Town hall to reassess its pension funds in Russia

By Southwark Liberal Democrats

The Liberal Democrats welcomed Labour’s review of Southwark council’s pension fund investments into Russian firms amid the Ukrainian war.

Following a written question from Liberal Democrat Cllr Victor Chamberlain, Labour divulged that the council had performed a pension fund review.

Southwark council plan to divest Russian holdings at the earliest possible opportunity.

At the council assembly, Cllr Chamberlain asked Labour to go further by working with businesses and its supply chain to encourage similar divestment from Russian firms.

As part of his speech on a cross-party motion on the conflict, Cllr Chamberlain requested that the council make approaches to twin Southwark with a Ukrainian town.

Mr Chamberlain said: “We absolutely welcome news that the council is using one of the few levers it has to take a stand in the Ukrainian conflict.

“This reflects the success that my colleague in the London Assembly, Caroline Pidgeon, had in persuading City Hall’s pension fund to review its own investments.

“The next step is to lead by example and encourage businesses we have relationships with to do the same. I suggested we approach the Ukrainian Embassy to ask to twin Southwark with a Ukrainian borough to show we stand with Ukraine and the Ukrainian people.”