REUTERS ||
A responsible-investing group representing $10 trillion of assets under management said companies could be right to cut Russian business ties to protest Moscow’s invasion of Ukraine, but urged executives to take care to avoid causing unintended harm to employees, political dissidents or consumers.
In a statement to be released on Thursday, the New York-based Investor Alliance for Human Rights said companies must consider ending Russian business deals if they cannot avoid contributing to human rights harms.
However, divestment decisions “must be scrutinized for any unintended human rights consequences” said the statement, issued on behalf of more than 200 global members.
Alliance officials said Western companies should do a deep analysis as they decide whether to stay or go, and take steps like protecting workers from retaliation if they join demonstrations against the invasion.
Some businesses like state-owned banks and energy firms might be obvious partners to drop, said Rebecca DeWinter-Schmitt, associate director for the alliance.
But, she said, “It’s another thing if you’re a company that’s primarily producing milk for the domestic market and you decide its too messy and pull out, that could cut food supplies.”
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