New York City Comptroller to pressure companies holding funds with Sudan ties

Aug 25, 2005 (New York) — New York City Comptroller William C. Thompson Jr. is launching a campaign designed to ensure that the stocks in New York City’s pension funds don’t have exposure to Sudan, a terrorist-supporting country with an appalling human rights record, The New York Post reported in its Thursday editions.

In letters obtained by The Post, Thompson wrote the chief executive officers of major global corporations whose stocks are held in the pension fund’s portfolios, asking them to form a special committee of their boards to examine their dealings with Sudan and report back to him.

Sudan has been regularly placed on the State Department’s list of countries that support terrorism. Thompson said a company’s business dealings with Sudan “could expose the Company to negative publicity, public protests and a loss of investor confidence, all of which could have a negative effect on shareholder value.”

The Post reported that the campaign will mirror the Thompson led initiative to get companies like Aon Corp. (AOC) and General Electric (GE) to fully disclose their dealings with Iran, long considered the epicenter of terror training and financing.

The letters went out this week. The first companies receiving Thompson’s request include China Petroleum & Chemical (0386.HK), Alcatel (ALA), BAE Systems (BA.LN), Finmeccanica (FNC.MI) and Royal Dutch Shell (RDSA).

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