Joint Statement on Russian Investments from Pension Fund of the Christian Church and the Christian Church Foundation
Pension Fund of the Christian Church and the Christian Church Foundation steward nearly $5 billion in assets on behalf of pastors, church workers, congregations, and ministries of the Stone-Campbell (Restoration) Movement. As faith-based investors, we are continually seeking opportunities to leverage the assets of our organizations in partnership with other faith-based, institutional investors. Together, we seek to fulfill God’s call for a peaceable realm and raise matters of justice across the spectrum from economic justice, racial justice, and certainly the rights of a sovereign, democratic nation to maintain its own borders.
As with many around the world, we are horrified and stand in opposition to the unprovoked Russian invasion of Ukraine. We believe in and support the leverage that economic sanctions provide Ukraine through constraints on the Russian economy. We recognize the current impact these sanctions are having on our own market position, as the global markets sort out the short-term challenges of cutting off the Russian economy from the global economy. Several of our members and investors have asked about our current exposure to Russian investments.
Three years ago, Pension Fund, under the leadership of David Stone, Chief Investment Officer, instructed our fund managers in both equities and fixed assets to no longer trade in Russian securities. For several years, we have been decreasing our exposure to Russian-based equity and fixed income securities based on their unwelcoming foreign investment stance and the increasing burden of registration documentation required in the country. Currently, our exposure is limited to a very small percentage (less than 0.24%) within passive index or commingled funds, which we hold for broad diversified exposure throughout the world. We continue to monitor the situation and will act in accordance with United States government and financial mandates, and in the best interests of our plan.
The Christian Church Foundation also has very limited exposure (less than 0.7%) to Russian equities. The financial damage, however, is not limited to Russia. Global markets have responded sharply to Russia’s invasion of Ukraine. The situation is likely to remain unsettled in the coming days and weeks, so we are prepared for more market volatility. Geopolitical shocks tend to be short-lived market events, but the humanitarian tragedy caused by Russia’s aggression is beyond measure. We join together with Pension Fund in praying for peace and working for justice.
Rev. Dr. Todd A. Adams
President / CEO
Pension Fund of the Christian Church
Rev. Gary W. Kidwell
The Christian Church Foundation