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With an impressive $260 billion in assets, the New York State pension system is speaking out against workplace misbehavior at large firms.
Photo: Google
New York Pension Fund Demands Transparency on Workplace Misconduct at Chipotle and Tesla
Something noteworthy has come to light. The $260 billion New York State pension fund is seeking greater openness on employee misbehavior at Tesla and Chipotle. The fund’s shareholder proposals require these corporations to disclose the number of unresolved harassment or discrimination complaints as well as the financial implications of resolving disputes. This is due to recent events, such as the settlement of Chipotle’s sexual harassment case and the claims of racial and sexual misconduct made against Tesla.
Mark Johnson, a spokesman for New York State Comptroller Thomas DiNapoli, highlights the seriousness of the situation in a Fortune story. He continued, “We selected these companies because of long-standing failures of oversight of the workforce by management and the board.”
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Wells Fargo Faces Investor Pressure Over Workplace Misconduct Allegations
Investors are keeping a close eye on Wells Fargo as the $260 billion New York State pension fund probes the bank for alleged workplace wrongdoing. Transparency on the amount of pending harassment or discrimination complaints as well as the financial impact of resolving disputes is demanded by the fund’s shareholder proposal. Investors are extremely concerned about Wells Fargo’s role in the phony account scam and fraudulent interviews.
The fund’s choice to resubmit the application shows that it is not happy with the bank’s reaction, even after assurances of improvement. Watching intently will be Wells Fargo’s response to these accusations as investors look for assurances of moral behavior and business ethics.
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