(The following is a reformatted version of a press release
issued by New York City Comptroller John C. Liu and the New York
City Pension Funds, received via e-mail and confirmed by the
April 9, 2013 
Efforts Part of Broad Push for Diversity and Equality as ‘Equal
Pay Day’ Highlights Gaps That Remain 
NEW YORK, N.Y. - Comptroller John C. Liu and the New York City
Pension Funds today announced that AIG (NYSE: AIG), BNY Mellon
(NYSE: BK), and US Bancorp (NYSE: USB) have agreed to provide
meaningful disclosure of the composition of their U.S.
workforces by race and gender - part of a broad push by the
funds to promote diversity and equality at portfolio firms. 
The three companies will provide annual disclosure of their
workforce demographics across major job categories, including
senior management. The Pension Funds last year secured similar
agreements with Goldman Sachs (NYSE: GS) and MetLife (NYSE:
The Comptroller’s office is further asking several major
advertising firms to make this information publicly available
and is also seeking more boardroom diversity at key firms - in a
pair of shareholder resolutions to be voted on in the coming
The efforts are thrown into sharp relief by Equal Pay Day, which
is April 9 this year. Women on average earn less than men, and
closing the wage gap goes hand-in-hand with ensuring overall
workforce diversity. 
“Diversity is good for the bottom line, but without meaningful
disclosure there is no way for shareowners to evaluate the
effectiveness of a company’s efforts to recruit and promote
women and minorities,” Comptroller Liu said. “We applaud AIG,
BNY Mellon, and US Bancorp for demonstrating their commitment to
equal opportunities. But we’re not stopping there. In the coming
season, we hope that more portfolio firms demonstrate their
commitment - not just to workforce diversity but also boardroom
diversity and equal pay.” 
“Even though the statistics remain dismal, we are encouraged by
the progress and the willingness of corporate leadership to
address the important issues of workforce and board diversity.
Institutional investors who are working with the Thirty Percent
Coalition have filed shareholders’ resolutions with over 20
companies with either no women on their boards or those
companies that lagged peers on diversity, for a vote at their
annual meetings. The investors filing these resolutions are
urging these companies to adopt charter language supporting
board diversity and institute a practice of including women and
minority candidates on their boards. Comptroller Liu is an
effective and longstanding advocate for diversity, and he is a
valued member of the Thirty Percent Coalition,” said Charlotte
Laurent-Ottomane, Executive Director of the Thirty Percent
Under the Civil Rights Act of 1964, Federal law requires
companies with 100 or more employees to annually submit the
Employer Information EEO-1 survey. This compliance report
requires company employment data to be classified by race,
gender and job categories and is used to provide federal
agencies with potential indications of discrimination to support
civil rights enforcement. 
The advertising industry, like the financial industry, is
characterized by wide and pervasive employment disparities -
especially in senior positions. With an eye on expanding
opportunities for women and minorities, the Comptroller’s office
has filed a shareowner proposal with leading advertising firms
Omnicom (NYSE: OMC) and Interpublic (NYSE: IPG) to be voted on
by shareowners at the companies’ annual meetings later this
With respect to boardroom diversity, the Funds are pressing CF
Industries (NYSE:CF) and Freeport-McMoRan Copper & Gold (NYSE:
FCX) to include women and minority candidates in the pool from
which board members are chosen and expand director searches to
include nominees from non-traditional environments such as
government, academia, and non-profit groups. 
New York City Comptroller John C. Liu serves as the investment
advisor to, custodian, and trustee of the New York City Pension
Funds. The New York City Pension Funds are composed of the New
York City Employees’ Retirement System, Teachers’ Retirement
System, New York City Police Pension Fund, New York City Fire
Department Pension Fund, and the Board of Education Retirement
System. As of 4/5/2013, the New York City Pension Funds held a
combined 15,025,579 shares in the seven companies valued at
$499,705,569.09, including: 1,857,171 shares of AIG valued at
$71,723,944.02; 2,871,334 shares of BNY Mellon valued at
$78,559,698.24; 4,981,203 shares of US Bancorp valued at
$166,172,932.08; 661,258 shares of Omnicom valued at
$38,888,582.98; 1,655,117 shares of Interpublic valued at
$21,814,442.06; 166,353 shares of CF Industries valued at
$31,602,079.41; and 2,833,143 shares of Freeport-McMoRan Copper
& Gold valued at $90,943,890.30. 
Annual Disclosure of EEO-1 Data
Submitted by New York City Comptroller, John C. Liu,
on behalf of the New York City Pension Funds 
RESOLVED:  Shareholders request the Board of Directors to adopt
and enforce a policy requiring Omnicom Group, Inc. (“Omnicom,”
or the “Company”) to disclose its EEO-1 data - a comprehensive
breakdown of its workforce by race and gender according to 10
employment categories - in its annual sustainability report,
beginning in 2013. 
Despite federal and state laws forbidding employment
discrimination on the basis of race, allegations of racial
discrimination persist in some industries; and in recent years,
a number of companies have agreed to pay millions of dollars to
settle allegations of racial discrimination. 
