NEW YORK, May 15 (Reuters) - At least one Mondelez ( MDLZ )

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 ( SBUX ) 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 ( MDLZ ) 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 ( MDLZ ) top 75

shareholders, according to LSEG data.

The non-binding resolution, filed by investor Wespath, is

the first on Mondelez's ( MDLZ ) business in Russia since Russia's

full-scale invasion. The meeting is scheduled for May 22.

Mondelez ( MDLZ )' Russian sales in 2023 accounted for about $1

billion or 2.9% of overall net revenues.

The Chicago-based company last year faced corporate boycotts

in the Nordic region over its Russian business and then pledged

to make that business stand-alone with a "self-sufficient supply

chain" before the end of 2023.

"There is a lack of consistency and transparency in

Mondelez's ( MDLZ ) actions," Floren said.

The resolution requests that the study assess if the company

should take steps to reduce the risks of doing business in

Russia and other conflict-affected areas. Such risks include a

Russian order that requires companies to facilitate the

conscription of staff and consumer backlash, the resolution

states.

In a statement, Mondelez ( MDLZ ) said its human rights standards,

policies and disclosures to shareholders make an additional

report unnecessary. The company's board recommends shareholders

vote against it.

Wespath, a pension fund for The United Methodist Church,

had discussed the Russia business with the company, said Jake

Barnett, a managing director for sustainable investment

strategies at the firm, in an email.

"These engagements did not leave us with confidence that the

company is adequately disclosing how they are addressing the

various risks," Barnett said.

Proxy advisory firm Institutional Shareholder Services (ISS)

backed the resolution, saying that investors would benefit from

an independent review.

"It is not clear from the company's reports or

statements that it has conducted heightened due diligence in

Russia and Ukraine," ISS said.