New York pension fund wants to remove Twitter’s entire board

Link: https://www.protocol.com/bulletins/new-york-pension-twitter-removal

Excerpt:

The New York State Common Retirement Fund, one of the nation’s largest pension funds, announced that it will vote to remove all of Twitter’s directors at this week’s annual shareholder meeting. The vote against the directors is unlikely to result in change, but it shows mounting institutional pressure for Twitter to resist Elon Musk’s vision for relaxed content moderation policies.

Thomas DiNapoli, the New York state comptroller and trustee to the estimated $279.7 billion fund, said the Twitter board of directors had repeatedly failed to enforce the company’s own content moderation policies.

“Allowing this content on social media platforms facilitates the radicalization of individuals through repeated exposure to violent rhetoric, hate speech and examples of previous violence,” DiNapoli wrote in the public letter to Twitter’s directors. DiNapoli placed particular emphasis on Twitter’s failure to remove footage from a livestreamed mass shooting that took place in Buffalo, New York, last weekend. The alleged shooter espoused white supremacy ideology and pointed to social media sites including 4chan as the source of his radicalization.

Author(s): Hirsh Chitkara

Publication Date: 23 May 2022

Publication Site: protocol

DiNapoli: State pension fund adds $350 million to investment funds geared to New York companies

Link: https://www.wnypapers.com/news/article/current/2022/06/14/151309/dinapoli-state-pension-fund-adds-350-million-to-investment-funds-geared-to-new-york-companies

Excerpt:

The New York State Common Retirement Fund is committing another $350 million to two investment funds through its in-state private equity investment program, fund trustee and state Comptroller Thomas P. DiNapoli recently announced.

“The in-state program has helped hundreds of New York businesses add and retain thousands of jobs and grow while achieving solid returns for the retirement system members and their beneficiaries that rely on the pension fund for their retirement security,” DiNapoli said. “We’ve committed more than $2 billion through this program to invest in New York state companies, and I’m proud to continue building on our successful track record.”

The fund will provide $50 million in additional capital to the Hudson River co-investment fund III, which it already invests in, and another $300 million in the new Hudson River co-investment fund IV. The funds make equity co-investments (investments alongside a lead sponsor) in growing New York-based companies.

Author(s): Thomas P. DiNapoli

Publication Date: 14 Jun 2022

Publication Site: Niagara Frontier Publications

New York pension official, worried about misinformation, seeks Spotify report

Link:https://wtvbam.com/2022/02/07/exclusive-new-york-pension-official-worried-about-misinformation-seeks-spotify-report/

Excerpt:

New York State’s top pension official has asked streaming music platform Spotify Technology SA for details about the effectiveness of its new content rules, citing complaints including that podcaster Joe Rogan has spread misinformation about COVID-19 vaccines.

New York State Comptroller Thomas DiNapoli, who oversees funds that hold Spotify shares, requested the report in a letter sent to Spotify Chief Executive Daniel Ek on Feb. 2, which was shown to Reuters.

The letter also urged Spotify to give users an easy mechanism to report content that could violate its rules, and to define how its board oversees content risks and enforcement.

DiNapoli cited reports of Spotify hosting content that has included COVID-19 misinformation, and racist and antisemitic material. Prominent rock musician Neil Young last month left the platform last month because he said Rogan has misled people about vaccines, followed by other stars.

Author(s): Ross Kerber

Publication Date: 7 Feb 2022

Publication Site: WTVB

NYS Pension Fund Commits $2 Billion to Climate Transition Index

Link:https://www.osc.state.ny.us/press/releases/2021/12/nys-pension-fund-commits-2-billion-climate-transition-index?utm_source=weekly%20news&utm_medium=email&utm_term=climate%20transition%20index&utm_content=20211212&utm_campaign=pension%20fund&section=feature

Excerpt:

The New York State Common Retirement Fund (Fund) will invest $2 billion in an index focused on reducing the risks of climate change and capitalizing on the opportunities arising from the transition to a low-carbon economy, State Comptroller Thomas P. DiNapoli, trustee of the fund, announced today. This is part of the Comptroller’s Climate Action Plan announced in 2019 and his goal for the Fund of net-zero greenhouse gas emissions by 2040.

