widget/exchange-29
widget/exchange-30widget/exchange-33
widget/exchange-31

Council / SIC checking if any investments have links to Russia

SHETLAND Islands Council is currently exploring whether any of its investments have links to Russia or Russian companies, amid continued condemnation and economic sanctions levelled at Vladimir Putin’s government for invading Ukraine.

The council’s long-term investments were worth £446 million at the end of December.

They are looked after by three different fund managers – Baillie Gifford, BlackRock and Partners.

Its reserves are invested with the aim of securing a growth of 7.3 per cent each year.

Two thirds of the council’s investments are placed in equities – having shares in companies.

The Town Hall in the Ukraine flag colours on Tuesday. Photo: Jim Mullay

But with strict economic sanctions imposed on Russia by countries across the world, and public outcry at its invasion of Ukraine, the council has confirmed it is now looking at its make-up of investments.

offset-carousel/post-mobile/0

A spokesperson said: “We are currently exploring whether any of the council’s investments have any links to Russia or any Russian companies.

“We expect our fund managers to provide us with this information soon, and we will then consider our options.”

As part of the investment process, fund managers are expected to consider all factors, including the “social, environmental and ethical policies of companies in which they may invest, to the extent that these may materially affect the long term prospects of such companies”.

It comes after Lerwick Town Hall was lit up in the Ukraine flag colours on Tuesday evening in a show of support for the country’s people.

Another local organisation sitting on big reserves is Shetland Charitable Trust, with its investments recently valued at nearly £500 million.

The trust, which began life in the 1970s as a way of distributing money paid by the oil industry after the launch of Sullom Voe Terminal, said in a short statement: “SCT is requesting information from its investment fund managers regarding the Russian situation.”

Become a member of Shetland News

 

Meanwhile it was confirmed on Monday that any Russian shipping would not be allowed into UK ports.

It came after Shetland News revealed last Wednesday – a day before troops began invading Ukraine – that a Russian state-owned tanker was due to berth at Sullom Voe Terminal for a cargo of crude oil.

A similar tanker was due in at Orkney’s Flotta oil terminal this week but her visit was cancelled as a result.

Become a member of Shetland News

Shetland News is asking its many readers to consider paying for membership to get additional features and services: -

  • Remove non-local ads;
  • Bookmark posts to read later;
  • Exclusive curated weekly newsletter;
  • Hide membership messages;
  • Comments open for discussion.

If you appreciate what we do and feel strongly about impartial local journalism, then please become a member of Shetland News by either making a single payment, or setting up a monthly, quarterly or yearly subscription.

 
widget/pd_widget-6widget/pd_widget-7widget/exchange-53widget/exchange-54widget/pd_widget-8widget/exchange-55widget/pd_widget-9widget/exchange-56

Newsletters

Subscribe to a selection of different newsletters from Shetland News, varying from breaking news delivered on the minute, to a weekly round-up of the opinion posts. All delivered straight to your inbox.

Daily Briefing Newsletter Weekly Highlights Newsletter Opinion Newsletter Life in Shetland Newsletter

JavaScript Required

We're sorry, but Shetland News isn't fully functional without JavaScript enabled.
Head over to the help page for instructions on how to enable JavaScript on your browser.

Your Privacy

We use cookies on our site to improve your experience.
By using our service, you agree to our Privacy Policy and Cookie Policy.

Browser is out-of-date

Shetland News isn't fully functional with this version of .
Head over to the help page for instructions on updating your browser for more security, improved speed and the best overall experience on this site.

Interested in Notifications?

Get notifications from Shetland News for important and breaking news.
You can unsubscribe at any time.

Have you considered becoming a member of Shetland News?

If you appreciate what we do and feel strongly about impartial local journalism, then please consider paying for membership and get the following features and services: -

  • Remove non-local ads;
  • Bookmark posts to read later;
  • Exclusive curated weekly newsletter;
  • Hide membership messages;
  • Comments open for discussion.