Governor Gretchen Whitmer is calling for Michigan to divest all of its pension plan holdings connected to Russia.
The governor is adding Michigan to the growing number of U.S. states looking to impose sanctions against Russia for its unprovoked invasion of Ukraine.
Whitmer sent a letter Tuesday to State Treasurer Rachael Eubanks asking for the state to withdraw all financial stakes tied to companies headquartered in, or that have their principal place of business in Russia.
Less than 1% of the state retirement system’s portfolio consists of stocks associated with Russian companies.
Whitmer’s chief communications officer, Kaylie Hanson, says the governor is urging the state treasury to withdraw those holdings.
“It’s so important that we’re standing with the people of Ukraine for democracy,” Hanson said. “Because this is something the governor can do, it’s a decisive action she can take and she looks forward to getting the word back from the treasurer.”
The State of Michigan Investment Board is expected to take action on the governor’s request at its next meeting March 9.