The Fund will allocate $2 billion within its internally managed public equity portfolio to FTSE Russell’s Russell 1000 TPI Climate Transition Index (CTI) in connection with the Fund’s Sustainable Investment & Climate Solutions (SICS) program.

Author(s): Thomas DiNapoli

Publication Date: 9 Dec 2021

Publication Site: Office of the NY State Comptroller

New York State Common Retirement Still Holds Boeing Stock, Despite Lawsuit

Link:https://www.ai-cio.com/news/new-york-state-common-retirement-still-holds-boeing-stock-despite-lawsuit/

Excerpt:

The New York State Common Retirement Fund and the Fire and Police Pension Association of Colorado (FPPA) agreed to a $237.5 million settlement with Boeing’s board after they sued the aerospace company’s board for failing to protect against safety risks related to its 737 Max jets. The money will be paid by the board director’s insurance companies to Boeing itself.

….

The exact reasons why NYS Common chose to hold the stock after suing the company are unknown, as the fund did not respond to a request for comment. However, it’s possible that the pension maintained its shares in order to play a role in restructuring Boeing. It’s taken that approach in the past with companies such as ExxonMobil. In part of the recent settlement between NYS Common and Boeing, the company has agreed to implement new safety measures, including an ombudsman program for employees.

Author(s): Anna Gordon

Publication Date: 9 Nov 2021

Publication Site: ai-CIO

Database: New York’s pension system hits record returns. Here’s who is getting the most

Link: https://www.poughkeepsiejournal.com/story/news/politics/2021/06/01/database-nys-pension-system-gets-record-returns-who-earned-most/5254524001/

Excerpt:

A rebound in the financial markets after the start of the COVID-19 pandemic fueled record growth in the state’s pension fund for government workers.

The pension fund for 1.1 million employees and retirees grew a whopping 33.6% for the fiscal year that ended March 31, Comptroller Thomas DiNapoli announced Wednesday.

The return on investments increased the fund’s value to nearly $255 billion, making it one of the largest public pension funds in the nation.

….

The fund’s long-term expected rate of return is 6.8%.

The health of the fund is critical to its 673,000 active workers and 447,000 retirees, and it comes as more public sector employees are retiring, a review of state records showed.

Author(s): Joseph Spector, Sean Lahman

Publication Date: 1 June 2021

Publication Site: Poughkeepsie Journal

DiNapoli Moves State Pension Fund Toward Net Zero Target, Restricts Investments in Oil Sands Companies

Link: https://www.osc.state.ny.us/press/releases/2021/04/dinapoli-moves-state-pension-fund-toward-net-zero-target-restricts-investments-oil-sands-companies

Excerpt:

The New York State Common Retirement Fund (Fund) will restrict investments in oil sands companies that have not demonstrated that they are prepared for the transition to a low-carbon economy, New York State Comptroller Thomas P. DiNapoli, trustee of the third largest public pension plan in the country, announced today.

This action is tied to DiNapoli’s comprehensive Climate Action Plan to lower investment risks from climate change and transition the Fund’s investment portfolio to net zero greenhouse gas emissions by 2040.

“As nations around the world become increasingly serious about addressing the threat of climate change and as market forces drive a low-carbon economic transition, we need to make sure our investments line up with this reality,” said DiNapoli. “We have carefully reviewed companies in the oil sands industry and are restricting investments in those that do not have viable plans to adapt to the low-carbon future. Companies responsible for large greenhouse gas emissions like those in this industry, pose significant risks for investors.”

Publication Date: 12 April 2021

Publication Site: Office of the NY State Comptroller

NY State Pension Commits to $400 Million in Sustainable Investments

Link: https://www.ai-cio.com/news/ny-state-pension-commits-400-million-sustainable-investments/

Excerpt:

The $247.7 billion New York State Common Retirement Fund has committed approximately $400 million to two funds as part of its Sustainable Investments and Climate Solutions (SICS) Program.

The commitments are part of New York State Comptroller Thomas DiNapoli’s climate action plan to lower investment risks from climate change and help shift the pension fund to net-zero greenhouse gas emissions within the next 20 years.

