Alliant Technologies Inc. shareholders Wednesday rejected by a 92.3% vote a shareholder proposal on firearms safety filed jointly by the New York State Common Retirement Fund and the Connecticut Retirement Plans & Trust Funds, a company SEC filing shows.
The $176.2 billion Albany-based New York fund and the $28.5 billion Hartford-based Connecticut funds in their proposal called for annual reporting by the company on compliance with elements of the so-called Sandy Hook Principles, a set of measures aimed at reducing firearm violence.
Voting against the proposal were the $189.1 billion California State Teachers' Retirement System, West Sacramento, and the $181.5 billion Florida State Board of Administration, Tallahassee.
The proposal “achieved more than twice the support needed to be introduced again in 2015,” under proxy proposal rules, said Denise L. Nappier, Connecticut treasurer and sole trustee of the Connecticut funds, in a statement.
“As long-term investors, we believe that companies whose shares we hold have an obligation to address public issues that have potential effects on the business operations of the company,” Ms. Nappier said. “By identifying reasonable efforts to avoid the misuse of firearms, Alliant can be a leader in protecting its reputation and its bottom line.”
The Connecticut funds held 7,200 Alliant shares, valued at $931,536, and $749,000 in Alliant fixed-income investments, as of Monday, the statement said.
Matthew Sweeney, New York fund spokesman, couldn't be reached for comment.
Alliant recommended shareholders vote against the proposal, noting in its proxy statement the company provides information on its website on its actions to promote firearm safety, while also saying some issues raised in the proposal “are best addressed by legislative bodies, regulatory agencies and law enforcement organizations.”
