{"id":1363595,"date":"2022-03-08T07:14:09","date_gmt":"2022-03-08T12:14:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1363595"},"modified":"2022-03-08T07:16:15","modified_gmt":"2022-03-08T12:16:15","slug":"ny-pension-fund-urges-mcdonalds-and-pepsico-to-cease-operations-in-russia","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ny-pension-fund-urges-mcdonalds-and-pepsico-to-cease-operations-in-russia\/","title":{"rendered":"NY Pension Fund Urges McDonalds and PepsiCo to Cease Operations in Russia"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fny-pension-fund-urges-mcdonalds-and-pepsico-to-cease-operations-in-russia%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1363595&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Hermitage Capital Management CEO Bill Browder argues that &#8216;by the time the West is done, we will have totally blockaded Russia economically.&#8217;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>New York State&#8217;s Common Retirement Fund, one of the largest public pension funds in the U.S., is urging <a href=\"https:\/\/www.foxbusiness.com\/category\/mcdonalds\" target=\"_blank\" rel=\"noopener\">McDonald&#8217;s<\/a>, <a href=\"https:\/\/www.foxbusiness.com\/category\/pepsico\" target=\"_blank\" rel=\"noopener\">PepsiCo<\/a> and others to consider pausing or ending business operations in Russia amid the country&#8217;s ongoing invasion of Ukraine.<\/p>\n<table class=\"stock-fundamentals\">\n<thead>\n<tr>\n<th class=\"ticker\">Ticker<\/th>\n<th class=\"security\">Security<\/th>\n<th class=\"last\">Last<\/th>\n<th class=\"change\">Change<\/th>\n<th class=\"percent\">Change %<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=MCD\">MCD<\/a><\/td>\n<td class=\"security\">MCDONALD&#8217;S CORP.<\/td>\n<td class=\"last\">224.33<\/td>\n<td class=\"change neg\">-11.48<\/td>\n<td class=\"percent neg\">-4.87%<\/td>\n<\/tr>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=PEP\">PEP<\/a><\/td>\n<td class=\"security\">PEPSICO INC.<\/td>\n<td class=\"last\">162.45<\/td>\n<td class=\"change neg\">-3.30<\/td>\n<td class=\"percent neg\">-1.99%<\/td>\n<\/tr>\n<tr><\/tr>\n<\/tbody>\n<\/table>\n<p>The fund&#8217;s trustee, New York State Comptroller Thomas DiNapoli, warned in a series of letters that companies who continue to operate in Russia and invest in Russian assets &#8220;face significant and growing legal, compliance, operational, human rights and personnel, and reputational risks.&#8221;\u00a0<\/p>\n<p>&#8220;Pausing or ending McDonald\u2019s business operations in Russia would address various investment risks associated with the Russian market and play an important role in condemning Russia\u2019s role in fundamentally undermining the international order that is vital to a strong and healthy global economy,&#8221; DiNapoli wrote in a letter addressed to McDonald&#8217;s CEO Chris Kempczinski reviewed by FOX Business.\u00a0<\/p>\n<div class=\"featured featured-image featured-image-gallery\" data-v-7464dde7=\"\">\n<div class=\"content\" data-v-7464dde7=\"\">\n<div class=\"slides\" data-v-7464dde7=\"\">\n<div class=\"slides-wrapper\">\n<div class=\"slide-container slides-inner\">\n<div class=\"slide\" data-v-7464dde7=\"\">\n<div class=\"container\" data-v-7464dde7=\"\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/01\/931\/506\/iStock-157728622.jpg?ve=1&#038;tl=1\" alt=\"McDonald&#039;s restaurant\" \/><\/div>\n<\/div>\n<\/div>\n<div class=\"slide\" data-v-7464dde7=\"\">\n<div class=\"container\" data-v-7464dde7=\"\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2018\/02\/931\/506\/11d6abec937c4d7b8449cd87bc99c8b4.jpg?ve=1&#038;tl=1\" alt=\"\" \/><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n<div class=\"info mobile\" data-v-7464dde7=\"\">\n<div class=\"caption\">\n<p><span>New York State&#8217;s Common Retirement Fund, one of the largest public pension funds in the U.S., is urging McDonald&#8217;s PepsiCo and others to consider pausing or ending business operations in Russia amid the country&#8217;s ongoing invasion of Ukraine.