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November 3, 2009



DiNapoli Supports Proxy Access
Amendment to Investor Protection Act

New York State Comptroller Thomas P. DiNapoli announced his support for legislation that gives shareholders greater control over the boards of the companies they invest in by empowering investors to propose candidates to the companies’ boards of directors.

DiNapoli and other institutional investors, who collectively represent more than $1 trillion dollars invested on behalf of 6.8 million retirees around the nation, expressed their support for affirming the Securities and Exchange Commission’s (SEC) authority to make proxy access rules in a letter to members of the House Financial Services Committee.

“We want the companies we invest in to be more accountable to investors,” DiNapoli said. “The Waters-Peters amendment will ensure that large long-term investors, like the state pension fund, have direct access to a company’s proxy in order to nominate directors to the board.”

The Fund is the third largest public pension plan in the United States with more than one million members, retirees and beneficiaries from state and local governments. The Fund has a diversified portfolio of public and private equities, fixed income, real estate and alternative instruments.

Click here to read a copy of the letter.

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