PR08-03-021	Press Office
March 06, 2008	212-669-3747

New York City Comptroller William C. Thompson, Jr., acting on behalf of the New York City Pension Funds, has filed shareholder resolutions demanding that three companies in the energy industry disclose to their shareholders the actions they are taking to significantly reduce carbon dioxide and other global warming emissions from their current and future power plants.

The resolutions are a first step to address the increasing potential risks to the Pension Funds’ investments in the companies should they fail to take immediate action to address the rising regulatory, competitive and public pressure to significantly reduce carbon dioxide and other global warming emissions from their current and proposed power plants.
The resolutions are aimed at focusing the companies’ attention on assessment and disclosure, and research and development of new environmentally sustainable technologies in their operations.

The proposals were submitted on behalf of 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).

“It is now indisputable that climate change poses great risks to companies and industries, with potentially significant impacts on companies in the energy industry. Those risks also extend to pension funds with investments in those companies.” Thompson said. “Full and transparent disclosure of a company’s efforts to assess and minimize those risks is of critical importance to investors. Companies that are proactive in assessing and seeking to reduce the impacts, and creating new environmentally friendly technologies, will gain competitive advantage and secure long-term sustainable profitability.”

Public Advocate Betsy Gotbaum, a NYCERS trustee, said, "Our environment is a precious resource. Corporations need to recognize the potential harm their operations can have on the environment, and disclose their environmental efforts to reduce global warming. By working to push companies towards corporate transparency and greater social and environmental responsibility, the New York City Pension Funds are ensuring that shareholders get the best possible return on their money while contributing to a better world."

Manhattan Borough President Scott M. Stringer, NYCERS trustee, said "Companies must incorporate climate risk business strategies today in order to avoid becoming the market failures of tomorrow. Given the urgencies of climate change and legislative and regulatory progress, it is both a business necessity and opportunity for businesses to move quickly toward systematic assessment of their impact on climate change. The Comptroller's actions are an essential proactive measure for ensuring healthy long-term returns for NYC pension funds."

Shareholder resolutions dealing with climate change and the reduction of carbon dioxide and other emissions were submitted to the following companies: Consol Energy of Pittsburgh, PA; El Paso Corporation of Houston, TX; and Massey Energy Company of Richmond, VA.

El Paso Corporation has already agreed to adopt the measure.

Collectively, the Pension Funds own more than 2.6 million shares worth over $76 million in the three companies.

The resolutions, which can be viewed at www.comptroller.nyc.gov, were filed over the last few weeks and are expected to be put before each company’s shareholders at their upcoming annual meetings.

In order to examine climate change impact, the Pension Funds and Thompson want the companies that operate or supply power plant operations to issue reports on how the company is responding to rising regulatory, competitive, and public pressures to significantly reduce carbon dioxide and other emissions. Thompson wants the reports to be completed by September 1, 2008.

“Companies must incorporate environmental sustainability into their strategic business development and performance. They must find solutions for meeting present needs without endangering future generations,” Thompson added.

The New York City Pension Funds have been at the fore of shareholder activism in pressuring many of America’s largest companies to improve workplace conditions, protect the environment, promote human rights abroad, and adhere to accepted corporate governance standards. Besides Thompson, the Pension Funds’ trustees 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 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.

Police Pension Fund: Mayor Michael Bloomberg; New York City Police Commissioner Raymond Kelly (Chair); New York City Finance Commissioner Martha E. Stark; Patrick Lynch, Patrolmen’s Benevolent Association; Michael Palladino, Detectives Endowment Association; Edward D. Mullins, Sergeants Benevolent Association; Thomas Drogan, Lieutenants Benevolent Association; and Roy T. Richter, Captains Endowment Association.

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., John J. McDonnell, Chiefs’ Rep., and Stephen J. Carbone, Lieutenants’ Rep., Uniformed Fire Officers Association; and, Joseph Gagliardi, Marine Engineers Association.

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 (Bronx), Patrick Sullivan (Manhattan), Wendy Gilgeous (Brooklyn), and Joan Correale (Staten Island); and employee members Joseph D'Amico of the IUOE Local 891 member and Milagros Rodriguez of District Council 37, Local 372.

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