Following the horrific news of Russia invading Ukraine, Oldham Liberal Democrat Leader Councillor Howard Sykes has written to Councillor Abdul Jabbar Oldham representative on the Greater Manchester Pension Fund to ask that its pension fund divest any shareholding it may have in companies that have invested in Russia.

“In common with so many other local people, I am sickened by what is happening on the streets of Ukraine and our own pension fund should make its feelings clear by divesting any assets it may hold in companies with Russian investments,” stated Councillor Sykes.

“I believe our council’s pension fund should also take a stand, and if it does hold any shares in Russian companies – or those who have invested in Russia – to divest without delay.”

“I understand the need to ensure our pension scheme gets a good level of return for its members.  As such I am also of the view that our pension fund should be divesting from anything subject to sanctions as it risks that level of return.”

“Others have taken action – the Church of England is divesting its £20 million in shareholdings in Russian companies and BP is selling its 19.75% stake in Russian oil giant Rosneft, and Shell is divesting from Gazprom.  We should do the same,” added Councillor Sykes.