N.Y. State Retirement Fund Reaches Climate Deals With 11 Companies

By Colin Kellaher

The New York State Common Retirement Fund on Thursday said 11 U.S. companies agreed to changes in their climate policies and practices, as the third-largest public pension fund in the U.S. continues to push for environmental, social and governance improvements within its portfolio.

New York State Comptroller Thomas DiNapoli, the fund's trustee, said the fund filed shareholder proposals with 15 companies seeking a variety of changes and reached agreements with 11 of them.

Among the changes, the fund said utility company Vistra Energy Corp. (VST), which it said is one of the largest greenhouse-gas emitters in its public equity portfolio, agreed to set targets for reducing those emissions.

The fund said Dollar General Corp. (DG), Keurig Dr. Pepper Inc. (KDP), Capri Holdings Ltd. (CPRI) and Under Armour Inc. (UAA) agreed to set targets for increased energy efficiency and increased use of renewable energy, adding that Keurig adopted a sustainability plan with a goal of 100% of electricity derived from renewable sources by 2025.

Energy companies Concho Resources Inc. (CXO), Range Resources Inc. (RRC) and Diamondback Energy Inc. (FANG) agreed to assess and disclose the business impact of regulatory efforts to limit global warming under the terms of the Paris Agreement, the fund said. Aggregates producer Martin Marietta Materials Inc. (MLM) agreed to assess and report on risks and opportunities available in the global transition to a lower carbon economy, while American Financial Group Inc. (AFG) and Papa John's International Inc. (PZZA) agreed to produce sustainability reports that include company plans for addressing climate change's impact on their business.

The fund, which reported an estimated value of $216.2 billion as of June 30, has filed shareholder proposals with several companies seeking full disclosure of political spending and last month filed proposals seeking increased board diversity at four companies that had no women directors.

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(END) Dow Jones Newswires

September 19, 2019 13:25 ET (17:25 GMT)

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