View resolution

Comptroller William C. Thompson, Jr., on behalf of the New York City Pension Funds, has filed shareholder proposals asking companies to disclose cost-effective ways to reduce carbon dioxide and other emissions from their power plant operations.

“Scientific data regarding climate change warrants power companies taking immediate action,” Thompson said. “Companies should not only identify cost effective steps they can take to reduce carbon dioxide and other emissions, but should also create goals to achieve those reductions.”

The Pension Funds are the: New York City Employees’ Retirement System, Teachers’ Retirement System of New York  City, New York City Police Department Pension Fund, New York City Fire Department Pension Fund, and New York City Board of Education Retirement System.

The Funds resubmitted their proposal to Dominion Resources of Richmond, VA, and also submitted proposals for the first time to Allegheny Energy of Greensburg, PA; Ameren Corporation of St. Louis, MO; Consol Energy of Pittsburgh, PA; and Massey Energy of Richmond, VA. The Funds also have submitted a proposal to Sempra Energy of San Diego, CA. Last year, Sempra Energy successfully petitioned the Securities and Exchange Commission to omit the proposal from its proxy statement. Collectively, the Funds have 3.9 million shares worth more than $200 million invested in these companies. The Funds have also filed a similar resolution with TXU Corporation of Dallas, TX.

The Funds’ proposals seek a review and report on how the companies are responding to rising regulatory, competitive and public pressure to significantly reduce carbon dioxide and other emissions from the company’s current and proposed power plant operations.

“By working so effectively to push companies towards greater environmental responsibility, the New York City Pension Funds ensure that shareholders get the best possible return on their money and contribute to a better world,” said New York City Public Advocate Betsy Gotbaum. “Companies that protect the environment make for better long-term investments.”  

Additionally, The Fire Department Pension Fund submitted another proposal to Chevron Corporation of San Ramon, CA. The Fire Fund holds 373,113 shares in Chevron worth $27.4 million.

The Fire Fund’s proposal calls for Chevron’s Board of Directors to publicly adopt quantitative goals for reducing total greenhouse gas emissions from the company’s products and operations below the 1990 levels. The proposal also calls for a report to be issued to shareholders by September 30, 2007. 

“While Chevron has made progress in reducing operational emissions and introduced some low-carbon products, it has yet to develop a long term strategy to significantly reduce greenhouse gas emissions from its operations and products,” Thompson said.

The trustees for the Pension Funds 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, 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.

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

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 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.

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

###