<\/span>  <span class=\"source\"> | iStock<\/span><\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<p><a href=\"https:\/\/www.foxbusiness.com\/politics\/most-americans-back-banning-of-russian-oil-even-if-domestic-gas-prices-jump-higher-poll\"><strong><u>MOST AMERICANS BACK BANNING RUSSIAN OIL EVEN IF DOMESTIC GAS PRICES JUMP: POLL<\/u><\/strong><\/a><\/p>\n<p>The <a href=\"https:\/\/www.osc.state.ny.us\/press\/releases\/2022\/03\/nys-comptroller-dinapoli-prohibits-new-russian-investments-and-directs-investment-review\" target=\"_blank\" rel=\"noopener\">comptroller&#8217;s office<\/a> estimates that the $280 billion fund has about $110.8 million in public equity investments, including direct holdings and co-mingled funds in Russian companies. The New York Common Retirement Fund&#8217;s stakes in McDonald&#8217;s and PepsiCo were valued at approximately $410 million and $501 million, respectively, as of the end of 2021, according to its <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/810265\/000081026522000001\/xslForm13F_X01\/nys1221.xml\" target=\"_blank\" rel=\"noopener\">latest 13F filing.<\/a><\/p>\n<p>McDonald&#8217;s <a href=\"https:\/\/corporate.mcdonalds.com\/content\/dam\/gwscorp\/assets\/investors\/financial-information\/Supplemental-Information\/Russia%20and%20Ukraine%20Supplemental%20Schedule.pdf\" target=\"_blank\" rel=\"noopener\">has a total of 847 restaurant locations in Russia<\/a> and 108 locations in Ukraine. The company owns 84% of its Russia locations and 100% of its Ukraine locations. Russia and Ukraine combined represented approximately 2% of the company&#8217;s system-wide sales, roughly 9% of its revenue and less than 3% of its operating income in 2021.<\/p>\n<p>&#8220;Companies like McDonald\u2019s and PepsiCo, which have a large footprint in Russia, need to consider whether doing business in Russia is worth the risk during this extraordinarily volatile time,&#8221;\u00a0DiNapoli told FOX Business in a statement. &#8220;Russia&#8217;s unprovoked invasion of\u00a0Ukraine and its\u00a0highly unpredictable foreign policy\u00a0are a threat to the global economy.\u00a0We&#8217;re encouraging the companies we invest in to do a risk analysis and determine what is in the best interests of their company and their shareholders.&#8221;<\/p>\n<p>McDonald&#8217;s and PepsiCo did not immediately return FOX Business&#8217; requests for comment.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/apps-products\" target=\"_blank\" rel=\"noopener\"><strong><u>GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/u><\/strong><\/a><\/p>\n<p>In addition to McDonald&#8217;s and PepsiCo, letters have been sent to Estee Lauder, Mondelez International, Fortinet Inc, Kimberly-Clark Corp., Bunge Limited, Coty Inc., Alnylam Pharmaceuticals and Trimble Inc. A spokesperson for the comptroller&#8217;s office told FOX Business that it has not heard back from any of the companies as of the time of publication.\u00a0<\/p>\n<table class=\"stock-fundamentals\">\n<thead>\n<tr>\n<th class=\"ticker\">Ticker<\/th>\n<th class=\"security\">Security<\/th>\n<th class=\"last\">Last<\/th>\n<th class=\"change\">Change<\/th>\n<th class=\"percent\">Change %<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=EL\">EL<\/a><\/td>\n<td class=\"security\">THE EST\u00c9E LAUDER COMPANIES INC.<\/td>\n<td class=\"last\">263.87<\/td>\n<td class=\"change neg\">-21.82<\/td>\n<td class=\"percent neg\">-7.64%<\/td>\n<\/tr>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=MDLZ\">MDLZ<\/a><\/td>\n<td class=\"security\">MONDELEZ INTERNATIONAL INC.