William C. Thompson, New York City comptroller, submitted shareholder resolutions to Halliburton Co., General Electric Co. and Conoco/Phillips, asking them to review their policies on dealings with countries that are linked to terrorist activities. The resolutions were submitted on behalf of New York Citys $12.3 billion Police Department Retirement Fund and $4.3 billion Fire Department Retirement Fund, although all five funds comprising the $65.9 billion New York City Retirement System are invested in the three companies.
Halliburton, which has an office in Iran, challenged the resolution and asked the SEC not to sanction the company if it omits the proposal from its 2003 proxy materials. The SEC has not yet responded. The New York City Retirement System has more than $23 million invested in the corporation. Meanwhile, the comptrollers office and GE have begun talks about the firms Canadian subsidiary General Electric Hydro, which does business with the Iranian government. The citys five funds have a total of $951 million invested in GE.
Conoco/Phillips has not yet challenged the resolution; it has operations in Iran and Syria through U.K. subsidiary Conoco Ltd. The five funds have $124 million invested in the oil company.