New York City Comptroller William C. Thompson, Jr. today announced that Campbell Soup Company has adopted a resolution filed by the New York City Pension Funds urging the company to report on its social and environmental practices.

“Shareholders increasingly seek disclosure of companies’ social and environmental practices in the belief that this information is necessary for making well-informed investment decisions as it speaks to the vision and stewardship of management and can have significant impacts on a company's brand, reputation and on shareholder value," Thompson said. “Sustainability reports can promote transparency and accountability and provide a level of assurance to investors that the company is managing risks to its operations.”

Added Public Advocate Betsy Gotbaum, a member of the New York City Employees’ Retirement System Board of Trustees: "Americans are smart consumers. Campbell Soup Company is inspiring confidence from shareholders by agreeing to compile the sustainability report called for by the New York City Pension Funds. They are not only helping our environment and planet, but they are modeling accountability and transparency. New Yorkers need to know that their public funds have the power to demand socially responsible behavior from corporations, and that corporations will heed those demands.”

The New York City Pension Funds hold, in the aggregate, 771,702 shares of Campbell Soup Company common stock with a value of $28,421,785. The Funds are the: New York City Employees’ Retirement System (NYCERS), the Teachers’ Retirement System of New York City (TRS), the New York City Police Department Pension Fund, the New York City Fire Department Pension Fund, and the New York City Board of Education Retirement System (BERS).

The Pension Funds filed a resolution – available at www.comptroller.nyc.gov - with Campbell Soup Company in 2006. The resolution specifically called on the company to have “the Board of Directors issue a sustainability report to shareholders, at reasonable cost, and omitting proprietary information, by December 31, 2007.”

In a letter to Thompson late last month, Campbell Soup Company agreed to adopt and prepare the report. Campbell Soup Company said: “In fiscal year 2006 the company evaluated its procedures for developing and communicating its policies and practices with respect to these issues, and concluded that there is significant opportunity for greater transparency in this area. Accordingly, the company plans to prepare and publish a report on its corporate social responsibility program.” Thompson subsequently withdrew the resolution.

In addition to Thompson, trustees for the Pension Funds are:

New York City 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; Michael Currid, 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: 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; Edward D. Mullins, Sergeants Benevolent Association; Anthony Garvey, Lieutenants Benevolent Association; and, John Driscoll, Captains Endowment Association.

 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, Gregory Floyd, 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.

BERS: Mayoral appointees Schools Chancellor Joel Klein, Alan Aviles, Philip Berry, David Chang, Tino Hernandez, Edison O. Jackson, Richard Menschel and Marita Regan; Luis Peguero, Patrick Sullivan (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.