Herts County Council reviews Russia-related investments

Hertfordshire County Council bosses have reviewed their contracts and investments, in light of the situation in Ukraine.

Since the invasion of Ukraine, county council officials have confirmed that the council has no “direct” contracts with Russian companies.

There are three unspecified sites – which recently came under county council control – which use Gazprom as an energy supplier.

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But, according to the county council, these properties are already moving to the council’s main contractor contract.

“We have no direct contracts with Russian companies,” a county council spokesman said.

“We have three sites that recently came under our control where the former tenant used Gazprom as their energy supplier, but these are currently in the process of being transferred to our main business contract.”

Meanwhile, a review of investments highlighted a single investment fund that allegedly “has a small investment in Russian stocks and bonds”.

And the board is reportedly reviewing that position with its investment advisers.

‘We are looking at our investments and have found that one fund we are investing in has a small investment in Russian stocks and bonds which means the county council has around £1,500 invested in Russia,’ the gatekeeper said. -word.

“We are reviewing this position with our investment advisors.”

The Hertfordshire local government pension fund is not managed by the county council.

But board officials also asked investment managers to check whether the find had any Russia-related assets.

“While it will take some time to get an accurate picture, we believe less than 0.1% of the fund is related to Russian investments or markets,” the spokesperson said.

“We are working with investment managers to monitor this rapidly evolving situation and review the implications on the investment portfolio.”

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