LGIM statement on Ukraine

The invasion of Ukraine contravenes almost every measurable Environmental Social and Governance (ESG) metric. LGIM has already where possible, reduced our clients’ exposure to Russian securities. Opportunities to de-risk positions in sanctioned Russian companies have been limited, and given that the market is now effectively frozen for foreign investors, we continue to monitor the situation and reduce holdings if and when market conditions allow.

Our total exposure to Russia is small; approximately 0.1% of our assets under management. This is mainly held through index funds and ETFs and we are actively working with the major index providers to confirm Russia’s future role in global indices.

These are exceptional times for investors. We are engaging with the Boards and management teams of companies who have exposure to Russia via their businesses, and are drawing on previous experience in dealing with sanctions of this nature. This is a challenging situation for all Boards with exposure to Russia. In the coming days, we will continue to act and deliver as a responsible investor on behalf of clients.