Swedish investor AP7 to back study on Mondelez Russia business

By Jessica DiNapoli

NEW YORK (Reuters) - At least one Mondelez investor, Swedish pension fund AP7, will back a resolution calling for the Oreo cookie maker to conduct an independent study of the risks of continuing to do business in Russia, which faces a vote at the company's annual meeting this month.

McDonald's and Starbucks are among the brands that departed Russia after its 2022 Ukraine invasion, while others such as Nestle remained there. Food does not fall under international sanctions.

AP7, which holds roughly 1.7 million Mondelez shares as of May, will support the resolution, said Johan Floren, the firm's chief environmental, social and governance and communication officer, in an email. AP7 is one of Mondelez's top 75 shareholders, according to LSEG data.

The non-binding resolution, filed by investor Wespath, is the first on Mondelez's business in Russia since Russia's full-scale invasion. The meeting is scheduled for May 22.