New York State Common Retirement Fund, Albany, announced Wednesday that it had withdrawn a shareholder resolution filed with Chipotle Mexican Grill Inc. because the company had agreed to its request to review its hiring practices.
The pension fund had filed the shareholder request in November, asking for an independent audit of the company's practices "related to civil rights, racial equity, diversity and inclusion, and how these affect the company's business," said a news release Wednesday from Thomas P. DiNapoli, the state comptroller and sole trustee of the $242.3 billion pension fund.
The pension fund withdrew its shareholder resolution Tuesday following the company's announcement of an independent audit of hiring.
"In early 2023 we engaged an independent third-party consultant to conduct a talent management equity audit, which aims to identify where in the talent management cycle we may need to debias or create more equitable policies, practices, and procedures," the company said in its 10-K statement filed Feb. 8 with the Securities and Exchange Commission.
"We plan to disclose key results and action plans from these initiatives in our Sustainability Report."
Separately, the pension fund filed a shareholder resolution Tuesday with Brinker International Inc., asking it to disclose its progress in increasing diversity, equity and inclusion.
The progress report, to be made public, should assess "employee recruitment, retention and promotion rates, and pay by gender, race, ethnicity, sexual orientation, age, disability and veteran status," the news release said.
"While Brinker has released some data, it has not shared sufficient information for investors to determine the effectiveness of its commitments and overall human capital management programs," said the pension system's shareholder resolution.
On Feb. 10, New York State Common reported estimated assets of $242.3 billion as of Dec. 31, the end of the third quarter of its current fiscal year. The net return for the three months ended Dec. 31was an estimated 4.5%.
As of Dec. 31, the pension fund's asset allocation was 43.5% public equities; 22.1% cash, bonds and mortgages; 14.8% private equity; 13.4% real estate and real assets; and 6.2% credit, absolute-return strategies and opportunistic alternatives.