New York City Retirement Systems withdrew proxy proposals at International Business Machines Corp. and four other companies after reaching agreements on supply chain sustainability disclosures.
The other companies targeted were Advanced Micro Devices Inc., Lexmark International Inc., American Eagle Outfitters Inc. and Medtronic Inc., according to Eric Sumberg, deputy communications director and press secretary for New York City Comptroller Scott M. Stringer, who oversees the investments of the retirement systems with a combined $150 billion in assets.
The agreements call for the five companies to encourage their top suppliers to improve environmental, social and governance factors and to issue an annual sustainability report.
In addition, the agreement calls on the companies to publish annual sustainability reports, including details about their suppliers' compliance.
The New York City pension funds are the Employees' Retirement System, Teachers' Retirement System, Police Pension Fund, Fire Department Pension Fund and the Board of Education Retirement System.