-- Resolutions Address Concerns in Indonesia and Colombia --
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New York City Comptroller William C. Thompson, Jr., on behalf of New York City’s five pension systems, is sponsoring resolutions calling for shareholder votes in support of several human rights issues. The resolutions involve the Indonesian business operations of Freeport McMoRan Copper & Gold, Inc., ExxonMobil and Newmont Mining, and Coca-Cola’s business operations in Colombia.
“The New York City Pension Funds have a long and proud tradition of shareholder activism,” Thompson said. “Our call for action on these human rights issues in Indonesia and Colombia continues this tradition. Corporations that conduct business in an irresponsible manner – either by polluting the environment, mistreating employees or otherwise violating basic human rights – pose enormous risks to investors.”
The resolutions were submitted over the last several weeks for the vote of shareholders at the various companies’ 2005 meetings. The five funds are the Employees’ Retirement System (NYCERS), the Teachers’ Retirement System (TRS), the Police Pension Fund, the Fire Department Pension Fund and the Board of Education Retirement System (BERS).
This season, the funds have broadened their focus to involve the following human rights issues:
- Since the mid-1990’s, the relationship of Freeport McMoRan Copper & Gold, Inc. of New Orleans, LA, with the Indonesian military has led to sizable expenditures by the company in direct payments to the military, to defend the company from lawsuits brought by victims of human rights abuses, and in out-of-court settlements with the family members of contract workers who were killed. It also has been reported that Freeport McMoRan has employed security personnel who have been responsible for human rights violations.
The Freeport McMoRan resolution calls for a review of the company’s policy concerning payments to the Indonesian military and security forces. A similar resolution also was filed with ExxonMobil of Irving, TX. The funds have 539,156 shares worth $21.07 million in Freeport McMoRan and 23,328,753 shares worth $970.24 million in ExxonMobil.
“The actions of Freeport McMoRan and ExxonMobil need to be closely examined for human rights violations,” Thompson said. “The companies’ ties to Indonesian military forces and the alleged human rights abuses are alarming and a cause for concern.”
- In August 2004, the Indonesian Minister of the Environment accused Newmont Mining of Denver, CO, of illegally disposing of toxic waste containing arsenic and mercury into the waters off Sulewesi, Indonesia. There also have been numerous reports of serious health problems among the indigenous population allegedly rising from toxic waste disposal operations conducted by the company in these areas.
The City’s resolution calls for Newmont Mining’s management to review its policies concerning waste disposal at its mining operations in Indonesia. The funds have 1,469,818 shares worth $68.53 million in Newmont Mining.
“Newmont Mining already has admitted that it released tons of mercury into the air and water over a period of years,” Thompson said. “Now it is time for the company to review what environmental and public health risks its practices may have created.”
- Since 1995, union officials and unionized employees of Coca-Cola’s Colombian affiliate have been subjected to numerous attacks and physical threats from paramilitary forces. There also have been persistent allegations of collusion between paramilitary forces and officials of Coca-Cola’s Colombian bottling affiliate.
The City’s resolution asks Coca-Cola to fulfill its promise of sponsoring a delegation of representatives from U.S. and Colombian human rights organizations to examine the charges of collusion in anti-union violence that have been made against officials of Coca-Cola’s bottling plants in that country. The funds have 8,563,152 worth $407.97 million in Coca-Cola.
The trustees of the city’s five pension boards are:
New York City Fire Department Pension Fund: Comptroller Thompson, Mayor Michael Bloomberg; New York City Fire Commissioner Nicholas Scoppetta (Chair); New York City Finance Commissioner Martha E. Stark; Stephen Cassidy, President, James Slevin, Vice President, Robert Straub, Treasurer, and John Kelly, Brooklyn Representative and Chair, Uniformed Firefighters Association of Greater New York; Peter Gorman, President and Captains’ Rep., Nicholas J. Visconti, Chiefs’ Rep., and Stephen J. Carbone, Lieutenants’ Rep., Uniformed Fire Officers Association; and, Joseph Gagliardi, Marine Engineers Association.
New York City Police Pension Fund: Comptroller Thompson; Mayor Bloomberg; Commissioner Stark; New York City Police Commissioner Raymond Kelly (Chair); Patrick Lynch, Patrolmen’s Benevolent Association; Michael Palladino, Detectives Endowment Association; Edwin Mullins, Sergeants Benevolent Association; Anthony Garvey, Lieutenants Benevolent Association; and, John Driscoll, Captains Endowment Association.
NYCERS: Comptroller Thompson; Commissioner Stark (Chair); New York City Public Advocate Betsy Gotbaum; Borough Presidents C. Virginia Fields (Manhattan), Helen Marshall (Queens), Marty Markowitz (Brooklyn), Adolfo Carrion (Bronx), and James Molinaro (Staten Island); Lillian Roberts, Executive Director, District Council 37, AFSCME; Roger Toussaint, President Transport Workers Union Local 100; and, Carroll (Carl) Haynes, President, International Brotherhood of Teamsters, Local 237.
TRS: Comptroller Thompson; Commissioner Stark (Chair); Deputy Chancellor Kathleen Grimm, New York City Department of Education; and, Sandra March, Melvyn Aaronson and Mona Romain, all of the United Federation of Teachers.
BERS: Schools Chancellor Joel Klein, Alan Aviles, Phillip Berry, David Chang, Tino Hernandez, Augusta Souza Kappner, Richard Menschel and Marita Regan; Borough President appointees Jesse Mojica (Bronx), Martine G. Guerrier (Brooklyn), Jacquelyn Kamin (Manhattan), Michael Flowers (Queens) and Joan Correale (Staten Island); and employee members Thomas J. Malanga, International Union of Operating Engineers, Local 891, and Milagros Rodriguez of District Council 37, Local 372.
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