4 New York City pension funds reach diversity disclosure agreements

Four of the five New York City Retirement Systems pension funds have reached agreements with 11 companies that will disclose workforce data annually, City Comptroller and Trustee Brad Lander announced Thursday. retirement plans.

The companies are American Express, Anthem, Honeywell International, Illumina, Intuitive Surgical, Raytheon Technologies, Simon Property Group, Texas Instruments, PNC Financial Services Group, T-Mobile and Zoetis.

“Transparency and data are necessary for investors to hold companies accountable for their public statements and commitments to equity and racial justice,” Lander said in a press release.

At issue was the companies’ willingness to make public their annual EEO-1 report, which the press release describes as a “full breakdown of a company’s workforce by race, ethnicity and gender” sent out each year. at the US Equal Employment Opportunity Commission. “These reports are an important tool for measuring a company’s progress in representing employees of color and women at different levels of the company,” the press release reads.

The respective agreements were reached after negotiations with the Comptroller’s Office on behalf of the New York City Pension Systems, resulting in the withdrawal of shareholder resolutions that would have been proposed at the companies’ annual meetings.

Pension funds representing public sector employees, teachers, firefighters and school board employees supported the disclosure effort. These four funds, which have independent boards, represent about 80% of the assets of New York City’s $265.9 billion retirement systems. The police pension fund did not participate.

New York City Retirement Systems began seeking disclosure of companies’ EEO-1 reports in July 2020 as part of a “diversity disclosure initiative” launched by the former Comptroller Municipal Scott Stringer. According to the press release, “at least 85 S&P 100 companies are now disclosing, or have committed to disclosing, their EEO-1 report, up from approximately 14 in July 2020.”