New York City Comptroller William C. Thompson Jr. criticized the SEC for allowing Newmont Mining Inc., Denver, to ignore a shareholder resolution to review its policies regarding the dumping of toxic waste in Indonesia. The resolution was submitted earlier this year by the five plans comprising the $80 billionNew York City Retirement Systems, which in total own just fewer than 1.5 million shares.
"By stating that it would take no action if Newmont Mining refused to allow the resolution to go forward for a vote, the SEC is permitting the company to deprive shareholders of an opportunity to hold Newmont Mining's management accountable for illegal toxic waste dumping in Indonesia," said Mr. Thompson in a news release.
