Eleven corporate pension funds or their sponsoring companies have become the latest to join the Council of Institutional Investors, more than doubling the corporate contingent of the group once the sole preserve of public and union pension funds, according to Anne Hansen, deputy executive director.
Joining the council as full voting members are: Mobil Oil Corp., Fairfax, Va., with $5.5 billion in pension assets; Eastman Kodak Co., Rochester, N.Y., $10.4 billion; General Mills Inc., Minneapolis, $1.5 billion; Avon Products Inc., New York, $688 million; CPC International Inc., Englewood Cliffs, N.J., $684 million; Pfizer Inc., New York, $2 billion; and Ryder System Inc., Miami, $485 million.
The seven additions bring to 14 the number of corporate pension fund members on the council, which now has in all 89 pension fund members with a total of $650 billion in retirement assets.
Also, four corporations - Texaco Inc., Occidental Petroleum Corp., Lockheed Corp. and Automatic Data Processing Co. - joined the council as sustaining members, entitling them to all privileges except voting. They join Merck & Co., previously the only corporation among sustaining members, which now will total 51 members.
Texaco, White Plains, N.Y., has $3.2 billion in pension assets; Occidental, Los Angeles, $1.5 billion; Lockheed, Calabasas, Calif., $9.9 billion; and ADP, Roseland, N.J., $230 million.