NYC Comptroller Lander Warns Automotive Giants They Risk Losing Investor Confidence Amid UAW Strike

New York, NY — New York City Comptroller Brad Lander, on behalf of the five New York City pension funds, sent letters to Chief Executive Officer of General Motors (GM) Mary T. Barra and Chairman and Chief Executive Officer of Stellantis Carlos Tavares, urging them to address the ongoing Stand Up strike by the United Automotive Workers (UAW). This on-going strike disrupts the automotive industry, he warned, and can cause substantial negative impacts to consumers, dealerships, suppliers, and investors.

Comptroller Lander serves as custodian, investment advisor, and trustee to the New York City retirement systems (NYCRS), which holds significant stake in the financial, legal, and reputational health of these automotive companies amidst the labor disputes. NYCRS collectively manages over $257 billion in assets for New York’s nearly 800,000 current and retired public sector workers. NYCRS hold securities at both GM and Stellantis valued at approximately $138 million and $9.5 million, respectively.

“NYCRS has long considered constructive labor management relations to be fundamental to effective human capital management and the creation of sustainable shareholder value. I am deeply disturbed by the bargaining positions that GM appears to have taken in recent contract negotiations with the UAW,” Comptroller Brad Lander wrote in the letter to GM. “I vehemently reject the false argument that GM must bargain hard with the UAW in order to finance investments in the electric vehicle transition.”

On September 15, UAW initiated a strike at facilities belonging to Stellantis, GM, and Ford after accusing the companies of not negotiating in good faith. The strike expanded on September 22 to include 38 more facilities operated by Stellantis and GM, excluding Ford. On September 29, UAW announced they will expand the strike to additional Ford facilities, following a dispute over wages and benefits at new electric vehicle battery plants.

Growing tensions due to the strike may have far-reaching implications for General Motors and Stellantis. Comptroller Lander’s letters highlight the potential for financial and reputational damage to these automotive companies if they fail to address the workers’ concerns.

In the letters, Comptroller Lander urges these corporate giants to engage in constructive negotiations with the unions.

“Stellantis needs to invest in good jobs if it wants to continue to attract and retain a highly skilled and dedicated manufacturing workforce.” Lander wrote in his letter to Stellantis. “These investments in Stellantis’ workforce are in the long-term interests of shareholders. The costs of the labor dispute are increasing by the day.”

Read the New York City pension funds’ letters to General Motors and Stellantis.

In addition to Comptroller Lander, the trustees of the five New York City pension funds are as follows:

New York City Employees’ Retirement System (NYCERS): Mayor Eric Adams’ Appointee Bryan Berge, Director, Mayor’s Office of Pension and Investments; New York City Public Advocate Jumaane Williams; Borough Presidents: Mark Levine (Manhattan), Donovan Richards Jr. (Queens), Vito Fossella (Staten Island), and Vanessa L. Gibson (Bronx); Henry Garrido, Executive Director, District Council 37, AFSCME; Richard Davis, President Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

Teachers’ Retirement System (TRS): Mayor Eric Adams’ Appointee Bryan Berge, Director, Mayor’s Office of Pension and Investments; Chancellor’s Representative, Greg Faulkner, New York City Department of Education Panel for Educational Policy; and Thomas Brown (Chair), Victoria Lee, and David Kazansky, all of the United Federation of Teachers.

New York City Fire Pension Fund (Fire): Mayor Eric Adams’ Representative Bryan Berge, Director, Mayor’s Office of Pension and Investments;  New York City Fire Commissioner Laura Kavanagh (Chair); New York City Finance Commissioner Preston Niblack; Andrew Ansbro, President, Robert Eustace, Vice President, Chris Viola, Treasurer, and Eric Bischoff, Staten Island Representative and Chair, Uniformed Firefighters Association of Greater New York; Sean Michael, Chiefs’ Rep., Joe Camastro, Lieutenants’ Rep. and Liam Guilfoyle, (Chair), Uniformed Fire Officers Association; and Peter Devita, Marine Engineers Association.

New York City Police Pension Fund (Police): Mayor Eric Adams’ Representative Bryan Berge, Director, Mayor’s Office of Pension and Investments; New York City Finance Commissioner Preston Niblack; New York City Police Commissioner Edward Caban (Chair); Chris Monahan, Captains Endowment Association; Louis Turco, Lieutenants Benevolent Association; Vincent Vallelong, Sergeants Benevolent Association; Paul DiGiacomo, Detectives Endowment Association; and Patrick Hendry, Daniel Terrelli, Albert Alcierno and Arthur Egner all of the NYC Police Benevolent Association.

Board of Education Retirement System (BERS): Schools Chancellor David C. Banks, Represented by Karine Apollon; Mayoral appointees Lilly Chan, Marjorie Dienstag, Gregory Faulkner, Anita Garcia, Anthony Giordano, Dr. Angela Green, Alan Ong, Phoebe Sade-Arnold, Maisha Sapp, Venus Sze-Tsang, Gladys Ward; CEC appointees Naveed Hasan, Jessamyn Lee, Thomas Sheppard, and Ephraim Zakry; Borough President Appointees Geneal Chacon (Bronx); Tazin Azad (Brooklyn); Kaliris Salas-Ramirez (Manhattan); Sheree Gibson (Queens); Aaron Bogad (Staten Island); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372.

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