New York City Retirement Systems withdrew a shareholder resolution with Foster Wheeler Ltd., Reading, England, after the firm agreed to cut business ties with Iran, according to a news release from William C. Thompson, city comptroller. Calls to Archer Hutchinson, spokesman for Mr. Thompson, were not returned by press time.
The systems — the $34.4 billion Employees' Retirement System, the $28.5 billion Teachers' Retirement System, the $16.6 billion Police Pension Fund, the $5.6 billion Fire Department Pension Fund, and the $1.8 billion Board of Education Retirement System — filed a shareholder resolution earlier this year with Foster Wheeler, asking the company to assess and report on its subsidiaries' business ties to Iran. The plans have a total of $128,800 invested in Foster Wheeler.
Earlier this year, Aon Corp., Chicago; General Electric Co., Fairfield, Conn.; and Cooper Cameron Corp., Houston; agreed to sever ties with Iran. Halliburton Co., Houston, notified Mr. Thompson's office it would not seek any new business with Iran.