New York City Comptroller William C. Thompson, on behalf of the New York City Pension Funds, filed shareholder resolutions demanding that five major retailers and toy manufacturers take steps to protect consumers from exposure to toxic and dangerous imported products.


New York City Comptroller William C. Thompson is flanked by President Gregory Floyd and Public Advocate Betsy Gotbaum.

President Gregory Floyd joined Thompson at the press conference in Herald Square Park last month to announce that the New York City Employees’ Retirement System (NYCERS); New York City Teachers’ Retirement System (TRS), New York City Police Department Pension Fund, New York City Fire Department Pension Fund, and the Board of Education Retirement System JCPenney, Home Depot, Mattel, Target and Wal- Mart.

“We all carry the responsibility of taking any steps necessary to ensure the safety of our children and the fair treatment of our workforce,” said Floyd, a NYCERS trustee. “Product recalls are dangerous and costly, but can be greatly reduced by forcing companies to meet higher standards of accountability and safety. With a pension fund that holds shares valued at over half a billion dollars, we are in a unique position to change the way these companies New York City Comptroller William C. Thompson is conduct their business.”

Thompson emphasized that “investors must take proactive steps toward preventing recalls,” adding, “As one of the nation’s largest retirement systems, the New York City Pension Funds will help to lead the charge to improve product safety in this country.”

Public Advocate Betsy Gotbaum, who also joined Thompson, said, “By urging companies to report on their product safety, the city’s pension funds are not only contributing to a more transparent process, but also helping shareholders get the best possible return on their money… Companies that are willing to be held accountable for their safety procedures make for better long-term investments.”

The resolutions urge the companies to publish reports outlining their product safety practices by Dec. 31, 2008. Over the past few years, millions of hazardous products have been recalled, including famous toys like Thomas the Tank Engine and Barbie, children’s clothing, appliances, gas grills, lawn tractors, infant car seats and strollers. Collectively, the pension funds hold millions of shares valued at more than $787 million in the five companies that received the shareholder resolutions.