Given the current situation in Ukraine, we have taken the opportunity during Trustee meetings this week to review how much of the assets of the Leonardo pension schemes are invested in Russia.
We are pleased to note that the allocations to Russia were already very low – at around 0.02% of our portfolio for the Helicopters Scheme. This figure is so low in part because of the investment screens we have in place for Environmental, Social and Governance factors which many Russian stocks fail to pass.
The Trustees have asked our investment manager to remove the remaining allocations as far as possible. It is difficult to remove all investments completely, not least because Russian markets are currently closed, but we expect the residual amounts to be minimal.