State pension fund officials from New York, California and Connecticut joined large national labor unions today in calling for Tyco International Ltd. and other American firms incorporated offshore to reincorporate in the United States.
In a conference call, California state Treasurer Phil Angelides said the "Come Home to America campaign targets American companies that have incorporated under what he called "sham overseas mailing addresses. The $125 billion California Public Employees Retirement System, Sacramento, sent a letter to Tyco shareholders Feb. 18, saying it planned to vote its nearly 1.5 million Tyco shares in favor of a resolution calling on Tyco to leave Bermuda and reincorporate in Delaware, its former home. The letter urged other shareholders to support the resolution, sponsored by the American Federation of State, County & Municipal Employees.
In todays conference call, Connecticut state Treasurer Denise L. Nappier and New York City Comptroller William C. Thompson Jr. joined Sean Harrigan, CalPERS board president, and Jack Ehnes, CEO of the $93 billion California State Teachers Retirement System, Sacramento, in denouncing Tycos Bermuda incorporation. They said they support legislation to end tax benefits for companies formerly based in the United States that relocated offshore.