| Topic: | Plan Administration |
| Subtopic: | Investments |
| Date: | 3/25/2022 |
| Status: | Active |
WHEREAS, On February 24, 2022, the Russian Federation began an unprovoked full-scale military invasion of the democratic country of Ukraine; and
WHEREAS Russia’s attack on Ukraine has created a humanitarian crisis in that country and neighboring countries, caused widespread devastation and loss of human life, including the lives of innocent civilians; and
WHEREAS the IMRF Board condemns the actions taken by Russia and applauds the multitude of global responses in the form of humanitarian aid and sanctions; and
WHEREAS IMRF began prudently reducing exposure to Russian investments in January of 2022 while maintaining its fiduciary responsibilities to the Fund and its participants; and
WHEREAS IMRF’s exposure to Russian assets on February 23, 2022, was approximately $84 million, representing 0.16% of the total Fund value and as of March 9, 2022, IMRF’s exposure to Russian assets has decreased to approximately $23 million representing a 0.04% of the total Fund value; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees that:
IMRF Staff, without requiring further direction from the Board, is authorized to continue to carry out the orderly and prudent divestment of Russian equity/debt/EMFX in a manner consistent with their fiduciary duties and with the goal of reducing risk and potential loss to the IMRF portfolio.