As Trustee of the Common Retirement Fund, Comptroller DiNapoli has the responsibility to protect the interests of the Fund and voice concerns and propose changes that are in the best interest of the companies in which the Fund invests.
The Fund reviews corporate governance practices including how a company is directed, administered and operated, recognizing that firms that adopt good governance practices have greater potential for corporate success and sustainable econonic growth.
With an emphasis on environmental, social and governance (ESG) issues, DiNapoli and the Fund help shape corporate policies and practices in ways that safeguard the Fund’s investments and promote corporate responsibility.
The Fund engages portfolio companies in one or more of the following ways:
- Opening a dialogue with the company to seek greater transparency or to improve corporate policies and practices;
- Proposing shareholder resolutions seeking information or a change in company policy that are subject to a vote by fellow shareholders;
- Voting on shareholder resolutions; and
- Voting for or against board director nominees.
Our more recent engagements have concentrated on the following issues:
A company should evaluate and adapt its business strategy to meet the impacts of climate change, whether they be environmental (loss of infrastructure and resources) or regulatory (new restrictions on carbon emissions). Learn more
A company should fully disclose its corporate spending for political purposes so its shareholders can determine whether such spending furthers the company’s long-term financial goals. Learn more
Diversity and Non-Discrimination
A company should strive for diversity within its leadership and workforce and prevent discrimination based on non-job related criteria. Diversity enables the company to draw on a broad pool of talent and a wide range of viewpoints, backgrounds, skills and experience, all of which can strengthen a company’s competitive position. Learn more
2016 Portfolio Engagements
Our efforts in the past year have resulted in a number of key improvements in corporate behavior, including voluntary disclosure on political spending, commitments to lowering greenhouse gas emissions and inclusion of racial and gender diversity to corporate leadership.
We also engaged companies by voting for or against shareholder resolutions, board nominees and other motions. In all, we cast a vote in over 2,000 shareholder meetings from October 2015 to September 2016.
Prior Year: 2015 Proxy Votes