SEC backs Amazon proposal from New York State Common
Bloomberg
The SEC has backed New York State Common Retirement Fund s bid to have Amazon.com conduct an independent racial-equity audit.
Officials at the Securities and Exchange Commission denied the online retailer s request to keep the proposal off the ballot at its annual meeting.
In December, New York State Comptroller Thomas P. DiNapoli, trustee of the $247.7 billion pension fund, announced the shareholder proposal that Amazon undergo an independent audit to assess the company s policies and practices on civil rights, equity, diversity and inclusion, and how those affect the company s business. Amazon says it stands alongside those fighting systemic racism, yet we continue to see reports of workers facing racial discrimination, accusations of discriminatory wages, and the sale of products that promote hatred, Mr. DiNapoli said in a December statement.
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A reduction would help the pension system better match projected investment returns.
Trustees at the New York City Retirement Systems (NYCRS) are looking at an actuary proposal to lower the assumed return to 6.8%, down from 7%, among other changes to assumptions and methods used by the chief actuary to determine pension obligations.
Lowering the assumed return would strengthen the $239.8 billion pension system, according to the Wednesday announcement from the New York City Office of the Actuary (NYCOA).
A 6.8% target would better match projected investment returns, given the zero-interest rate environment, according to investment advisers who recommended the change to the pension system. It would also reflect lower assumptions NYCRS has projected for the Consumer Price Index (CPI), the office said.