LIU, PENSION FUNDS SUCCESSFULLY PUSH FOR EQUALITY AT TOP DEFENSE CONTRACTOR

Here is news on NYC Comptroller Liu using pension fund deposits controlled by NYC, to help protect our environment and against discrimination in the work place.

Another interesting fact is that our City has $34,600,191 invested in KBR Inc., which according to the press release sent is one of the largest defense contractors in the U.S. With approximately 50% of our Federal budget spent on defense, it’s safe to assume we all benefit from the arms industry even when these factories are in different states and we are not the ones making the planes, guns or bullet proof vests for our troops. Is this an industry we need to divest from to prevent dependence on our military industrial complex? With our mounting Federal deficit is our military power the only thing protecting the hegemony of the U.S .dollar? I am sure we would all love a piece of one of these lucrative contracts, until we have to send our children overseas to use the war products were financing the production of. Can anyone in the U.S. say we are not beneficiaries’ of military expenditures? Is Iran our next target? Has anyone else seen the footage of China's first aircraft carrier on recent news clips?

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NEW YORK, NY – Comptroller John C. Liu and the New York City Pension Funds said today that a shareowner resolution has led KBR Inc., one of the largest contractors to the U.S. Defense Department, to adopt a policy prohibiting workplace discrimination based on sexual orientation and gender identity.

“Earlier this year the U.S. military did away with policies discriminating against members of the LGBT community and it would have been reprehensible if its major contractors didn’t follow suit,” Comptroller Liu said. “We commend KBR Inc. for doing the right thing to help end discrimination in its workplace.”

The New York City Pension Funds’ proposal received a 61.7 percent vote at KBR’s May 19 annual meeting, and the company’s board adopted it Nov. 29.

The case is part of efforts by the Pension Funds to push portfolio firms to improve labor practices, environmental protection, and corporate governance. Today, the Comptroller and the Funds have also released a report on this year’s program, “2011 Shareowner Initiatives of the New York City Pension Funds, Fall 2011 Post Season Report.” It can be downloaded at http://comptroller.nyc.gov/bureaus/bam/corporate-governance.shtm

In another notable success from the past year, the Comptroller’s office negotiated improved monitoring of the global companies that supply tech-giant Microsoft with hardware components. Following consultations, Microsoft took the unprecedented first step of requiring its suppliers to produce reports documenting their compliance with international standards on human and labor rights.

In the coming year, the Funds plan to continue to proactively advance corporate governance and social and environmental responsibility reforms at select portfolio companies.

The City Comptroller serves as the investment advisor to, custodian and trustee of the New York City Pension Funds, collectively valued at $115 billion. The Funds comprise the New York City Employees’ Retirement System, Teachers’ Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund, and the Board of Education Retirement System.

The New York City Pension Funds hold a combined 1,217,031 total shares in Houston-based KBR Inc. (NYSE: KBR) for an asset value of $34,600,191 as of Dec. 23, 2011.