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Russian Investments

The Cheshire Pension Fund has a very low level of investments in Russia; these currently amount to less than 0.1% of total Fund assets.

Where possible, all shares in Russian companies owned by the Fund have been sold or are being sold down.

We are in dialogue on all other remaining investments with the relevant investment managers and wish to dispose of these as market and legal restrictions permit.

In the meantime the Fund has expressed a clear view to all investment managers that no additional or new Russian investments are to be made.

The Fund and all of its investment managers will of course ensure full compliance with the rapidly developing sanctions regime against Russia.