The FSC has released guidance to assist superannuation trustees and fund managers with divestment of Russian assets, consistent with the strong expectations outlined by the Government.
Whilst superannuation funds only have small exposure to Russian investments in the context of the $3.5 trillion superannuation system, the guidance supports superannuation trustees, implement sanctions, cease new investments and divest from Russian Assets in a manner consistent with the best financial interests of members and trustees’ legal and fiduciary obligations.
The Guidance, which is available on the FSC website, sets out principles for superannuation trustees; asset managers directly investing superannuation capital; and asset managers operating managed investment schemes with superannuation funds as investors.
It covers:
- what constitutes a ‘Russian Asset’;
- steps to be taken by superannuation trustees:
- issues in relation to ownership and control; and
- how the investment process will achieve divestment.
The FSC is confident this contribution will assist the broader industry in ensuring divestment occurs so that the superannuation sector can play its role in supporting international sanctions against Russia.
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