NACD - National Association of Corporate Directors

New York Sues Fossil Fuel Majors, Plans Divestment From Pension Funds

"New York City on Wednesday filed a multibillion dollar lawsuit against five top fossil fuel companies," reports Reuters (Jan. 10, Kearney), "citing their 'contributions to global warming'" as it took the wraps off a plan to reduce fossil fuel investments from its $189 billion public pension funds over the next five years.  BP PLC, Chevron Corp., ConocoPhillips, Exxon Mobil Corp., and Royal Dutch Shell are the five companies.  New York's goal of eliminating approximately $5 billion in securities of nearly 200 oil companies would rank among the largest public pension divestments from fossil fuels to date.  "Safeguarding the retirement of our city's police officers, teachers, firefighters and city workers is our top priority, and we believe their financial future is linked to the sustainability of the planet," Scott Stringer, city Comptroller and trustee of New York's five pension funds, wrote in an official statement.

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