US - The Halliburton Company has agreed not to forge any new business ties with Iran in response to a shareholder resolution submitted by three of New York City's pension funds.
Announcing the decision, New York City Comptroller William C. Thompson said: “Over the last two years, the New York City pension funds have aggressively targeted five companies that have used loopholes in the law to conduct business with terrorist-sponsoring nations.
“I am encouraged that Halliburton and three other companies have since promised to take the necessary steps to ensure shareholders that they will not in any way advance the reach of terrorism through their business activities.”
In a letter to the comptroller’s office, Halliburton wrote that the company “will take appropriate corporate action to cause its subsidiaries to not bid for any new work in Iran”.
The recent proposal was the second time the funds’ had called on Halliburton to thoroughly review its offshore subsidiary’s connection with Iran. The New York City Fire Department pension fund, Police pension fund and Board of Education Retirement System submitted the proposal to Halliburton in December.
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