William C. Thompson, New York City comptroller, today announced a campaign calling on companies to adopt processes for responding to shareholder proposals that win majority votes. Included in his proposals were: requiring adoption and disclosure of those policies as a requirement for being listed on U.S. stock exchanges; asking the SEC to publish rules setting "minimum standards" for company responsiveness to shareholder proposals that receive majority votes; and holding congressional hearings on new legislation encouraging companies to comply with majority-supported shareholder proposals.
Mr. Thompson oversees New York City's five pension funds with a combined $65.9 billion in assets.
More than a dozen representatives of other public and union pension funds joined Mr. Thompson in announcing the national awareness campaign. They include the $45.1 billion Ohio Public Employees Retirement System, Columbus, and the $95.9 billion New York State Common Retirement Fund, Albany.