US - New York City Comptroller William C. Thompson Jr, on behalf of the city's five pension funds, is asking seven US-owned companies to adopt "sustainability reporting" guidelines to disclose their social, environmental and economic performance to shareholders.
According to the comptroller’s office, sustainability reporting policies “encourage corporations to support and participate in the development of communities in which they operate”. The resolutions request that companies review current policies and practices related to social, environmental and economic sustainability and submit a summary of long-term plans to integrate sustainability objectives through the company’s operations.
“Public disclosure of economic, social and environmental issues will help companies in the areas of risk management, name recognition and employee recruitment,” Thompson said.
“It’s a long-term strategy that is good business for corporations, communities and the environment.”
Thompson is the custodian and investment adviser to the board of the New York City Employees’ Retirement Fund, the Teachers Retirement System, New York City Police pension fund, New York City Fire Department pension fund and Board of Education Retirement System.
Thompson has submitted new shareholder proposals for five of the seven companies with investments of more than US$248.2m in the pension funds to adopt the reporting requirements, in addition to re-submitting two shareholder proposals for companies with investments of more than US$49.9m.
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