Bureau of Asset Management

Shareowner Initiatives

2011 SHAREOWNER INITIATIVES OF THE NEW YORK CITY PENSION FUNDS
Fall 2011

New York City Comptroller John C. Liu, as investment adviser to the five New York City pension funds (collectively “the NYC Funds”), is responsible for voting the funds’ domestic proxies and developing and implementing the funds’ shareowner initiatives. The NYC Funds are:

• New York City Board of Education Retirement System (BERS)
• New York City Employees’ Retirement System (NYCERS)
• New York City Fire Department Pension Fund (Fire)
• New York City Police Pension Fund (Police)
• New York City Teachers’ Retirement System (TRS)

Consistent with the fiduciary obligations of the funds’ boards of trustees, the proxy voting and shareowner initiatives programs actively promote sustainable business practices at portfolio companies in order to protect and enhance the long-term value of the funds’ investments.

The NYC Funds submitted 56 Postseason Reports advancing corporate governance and responsibility reforms at 53 companies for 2011, and refrained from re-filing an additional proposal approved by the proxy committees after the company agreed to adopt the reform.   Responsive companies, including Microsoft, Norfolk Southern, Adobe Systems and others, strengthened board of director accountability, curbed abuses in connection with change-in-control payments, agreed to unprecedented actions to promote supply chain sustainability and transparency, and established a new best practice for the disclosure of corporate political spending.  

 

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Archived Postseason Reports in PDF

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