Justice convenes emergency meeting of Investment Management Board

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BRIDGEPORT, W.Va (WDTV) – Gov. Justice announced that he was calling an emergency meeting of the WVIMB investment committee on Tuesday, March 8, to discuss the fund’s investment in Russian-backed securities.

Govt. Justice is chairman of the West Virginia Investment Management Board.

The Governor will ask the Investment Committee, through its delegate, Revenue Secretary Dave Hardy, to reassess its financial exposure to Russia-backed securities and also consider a resolution that would state WVIMB’s position that investing in Russian-backed securities is unacceptable in light of the current crisis in Ukraine.

“We continue to witness untold human atrocities committed by the Russian government against the people of Ukraine, and while this action may seem small, anything we can do to help is worth it,” Governor Justice said.

Currently, about 0.2% of WVIMB’s total assets are invested in Russian-backed securities, according to the governor.

Due to current geopolitical legal and regulatory restrictions, Justice says it is highly unlikely that these assets can be disposed of at this time.

However, going forward, the WVIMB has the discretion to refuse any further investment in Russian-backed securities.

The WVIMB is the entity responsible for long-term investments in the state of West Virginia.

The vast majority of assets managed by the WVIMB consist of government defined benefit pension plans.

The remaining assets that WVIMB invests are state and local public funds such as insurance and risk pooling funds, endowment funds, municipal pensions and trust funds, according to Justice.

The WVIMB is made up of 13 members.

Three of the members, the Governor, State Auditor, and State Treasurer, serve by virtue of their political office. The other 10 are appointed by the Governor.

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