New York City Comptroller Scott M. Stringer and a coalition of 25 institutional investors sent a letter to General Motors Co. CEO Mary T. Barra, urging the automaker to join its peers in a compromise agreement with the state of California regarding clean vehicle standards.
The letter, dated Monday, asks the Detroit-based automaker to join Ford Motor Co., American Honda Co. Inc., BMW of North America LLC, and Volkswagen Group of America Inc. in the compromise agreement with California.
Mr. Stringer is the fiduciary for the five pension funds within the $199 billion New York City Retirement Systems.
According to a news release announcing the letter, GM successfully lobbied the Trump administration to roll back fuel economy and greenhouse gas standards and then joined 16 other automakers in June that expressed support for a rule supported by the state of California that would have stricter standards than the one proposed by the Trump administration. However, the news release says, GM did not join the automakers that signed the compromise agreement with California in July.
"We urge you to join this compromise agreement," said the letter, "which is consistent with GM's call for a national solution, continuously improving fuel economy and its stated goal of moving toward zero emissions."
Other signatories include the $238.3 billion California State Teachers' Retirement System, West Sacramento; New York State Comptroller Thomas P. DiNapoli, sole trustee of the $216.2 billion New York State Common Retirement Fund, Albany; Trillium Asset Management; NEI Investments; and Stance Capital.
A copy of the letter is available on Mr. Stringer's website.
“We remain interested in working with all parties to advance American automotive technological leadership. Regardless of the standards, we are committed to a future of zero crashes, zero emissions, and zero congestion. The pathway to that vision includes continually improving fuel economy and our commitment to an all-electric future,” GM spokeswoman Lauren Langille said in an email.
