State Land Commissioner / NMSIC Vice Chair Stephanie Garcia Richard

STATE News:

SANTA FE – Today, the New Mexico State Investment Council (NMSIC) voted unanimously to divest any investments of the New Mexico’s Permanent Fund from Russia or Russian-owned subsidiaries. The NMSIC oversees the $36 billion Permanent Fund, one of the largest public investment funds in the country.

After receiving recommendations from the Council Investment Committee and State Land Commissioner, Stephanie Garcia Richard, who serves as Vice Chair of the NMSIC, staff developed language that ended all current and future investments of the state’s Permanent Fund in companies based within, directly associated with or having substantial exposure to the Russian Federation and its government, until a peaceful resolution is reached between Russia and Ukraine.

This action comes after Governor Michelle Lujan Grisham, Chair of the NMSIC, issued a strongly worded call on March 4 for all New Mexican investments to pull out of Russia.

Following the NMSIC vote, Commissioner Garcia Richard, who was chairing the Council meeting stated, “Never have I been more proud to be the Vice Chair of the NM State Investment Council as I am today!  During today’s meeting the Council took unanimous action to divest our funds from Russian involvement and to direct staff to remove investments in Russia from future consideration.  We know that this is a clear and meaningful way we can stand with the Ukrainian leadership and her people and against Russian aggression!  Thank you to the NM State Investment Council staff and Council members!”