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UPP statement on the crisis in Ukraine and Russian investment

UPP is deeply concerned about the hostile events unfolding in Ukraine and the impact on the Ukrainian people. Our Trustee, Alan Jette, and CEO, Barb Zvan, were among the business leaders to issue an open letter to the Government of Canada in support of stricter sanctions against Russia and its leaders, and stronger humanitarian efforts on the ground and for those seeking asylum.

UPP has no direct exposure to Russian assets and, like other investors, have put an exclusion on Russian investments. We have a very small indirect exposure – less than 0.2% of assets under management – through a subset of external managers. We are in active discussions with those managers to ensure continued compliance with global sanctions and trade restrictions and understand our options. We have made our position clear – breaches of international law have no place in UPP’s portfolio.

We stand with the people of Ukraine and the Canadian business community in taking what action we can on this crisis. We remain hopeful for an immediate and peaceful resolution.

Media Contact

Kelly Conlon
Managing Director, Strategic Communications and External Relations
[email protected]

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