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)
