INPRS Statement On Divestment of Russian-Related Investments
In collaboration with its external fund managers, the Indiana Public Retirement System (INPRS) has been actively monitoring and managing its Russian-related investments leading into and throughout the invasion of Ukraine. On Feb. 28, 2022, Indiana Governor Eric J. Holcomb issued Executive Order 22-08 ordering INPRS to promptly report any and all Russian-related investments. INPRS promptly identified and reported $147.4M of known Russian-related investments as of Feb. 28, 2022. Given wide-spread economic and trading restrictions, INPRS has concluded that it is no longer prudent to invest in Russian securities. INPRS will continue collaborating with its investment managers to divest any remaining Russian-related investments as soon as it is prudently possible.
INPRS Divestment Plan
INPRS in collaboration with external investment fund managers will develop a plan to divest from current Russia-related investments and will not have exposure to new Russian investments. The timeline will be dependent upon circumstances that are currently out of the control of INPRS and its investment managers. In many cases, markets have been closed to trading and/or sanctions have halted the flow of funds to settle many potential transactions. INPRS expects divestment to occur within four weeks of the applicable market opening or when the securities can be traded using the best available execution. Some of INPRS’s managers started reducing/divesting exposure even before the invasion started.
The decision to divest was solely based upon fiduciary considerations consistent with Federal and State law. INPRS does not base its investment decisions on political considerations. INPRS has a duty of undivided loyalty and must be impartial in the exercise of such duty, to the members of the Funds.
Any money that is divested from Russian-owned or affiliated companies will be reinvested into the Fund.
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Media Contact
For media questions regarding INPRS's divestment of Russian-related investments and related information, please contact media@inprs.in.gov.
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