Author(s): Michael Katz

Publication Date: 26 April 2021

Publication Site: ai-CIO

NY State Pension Commits to $400 Million in Sustainable Investments

Link: https://www.ai-cio.com/news/ny-state-pension-commits-400-million-sustainable-investments/

Excerpt:

The $247.7 billion New York State Common Retirement Fund has committed approximately $400 million to two funds as part of its Sustainable Investments and Climate Solutions (SICS) Program.

The commitments are part of New York State Comptroller Thomas DiNapoli’s climate action plan to lower investment risks from climate change and help shift the pension fund to net-zero greenhouse gas emissions within the next 20 years.

“While climate change poses investment risks, it also creates opportunities for the state pension fund to invest in the companies and funds that are best positioned for the low-carbon future,” DiNapoli said in a statement. “The commitments we announced today aim to take advantage of the growth in climate investing and to strengthen our portfolio for the long-term.”

Author(s): Michael Katz

Publication Date: 26 April 2021

Publication Site: ai-CIO

New York pension fund divests $7 million from Canadian oil sands firms

Link: https://www.reuters.com/article/us-new-york-pension-oil-sands/new-york-pension-fund-divests-7-million-from-canadian-oil-sands-firms-idUSKBN2BZ1UT?il=0

Excerpt:

New York’s state pension fund is restricting investment in six Canadian oil sands companies because they have not shown they are prepared for a transition to a low-carbon future, the fund’s Comptroller Thomas DiNapoli said on Monday.

The New York State Common Retirement Fund will divest more than $7 million in securities already held in the companies, and not make any further investments in them, DiNapoli said in a statement.

Canada’s oil sands hold the world’s third-largest crude reserves and have some of the highest emissions intensity per barrel, due to the carbon-intensive production process of extracting tar-like bitumen from the ground.

Author(s): Nia Williams

Publication Date: 12 April 2021

Publication Site: Reuters

DiNapoli: State Pension Fund Calls on Companies to Address Climate Risk, Transition to Cleaner Operations

Link: https://www.osc.state.ny.us/press/releases/2021/03/dinapoli-state-pension-fund-calls-companies-address-climate-risk-transition-cleaner-operations

Excerpt:

The New York State Common Retirement Fund (Fund) has reached agreements with five major U.S. companies, including Domino’s Pizza Inc., to set targets to reduce their greenhouse gas emissions (GHG), adopt new energy efficiency measures and increase their use of renewable energy, New York State Comptroller Thomas P. DiNapoli, trustee of the Fund, announced today. In response to the agreements, the Fund withdrew the shareholder resolutions with the companies.

“More and more companies understand that addressing climate change, by reducing their carbon emissions, helps their long-term success and benefits investors,” DiNapoli said. “The transition to a low carbon future and meeting our country’s renewed commitment to the Paris Agreement present enormous opportunities for smart, sustainable investments. My thanks to these companies for recognizing their role in building a lower-carbon economy and their responsibility to shareholders’ concerns about climate risk.”

Author(s): Thomas DiNapoli

Publication Date: 4 March 2021

Publication Site: Office of the New York State Comptroller

N.Y. Pension Prods Companies to ‘Confront Institutional Racism,’ Or Else

Link: https://www.bloomberg.com/news/articles/2021-02-25/n-y-pension-prods-companies-to-boost-diversity-or-face-a-vote

Excerpt:

The New York State Common Retirement Fund, the third-largest U.S. public plan, said it’s pressing companies to boost their ethnic and gender diversity, and will vote against directors who fail to act.

“Companies must root out racial inequality, just as they would root any other systemic problem that puts their long-term success at risk,” New York State Comptroller Thomas P. DiNapoli said in a statement Thursday. “Corporate America must join in the national reckoning over racial injustice and confront institutionalized racism.”

The New York pension, which has $248 billion of assets, plans to file shareholder proposals supporting increased diversity on corporate boards. It also will seek better disclosures about the gender and ethnic breakdown of companies’ employees. The fund said it will vote against board members who ignore these requests.

Author(s): Saijel Kishan

Publication Date: 25 February 2021

Publication Site: Bloomberg