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View Alliant Energy letter (pdf)
View Great Plains Energy letter (pdf)
View CERES Press Release (pdf)

Four companies have agreed to reduce or offset their greenhouse gas emissions due to the Pension Funds' proposals

Comptroller William C. Thompson, Jr., on behalf of the New York City Pension Funds, has filed a shareholder proposal asking seven companies to disclose cost-effective ways to reduce carbon dioxide and other emissions from their current and proposed power plant operations due to potential risks associated with climate change.

"In light of the evidence that U.S. power plants are responsible for nearly 40 percent of the country's carbon dioxide emissions, and 10 percent of global carbon dioxide emissions, it is critical that these companies disclose to their shareholders how they are assessing and mitigating risks posed by climate change," Thompson said. "Power companies and their Boards of Directors must address the impact on long-term capital investments."

The proposals are sponsored by the New York City Employees' Retirement System (NYCERS), Teachers' Retirement System for 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).

This season's targeted companies are: Alliant Energy of Madison , WI ; Devon Energy of Oklahoma City, OK; Dominion Resources of Richmond, VA; Great Plains Energy of Kansas City, MO; MGE Energy of Madison, WI; Peabody Energy of St. Louis, MO; and WPS Resources Corporation of Greenbay , WI . The Comptroller and the Pension Funds plan to file one additional measure in the next month.

Collectively, the Funds have more than $237 million invested in the companies.

Thus far, the Pension Funds' proposals have garnered some early success with four of the seven companies - Alliant Energy, Great Plains Energy, MGE Energy and WPS Resources - already agreeing to take steps to reduce or offset their greenhouse gas emissions. The Comptroller subsequently withdrew the resolutions from these four companies.

Additional successes occurred in 2004 and 2005 when the Funds spearheaded resolutions that earned precedent-setting agreements with Apache Corporation, Progress Energy, and Reliant Resources, all of which agreed to address regulatory reforms and reduce carbon dioxide and other emissions. 

"Alliant, Great Plains Energy, MGE Energy and WPS Resources deserve praise for assessing these financial risks for shareholders, and more electric power companies should be doing the same without investors having to file resolutions," Thompson said. "Given the growing support for carbon limits in the U.S. , I'm especially concerned about the long-term implications of investing in new coal-fired power plants that will be burdened with these extra carbon costs for 30 to 40 years."

Besides Thompson, the Pension Funds trustees are:

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; 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.

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 Mullins, Sergeants Benevolent Association; Anthony Garvey, Lieutenants Benevolent Association; and, John Driscoll, Captains Endowment Association.

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, Carroll (Carl) Haynes, 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.

BERS: mayoral appointees Schools Chancellor Joel Klein, Alan Aviles, Philip Berry, David Chang, Tino Hernandez, Augusta Souza Kappner, Richard Menschel and Marita Regan; Borough President appointees Jesse Mojica (Bronx), Martine G. Guerrier (Brooklyn), Vivian Farmery (Manhattan), Michael Flowers (Queens), and Joan Correale (Staten Island); and employee members Thomas J. Malanga of the International Union of Operating Engineers, Local 891 , and  Milagros Rodriguez of District Council 37, Local 372.