Administration June 21, 2010
BP Crisis Leads NY Pension Fund to Review Energy Holdings
June 21, 2010 (PLANSPONSOR.com) - New York state's pension fund is considering suing BP PLC for its management of the well in the Gulf of Mexico that's been spewing oil, a spokesman said, according to the Wall Street Journal.
Reported by Rebecca Moore
The New York State Common Retirement Fund, with $132.6 billion in assets, owns 17.5 million BP shares through index funds.
Spokesman Robert Whalen indicated the fund is also reviewing industry practices at other companies in the energy sector in which it has holdings. “We want to not just be profitable this year or next, but to be sustainably profitable,” he said, according to the news report.
Whalen told the WSJ that the fund wants companies to fully identify and mitigate risk and to let shareholders know what they’re going to do to protect their investments.