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New York City Comptroller William C. Thompson, Jr. today announced that, in response to a shareholder resolution submitted by the City’s Pension Funds, the Cooper Cameron Corporation has taken steps to sever its business ties with Iran.

In a letter sent to the Comptroller, the Houston, Texas-based manufacturer of oil and gas pressure control equipment disclosed that its Board of Directors has “instructed management to take the necessary and appropriate steps” to have its subsidiary divest its interest in an Iranian joint venture.

“I am happy that Cooper Cameron has recognized the potential risks of continued operations with Iran,” Thompson said. “Cooper Cameron has taken the necessary steps to ensure its shareholders that the company will not in any way advance the reach of terrorism through its business activities.”

Thompson added: “I hope Cooper Cameron’s decision will encourage other companies to thoroughly examine their relationships with rogue nations. The City’s funds promise to keep up the pressure to ensure responsible relationships.”

In its decision to file the proposal with Cooper Cameron, the City cited a report made available to the Comptroller by the Conflict Securities Advisory Group of Washington, D.C. That report stated that Cooper Cameron’s British subsidiary, Cooper Cameron UK was a 50-percent owner of an Iranian subsidiary, Sherkate Mohandesi Hafar Chah Jonoob. The report also mentioned that Cooper Cameron UK has done business with the Iranian Offshore Engineering and Construction Company, a corporation owned by the Iranian government.

The City funds have 1,938,672 shares worth more than $52 million in Cooper Cameron.

“Our fire officers are on the front line of the potential terrorist threat that exists in the U.S.,” said Peter Gorman, a member of the New York City Fire Department Pension Fund and president of the Uniformed Fire Officers Association. “We applaud Cooper Cameron and the other companies that have agreed to sever ties with Iran and view their action as a demonstration of principal and support for our members.  We hope the comptroller's office will have further success in removing the association between American companies and terrorist nations.”

Late last year, the New York City Police Pension Fund, Fire Department Pension Fund, New York City Employees’ Retirement System, Teachers’ Retirement System and Board of Education Retirement System filed shareholder proposals with Cooper Cameron, the Aon Corporation of Chicago, and General Electric of Fairfield, Conn. Additionally, the Fire Department Pension Fund, Police Pension Fund and Board of Education Retirement System submitted a proposal to the Halliburton Company.

The proposals ask each to establish a committee of their Board of Directors to review their business ties to Iran with particular attention to potential financial and reputational risks. In letters to the companies, Thompson wrote that: “ U.S. law currently restricts trade and investment activity by American companies with countries that are designated by the U.S. State Department as sponsors of terrorism. While the sanction does not apply to the foreign or off-shore subsidiaries of U.S. corporations, so long as the U.S. parent companies are neither directly nor indirectly involved, we believe that American companies should nonetheless adhere to the spirit as well as the letter of the law.”

Last month, in response to the City’s efforts, General Electric announced that it would cease doing business in Iran, prompting the City to withdraw its shareholder resolution. The funds have roughly 33,220,000 General Electric shares worth close to $1.1 billion.

This also was the second time the funds submitted the proposal to Halliburton. The Halliburton proposal followed reports that Halliburton opened an office in Iran under the name Halliburton Products and Services Ltd., its Cayman Islands subsidiary, in February 2000. The funds have 1,457,000 Halliburton shares worth $42 million.

The trustees of the city’s five pension boards are:

New York City Fire Department Pension Fund: Comptroller Thompson, 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; Peter Gorman, President and 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: Comptroller Thompson; Mayor Bloomberg; Commissioner Stark; New York City Police Commissioner Raymond Kelly (Chair); Patrick Lynch, Patrolmen’s Benevolent Association; Michael Palladino, Detectives Endowment Association; Edwin Mullins, Sergeants Benevolent Association; Anthony Garvey, Lieutenants Benevolent Association; and, John Driscoll, Captains Endowment Association.

NYCERS: Comptroller Thompson; Commissioner Stark (Chair); New York City Public Advocate Betsy Gotbaum; Borough Presidents C. Virginia Fields (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, Carroll (Carl) Haynes, President, International Brotherhood of Teamsters, Local 237.

TRS: Comptroller Thompson; Commissioner 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: Schools Chancellor Joel Klein, Alan Aviles, Phillip Berry, David Chang, Tino Hernandez, Souza Kappner, Richard Menschel and Marita Regan; Borough President appointees Jesse Mojica (Bronx), Martine Guerrier (Brooklyn), Jacquelyn Kamin (Manhattan), Michael Flowers (Queens) and Joan Correale (Staten Island); and employee members Thomas J. Malanga, International Union of Operating Engineers, Local 891, and Milagros Rodriguez of District Council 37, Local 372.

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