<\/td>\n<td class=\"last\">62.53<\/td>\n<td class=\"change neg\">-1.30<\/td>\n<td class=\"percent neg\">-2.04%<\/td>\n<\/tr>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=FTNT\">FTNT<\/a><\/td>\n<td class=\"security\">FORTINET INC.<\/td>\n<td class=\"last\">291.37<\/td>\n<td class=\"change neg\">-44.09<\/td>\n<td class=\"percent neg\">-13.14%<\/td>\n<\/tr>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=KMB\">KMB<\/a><\/td>\n<td class=\"security\">KIMBERLY-CLARK CORP.<\/td>\n<td class=\"last\">127.94<\/td>\n<td class=\"change neg\">-1.19<\/td>\n<td class=\"percent neg\">-0.92%<\/td>\n<\/tr>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=BG\">BG<\/a><\/td>\n<td class=\"security\">BUNGE LTD<\/td>\n<td class=\"last\">108.71<\/td>\n<td class=\"change pos\">+0.40<\/td>\n<td class=\"percent pos\">+0.37%<\/td>\n<\/tr>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=COTY\">COTY<\/a><\/td>\n<td class=\"security\">COTY INC.<\/td>\n<td class=\"last\">7.35<\/td>\n<td class=\"change neg\">-0.77<\/td>\n<td class=\"percent neg\">-9.48%<\/td>\n<\/tr>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=ALNY\">ALNY<\/a><\/td>\n<td class=\"security\">ALNYLAM PHARMACEUTICALS<\/td>\n<td class=\"last\">163.00<\/td>\n<td class=\"change neg\">-1.44<\/td>\n<td class=\"percent neg\">-0.88%<\/td>\n<\/tr>\n<tr>\n<td class=\"ticker\"><a href=\"https:\/\/www.foxbusiness.com\/quote?stockTicker=TRMB\">TRMB<\/a><\/td>\n<td class=\"security\">TRIMBLE INC.<\/td>\n<td class=\"last\">63.54<\/td>\n<td class=\"change neg\">-2.94<\/td>\n<td class=\"percent neg\">-4.42%<\/td>\n<\/tr>\n<tr><\/tr>\n<\/tbody>\n<\/table>\n<p>&#8220;Alnylam does not have operations in Russia and only a very small, immaterial amount of product sales for our life-saving medicine for an ultra-rare genetic condition afflicting pediatric patients come from Russia,&#8221; the company said in a statement to FOX Business. &#8220;These medicines are exempt from sanctions and we plan to continue to provide patients access.&#8221;\u00a0<\/p>\n<p>Estee Lauder said in a <a href=\"https:\/\/www.elcompanies.com\/en\/news-and-media\/newsroom\/company-features\/2022\/update-on-ukraine-invasion-and-business-in-russia\" target=\"_blank\" rel=\"nofollow noopener\">statement<\/a> that it has suspended all commercial activity in Russia, including closing every store it owns and operates and halting shipments to the country. Meanwhile, Fortinet has <a href=\"https:\/\/www.fortinet.com\/corporate\/about-us\/newsroom\/press-releases\/2022\/fortinet-announces-suspended-operations-russia\" target=\"_blank\" rel=\"nofollow noopener\">ceased its Russian operations,<\/a> including the suspension of sales, support and professional services, while Trimble has <a href=\"https:\/\/www.trimble.com\/en\" target=\"_blank\" rel=\"nofollow noopener\">stopped selling<\/a> its products and services to Russia and Belarus.\u00a0<\/p>\n<p>Mondelez International, Kimberly-Clark Corp., Bunge Limited and Coty Inc. did not immediately return FOX Business&#8217; requests for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hermitage Capital Management CEO Bill Browder argues that &#8216;by the time the West is done, we will have totally blockaded Russia economically.&#8217; New York State&#8217;s Common Retirement<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1363595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1363595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1363595"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1363595\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1363595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1363595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1363595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}