Three of the five pension funds within the New York City Retirement Systems have withdrawn climate-related shareholder resolutions at General Electric, Duke Energy and Dominion Energy, saying the corporate boards have agreed to the funds' requests, New York City Comptroller Brad Lander announced Thursday.
"Climate change presents a clear and significant risk to our economy," Mr. Lander, the fiduciary for all five pension funds in the New York City system, said in a news release.
"Energy companies have an especially critical role to play in ensuring we are confronting those risks head on," Mr. Lander said. "I applaud General Electric, Duke Energy, and Dominion Energy for providing investors with critical information on their lobbying activity and capital expenditure plans — so that investors can assess their efforts in relation to the urgent need to transition to a low carbon future."
In the cases of Duke Energy and Dominion Energy, the pension funds prevailed upon the companies to provide detailed information about capital expenditures "to enable investors to assess whether the companies are on track to meet their net-zero goals," the news release said.