City Pension Fund Wants Info On Cos.

New York City Comptroller William C. Thompson, acting on behalf of the New York City Pension Funds, has filed shareholder resolutions asking six companies to adopt sustainability reporting guidelines to disclose social and environmental practices, it was announced.

"Transparency and dialogue about sustainability are elements of business success, and disclosure of a company's efforts to achieve sustainability will accrue benefits to the company and shareholders in the long-term," Thompson said. "Companies that are good employers, environmental stewards, and corporate citizens are more likely to be accepted in their communities and to prosper."

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).

"Sustainability is now broadly understood as strategic business development and performance that meets present needs without endangering future generations," the comptroller added. "In these tough economic times, it is vital that com- pany management share with investors their strategic plans for sustainable and profitable growth."

Shareholder resolutions dealing with sustainability reporting were submitted to the following companies: Apple Inc of Cupertino, Calif.; Boeing Co. of Chicago; Boston Properties of Boston; Marriott International, Inc. of Washington, D.C.; MGM Mirage of Las Vegas; and Safeway Inc. of Pleasanton, Calif.

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

It was noted that the Pension Funds and Thompson want the companies to issue the sustainability reports discussing the company's 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. Thompson wants the reports to be completed by June 30, 2010.

"Implementation of sustainability reporting by these companies will demonstrate their dedication to building their reputation and social acceptance," Thompson said.

According to the Comptroller's office, 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.

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