Millennium Pharmaceuticals Inc., Cambridge, Mass., agreed to a shareholder proposal to base a significant portion of future stock option grants to senior executives on performance, according to a news release from the office of New York City Comptroller William C. Thompson Jr. The proposal was submitted on behalf of the $34.4 billion New York City Employees' Retirement System, which has $9 million invested in Millennium Pharmaceuticals. Jeff Simmons, spokesman for Mr. Thompson, did not return calls seeking further details.
Mr. Thompson oversees the city employees' fund as well as the $28.5 billion Teachers' Retirement System of the City of New York, the $16.6 billion New York City Police Pension Fund, the $5.6 billion New York City Fire Department Pension Fund and the $1.8 billion New York City Board of Education Retirement System.
