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

“Full and transparent disclosure of a company’s efforts to address potential climate change risks is of critical importance to investors,” Thompson said. “These resolutions are an important tool to minimize shareholder risk should companies fail to take immediate action to address the rising regulatory, competitive and public pressure to significantly reduce carbon dioxide and other global warming emissions.”

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).

“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,” Thompson added.

Public Advocate Gotbaum said, “As an investor on behalf of New Yorkers, NYCERS’ top priority is always to safeguard the people’s money. But it also should take into account their values. Global warming is of paramount importance right now to our country and to the people of New York, and energy companies receiving investments from NYCERS need to come clean on how they’re combating carbon emissions. At a time when our economy is weakened and our confidence is wavering, transparency will lead to better run companies and better long-term shareholder value.”


Shareholder resolutions dealing with climate change and the reduction of carbon dioxide and other emissions were submitted to the following companies: Alpha Natural Resources of Abingdon, VA; Consol Energy of Pittsburgh, PA; Dynegy Inc. of Houston, TX; Massey Energy of Richmond, VA; Mirant Corp. of Atlanta, GA; and Westar Energy of Topeka, KS.

Collectively, the Pension Funds own more than 2 million shares of common stock in the six companies.

The resolution can be viewed at www.comptroller.nyc.gov.

In order to examine climate change impact, the Pension Funds and Thompson want companies that operate or supply power plant operations to issue reports on how they are 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, 2009.

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

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.

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; Thomas Sullivan, Lieutenants Benevolent Association; and, Roy T. Richter, Captains Endowment Association.

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; John Dunne, Captains’ Rep.; John J. McDonnell , Chiefs’ Rep., and James J. McGowan, Lieutenants’ Rep., Uniformed Fire Officers Association; and, Joseph Gagliardi, Marine Engineers Association.

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