and action to fully divest.

We continue to work with our existing managers across our investment portfolios to achieve this outcome acknowledging that our ability is somewhat hampered by the Russian Central Bank ordering market brokers to reject foreign clients trying to sell Russian securities.

We certainly feel for the Ukrainian people and the terrible situation they’re facing and believe this is the right thing to do.