McDonald’s, Pepsi and others should consider suspending operations in Russia – NY pension fund

McDonald’s restaurant logo is seen as McDonald’s Corp. releases its fourth quarter results, in Arlington, Virginia, U.S., January 27, 2022. REUTERS/Joshua Roberts

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NEW YORK, March 4 (Reuters) – Major global brands including McDonald’s Corp (MCD.N), PepsiCo Inc (PEP.O) and Estee Lauder Cos Inc (EL.N) are expected to consider suspending operations in Russia, in New Zealand The head of the York state pension fund wrote in letters to several companies on Friday.

Other companies that received the letter were Mondelez International Inc (MDLZ.O), Fortinet Inc, Kimberly-Clark Corp (KMB.N), Bunge Ltd (BG.N), Coty Inc (COTY.N), Alnylam Pharmaceuticals Inc (ALNY.O) and Trimble Inc (TRMB.O).

Neither company immediately responded to a request for comment.

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Political pressure is mounting for companies to shut down operations in Russia over its invasion of Ukraine, and sanctions are making some operations difficult. Some major companies have already announced plans to shut down, including sneaker maker Nike and furniture company IKEA (IKEA.UL). Read more

Letters from New York State Comptroller Thomas DiNapoli urged companies to review their operations in Russia as they face “legal, compliance, operational, human rights and personnel risks and growing reputation,” wrote DiNapoli, who oversees the state’s roughly $280 billion. pension fund, which holds shares of companies.

Suspending or ending operations in Russia “would address various investment risks associated with the Russian market and play an important role in condemning Russia’s role in fundamentally undermining the international order that is vital for a strong global economy.” and healthy,” the letter reads.

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Reporting by Hilary Russ; edited by Jonathan Oatis

Our standards: The Thomson Reuters Trust Principles.

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