Thomas P. DiNapoli, the sole trustee of the New York State Common Retirement Fund, Albany, said July 3 the pension fund would vote against top Best Buy officials, including Chairman David W. Kenny, at next year’s annual meeting, because the company continues to ignore requests for transparency about its employment practices.
"Despite our efforts to engage with Best Buy on its commitments to LGBTQIA+ employees and the wider community, management and the board continue to ignore our requests for full transparency on the company's actions,” said DiNapoli, who is also the state comptroller, in an emailed statement.
(The acronym stands for lesbian, gay, bisexual, transgender, queer, intersex and asexual, and the plus sign stands for other identities not included in the acronym, according to the University of California-Davis LGBTQIA resource center.)
DiNapoli wrote to Best Buy executives in April and again in May asking about Best Buy’s employment and diversity policies.
The $267.7 billion pension fund will vote against Kenny and members of the nominating, corporate governance and public policy committees at next year’s annual meeting, the news release said. The pension fund owns about $12 million in Best Buy stock.
“We know that fostering an inclusive and diverse workforce can provide many benefits, and ultimately lead to improved shareholder value,” DiNapoli said. “It’s in the company’s best interest to constructively engage with shareholders and address this important issue."
