DiNapoli proposes changes to Caterpillar sale practices
Posted at: 03/23/2013 2:21 PM
By: Cadence Acquaviva
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ALBANY, N.Y. (AP) - The official who oversees New York State's huge public pension fund wants Caterpillar Inc. to do more to ensure that its foreign subsidiaries aren't doing business with the government of Sudan, which has been criticized for human rights abuses.
The pension fund owns about 2 million Caterpillar shares, worth about $177 million.
New York Comptroller Thomas DiNapoli has proposed a resolution that would allow fellow Caterpillar shareholders to demand changes in the company's sales practices.
The Securities and Exchange Commission recently rejected a corporate proposal to omit the resolution from proxy materials.
A Caterpillar spokesman declined to discuss any proxy statement before it's issued.
The shareholder meeting is scheduled June 12.
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