©Reuters. The McDonald’s restaurant logo is seen as McDonald’s Corp. reports fourth-quarter earnings, in Arlington, Virginia, U.S., January 27, 2022. REUTERS/Joshua Roberts
By Hillary Russ
NEW YORK (Reuters) – Major global brands including McDonald’s Corp (NYSE:), PepsiCo (NASDAQ:) Inc and the estee lauder (NYSE:) Cos Inc should consider pausing operations in Russia, the head of the New York state pension fund wrote in letters to several companies on Friday.
Other companies that received the letter were Mondelez International Inc. (NASDAQ:), fortnite (NASDAQ:) Inc, Kimberly-Clark Corp (NYSE:), bungee (NYSE:) Ltd, Coty (NYSE:) Inc, Alnylam Pharmaceuticals Inc and Trimble Inc.
Political pressure is building for companies to stop doing business in Russia over its invasion of Ukraine, and sanctions are making some operations more difficult. Some big companies have already said they will stop, including the sneaker maker Nike (NYSE:) and home furnishings firm IKEA.
The letters from New York State Comptroller Thomas DiNapoli urged companies to review their business in Russia because they face “significant and growing legal, compliance, operational, human rights, and personnel and reputational risks,” DiNapoli wrote, who oversees the approximately $280 billion state. pension fund, which owns shares of companies.
Pausing or ending operations in Russia “would address various investment risks associated with the Russian market and play a significant role in condemning Russia’s role in fundamentally undermining the international order that is vital to a strong and healthy global economy,” the statement said. letter.
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