Shell pension funds in the Netherlands react to shocking events in Ukraine

The Russian invasion in Ukraine has surprised and deeply shocked us all. The violence against the population is a violation of human rights, leading to a humanitarian disaster with innocent victims. In addition, it is a violation of international law and the Charter of the United Nations. Our thoughts and compassion are with the people that have been and are being affected.

Consistent with our ESG-policies, the Shell pension funds in The Netherlands distance themselves as much and as quickly as possible from this Russian action. Hence, SSPF has decided to not make any new investments in Russian assets and exit existing investments. The investment portfolio of SSPF has a limited exposure (<0,61% of total investments) to Russian assets. Considering legal sanctions and market circumstances, our asset managers have been instructed to divest in a responsible manner within the possibilities of the current circumstances.

In SNPS, exposure to Russian investments is also very limited (<1.3% of assets). SNPS is a relatively small fund and investments are predominantly in externally managed funds. Therefore, SNPS has limited direct influence on individual underlying assets. As the used benchmarks are expected to exclude Russian assets in the near term, Russian equities and bonds are expected to be also removed from the SNPS portfolios shortly.

Both Shell funds in the Netherlands have a long-term strategic investment policy and the direct impact of investments in Russian assets is limited, due to the very limited exposures. The war in Ukraine does impact the global financial markets, with an increase in volatility.

The portfolios of both funds remain well-diversified and the situation in Ukraine is being monitored closely, to enable rapid action should circumstances demand so.

Shell pension funds in The Netherlands

14 March 2022