Home Finance NY pension chief says McDonald’s, PepsiCo should consider Russia risk

NY pension chief says McDonald’s, PepsiCo should consider Russia risk

by Enochadmin

NEW YORK, March 3 (Reuters) – The chief of New York state’s pension fund mentioned on Thursday that McDonald’s Corp (MCD.N), PepsiCo (PEP.O) and different firms with a big footprint in Russia “want to contemplate whether or not doing enterprise in Russia is definitely worth the threat throughout this terribly unstable time.”

Political stress is constructing for firms to halt enterprise in Russia due to its invasion of Ukraine. Some huge firms have already mentioned they are going to accomplish that, together with sneaker maker Nike and residential furnishings agency IKEA. learn extra

“Russia’s unprovoked invasion of Ukraine and its extremely unpredictable overseas coverage are a risk to the worldwide financial system,” New York State Comptroller Thomas DiNapoli, who oversees the state’s public pension fund, mentioned in an announcement.

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“We’re encouraging the businesses we put money into to do a threat evaluation and decide what’s in the perfect pursuits of their firm and their shareholders,” he mentioned.

McDonald’s – one of many first western manufacturers to open in Moscow in 1990 because the Soviet Union was crumbling – has 847 places there, 84% of that are firm owned.

Pepsi can also be notable as one of many few Western merchandise allowed within the Soviet Union. It has two manufacturing crops and sells snacks and drinks within the nation, in response to its most up-to-date annual report for 2021.

The businesses didn’t instantly reply to a request for remark. Each firms have about 4% income publicity to Russia, in response to a J.P. Morgan Report.

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Reporting by Hilary Russ
Modifying by Chris Reese

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