New York City Retirement Systems was founded by the New York State Legislature in 1920. Today, it is a municipal public employee retirement system with more than 350,000 active members and retirees including civilian employees such as clerical workers, accountants and social workers, and uniformed employees such as New York City Correction Officers and Sanitation Workers. The financial institution is a defined benefit retirement plan. As of 2021, it had USD 103 billion in total assets.
There is no evidence that New York City Retirement Systems assigns responsibility for sustainability to the group’s highest governing body. In terms of its approach to senior leadership accountability, there is no evidence that the financial institution links the remuneration of its executive or management teams to sustainability performance criteria. The financial institution has an opportunity to commit to gender equality and women’s empowerment. It could also disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. Regarding engagement, the financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with investees.
There is no evidence that New York City Retirement Systems discloses a target to reach net-zero financed emissions by 2050. Furthermore, no evidence of an approach to fossil fuels, which covers the entire fossil fuel value chain and all of the financial institution’s financing activities, was found in the public domain. This could include the amount or share of finance directed towards fossil fuels, or the financial institutions stance on financing companies with new fossil fuel projects. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on alignment with the Paris Agreement. It could also disclose its financing activities devoted to climate solutions. Regarding nature and biodiversity, New York City Retirement Systems has an opportunity to commit to minimising its negative impacts.
There is no evidence that New York City Retirement Systems has a publicly available policy statement committing it to respect human rights laid out in the UNGPs and the ILO declaration on fundamental rights at work. It has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. Furthermore, the financial institution could disclose the proportion of its total direct operations workforce for each employee category by age group, gender, race or ethnicity, or another indicator of diversity. To provide transparency on financial inclusivity, New York City Retirement Systems has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.
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United States of America
Revenue: USD 22.6 billion; Total assets: USD 103 billion