NYC Comptroller Files Record Number of Pro-Gay Shareholder Resolutions

New York City comptroller William C. Thompson Jr. and the New York City Pension Funds filed shareholder resolutions with 24 of America’s largest companies calling on them to adopt worker protection policies based on sexual orientation and gender identity, Thompson announced at a press conference Tuesday.

“We must work together to make sure that corporate America embraces acceptance and affords all employees the same protections, regardless of their sexual orientation or gender identity,” he said. “Each year, more companies are making this commitment because they believe in guaranteeing equal treatment in the workplace. However, many of this country’s largest corporations still refuse to protect all workers.”

Shareholder resolutions are proposals offered by stockholders for a vote at a company’s annual meeting. The shareholder votes are not binding, and company management can oppose, adopt, or simply ignore the proposals.

The resolutions were filed on behalf of pension funds for city employees, firefighters, police officers, teachers, and education officials, which have about $2.2 billion in stock invested in the 24 companies being targeted. The corporations, most of which are found in the Fortune 500, included Exxon Mobile Corp., Liberty Global Inc., and HCC Insurance Holdings. Management officials at six of the companies agreed to adopt the changes, prompting the comptroller’s office to withdraw the resolutions.

The resolutions build on pension fund proposals submitted over the past decade, but the number of resolutions submitted this year almost doubled. To date, 50 companies have amended their policies to include protections against discrimination based on sexual orientation and gender identity.

The funds have filed eight resolutions with Exxon Mobil Corp., which holds the number 2 spot on the Fortune 500. Shareholder support for the resolution jumped to 37.7% in 2007 from 29.4% in 2005, but convincing the oil company, Thompson said, remains a top priority.

“While it is heartening that a number of shareholders agree that Exxon Mobil must take steps to provide equal protections for all employees, it is extremely troubling and downright unacceptable that Exxon Mobil has strongly resisted the call,” he said.

The full list of companies included: HCC Insurance Holdings of Houston; Timken Co. of Canton, Ohio; Exxon Mobil Corp. of Irving, Texas; AK Steel Corp. of Middletown, Ohio; Fidelity National Financial Inc. of Jacksonville, Fla.; Brink’s Co. of Richmond, Va.; Liberty Global Inc. of Englewood, Colo.; Lyondell Chemical Co. of Houston; Eastman Chemical Co. of Kingsport, Tenn.; Tesoro Corp. of San Antonio, Texas; Apache Corp. of Houston; Murphy Oil Corp. of El Dorado, Ark.; Kelly Services Inc. of Troy, Mich.; EchoStar Communications Corp. of Englewood, Colo.; Huntsman Corp. of Salt Lake City; Marshall & Ilsley Corp. of Milwaukee; Frontier Oil Corp. of Houston; Borg Warner Inc. of Auburn Hills, Mich.; Anadarko Petroleum Corp. of the Woodlands, Texas; Synovus Financial Corp. of Columbus, Ga.; Erie Indemnity Co. (Erie Insurance) of Erie, Penn.; SPX Corp. of Charlotte, N.C.; American Financial Group Inc. of Cincinnati; and, Leggett & Pratt Inc. of Carthage, Mo.

Already, management representatives at Erie Indemnity, SPX Corp., the Brink’s Co., Synovus Financial Corp., AK Steel Corp., and Marshall & Ilsley Corp. have agreed to adopt the changes. The comptroller’s office has since withdrawn those resolutions. (The Advocate)