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View El Paso Corporation resolution

Comptroller William C. Thompson, Jr., on behalf of the New York City Pension Funds, today announced that two companies have agreed to issue annual reports to shareholders, within the framework of internationally accepted sustainability reporting guidelines, fully disclosing the global social, environmental and economic impacts of their business operations.

The Pension Funds and Thompson asked U.S. Bancorp of Minneapolis, MN, and the El Paso Corporation of Houston, TX, to issue the sustainability reports by Dec. 31, 2007 and to include in those reports its definition of sustainability, as well as a company-wide review of company policies, practices and indicators related to measuring long-term social and environmental sustainability.

Sustainability is now broadly understood as strategic business development and performance that meets present needs without endangering future generations.

The Pension Funds are the: New York City Employees’ Retirement System (NYCERS); Teachers’ Retirement System of the City of New York (TRS); New York City Police Pension Fund; New York City Fire Department Pension Fund; and, the New York City Board of Education Retirement System (BERS).

“Full and transparent disclosure of economic, social and environmental performance helps a company better assess any risks and minimize any liabilities, all while building reputation and societal acceptance,” Thompson said. “Shareholders should be pleased with El Paso’s and U.S. Bancorp’s decisions to disclosure their social and environmental practices.”

Both companies notified the Comptroller’s Office last week that they would comply with the Pension Funds’ requests. Accordingly, the Comptroller withdrew the shareholder resolutions.

The Pension Funds have 2,053,264 shares valued at more than $31.3 million in El Paso, and 5,947,296 shares valued at more than $212 million in U.S. Bancorp.

“By working so effectively to push companies towards greater social and environmental responsibility, the New York City Pension Funds have not only ensured that shareholders get the best possible return on their money but also contributed to a better world,” said New York City Public Advocate Betsy Gotbaum, who serves on the NYCERS Board of Trustees. “Companies that protect the environment make for better long-term investments.”

Additionally, the Pension Funds filed similar proposals with: Alleghany Technologies, Inc. of Pittsburgh, PA; Burlington Northern Santa Fe Corporation of Fort Worth, TX; Harrah’s Entertainment, Inc. of Las Vegas, NV; Sprint Nextel Corporation of Reston, VA; Unisys Corporation of Blue Bell, PA; The Williams Companies, Inc. of Tulsa, OK; Xerox Corporation of Stamford, CT; Safeway, Incorporated of Pleasanton, CA; Dean Foods Company of Dallas, TX; Kellogg Company of Battle Creek, MI; General Dynamics Corporation of Falls Church, VA; and, Honeywell International of Morris Township, NJ.

The trustees for the Pension Funds are:

NYCERS: New York City Finance Commissioner Martha E. Stark (Chair); New York City Public Advocate Betsy Gotbaum; Borough Presidents Scott Stringer (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: New York City Finance Commissioner Martha E. 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.

Fire Department Pension Fund: 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.

Police Pension Fund: Mayor Michael Bloomberg; New York City Finance Commissioner Martha E. 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.

BERS: mayoral appointees Schools Chancellor Joel Klein, Alan Aviles, Philip Berry, David Chang, Tino Hernandez, Augusta Souza Kappner, Richard Menschel and Marita Regan; Borough President appointees Martine G. Guerrier (Brooklyn), Vivian Farmery (Manhattan), Michael Flowers (Queens), and Joan Correale (Staten Island); and employee members Thomas J. Malanga of the International Union of Operating Engineers, Local 891, and Milagros Rodriguez of District Council 37, Local 372.

You can view the shareholder resolutions at: www.comptroller.nyc.gov.

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