"These clawback principles give boards a mechanism to hold executives accountable for misconduct and compliance violations, which is especially important in highly regulated industries such as health care," New York City Comptroller John C. Liu said. "Other companies should look to these principles as a model for advancing the highest levels of ethics in the workplace."
Investor participants included the UAW Retiree Medical Benefits Trust, the AFL-CIO Office of Investment, Amalgamated Bank Longview Funds, Connecticut Retirement Plans & Trust Funds, F&C Asset Management UK, HERMES Fund Managers, Illinois State Board of Investment, International Brotherhood of Teamsters, Laborers International Union of North America, New York City Pension Funds, New York State Common Retirement Fund, the United Steelworkers and Wespath Investment Management. The working group was facilitated by Alan L. Beller and Arthur H. Kohn, Partners, Clearly Gottlieb Steen & Hamilton LLP. Aaron Boyd, Director of Research, Equilar, James Reda, Managing Director, James F. Reda & Associates, and Lynn Shapiro Snyder, Senior Member, Epstein Becker Green, served as subject matter experts.
SOURCE UAW Retiree Medical Benefits Trust