The advertising industry, of which the Company is a part, is
characterized by the persistent and pervasive
underrepresentation of minorities, particularly in senior
positions.  A recent study entitled “Research Perspectives on
Race and Employment in the Advertising Industry” (Bendick and
Egan Economic Consultants, Inc. 2009) found that: 
·         racial disparity is 38% worse in the advertising
industry than in the overall U.S. labor market; 
·         the “discrimination divide” between advertising and
other U.S. industries is more than twice as wide as it was 30
years ago; 
·         Black college graduates working in advertising earn 80
cents for every dollar earned by their equally-qualified White
·         about 16% of large advertising firms employ no Black
managers or professionals, a rate 60% higher than in the overall
labor market; and 
·         Black managers and professionals in the industry are
one-tenth as likely as their White counterparts to earn $100,000
a year. 
Numerous studies have found that workplace diversity provides a
competitive advantage by generating diverse, valuable
perspectives, creativity and innovation, increased productivity
and morale, while eliminating the limitations of “groupthink.” 
Omnicom agrees “that workplace diversity creates value for the
Company and fosters a positive corporate culture,” according to
its 2012 Proxy Statement.  The Company emphasizes its commitment
to recruiting, retaining and promoting minorities and women, and
points to a set of specific initiatives.  But without
quantitative disclosure, shareholders have no way to evaluate
and benchmark the effectiveness of these efforts. 
Board Diversity 
Submitted by New York City Comptroller John C. Liu
on behalf of the New York City Pension Funds 
RESOLVED: Shareholders request that the Board of Directors of CF
Industries Holdings, Inc. (“CF”) adopt a policy on Board
diversity that requires the Corporate Governance and Nominating
Committee of the Board (the “Committee”), consistent with its
fiduciary duties, to: 
1.      include women and minority candidates in the pool from
which Board nominees are chosen; 
2.      expand director searches to include nominees from both
non-executive corporate positions and non-traditional
environments such government, academia, and non-profit
3.      review periodically the composition of the Board to
ensure it reflects the knowledge, experience, skills, and
diversity required to fulfill its duties; and 
4.      report to shareholders, at reasonable expense and
omitting proprietary information, its efforts to encourage
diversified representation on the Board. 
Currently, CF has no women or minorities on its board. 
In an increasingly global marketplace, the ability to draw on a
wide range of viewpoints, backgrounds, skills, and experience is
critical to a company’s success, as it increases the likelihood
of making the right strategic and operational decisions.  This
is especially important for corporate boards, given the range,
complexity and significance of their responsibilities and
We believe diversity, inclusive of race and gender, is therefore
an essential measure of sound governance and a critical
component of a well-functioning board that can help to ensure
that different perspectives are brought to bear on issues.  We
also share SEC Commissioner Luis Aguilar’s belief, expressed in
September 2010, “that companies that expand their search for new
directors to include more women and minorities will find a
breadth and depth of talent that will serve to improve their
performance and increase the wealth of their investors.” 
A growing body of empirical research indicates a significant
positive relationship between firm value and the percentage of
women and minorities on boards.  According to an August 2012
report by Credit Suisse Research Institute, which evaluated the
performance of 2,360 companies globally over the six years
ending December 2011, companies with one or more women on the
board delivered higher average returns on equity, lower
leverage, better average growth and higher price/book value
The proposed policy resembles the Rooney Rule in the National
Football League, which requires teams to interview minority
candidates for head coaching and senior football operations
openings.  While corporate boards may face differing
circumstances, it is difficult to ignore the positive impact of
the Rooney Rule on both diversity and performance. 
According to Forbes (5/9/12), “In 2002, the year before the
Rooney Rule was implemented, three head coaches were minorities.
Going into last season, 11 minorities were interim or full-time
head coaches and five minorities were general managers.”
(  Moreover, “the
last six Super Bowls have featured at least one team with a
minority head coach or general manager.” 
We urge shareholders to vote for this proposal. 
In addition to Comptroller Liu, the New York City Pension Funds
trustees are: 
New York City Employees’ Retirement System: Janice Emery,
Mayor’s Representative (Chair); New York City Public Advocate
Bill de Blasio; Borough Presidents: Scott Stringer (Manhattan),
Helen Marshall (Queens), Marty Markowitz (Brooklyn), James
Molinaro (Staten Island), and Ruben Diaz, Jr. (Bronx); Lillian
Roberts, Executive Director, District Council 37, AFSCME; John
Samuelsen, President Transport Workers Union Local 100; Gregory
Floyd, President, International Brotherhood of Teamsters, Local
Teachers’ Retirement System: Janice Emery, Mayor’s
Representative; Deputy Chancellor Kathleen Grimm, New York City
Department of Education; and Sandra March, Melvyn Aaronson
(Chair) and Mona Romain, all of the United Federation of
New York City Police Pension Fund: Janice Emery, Mayor’s
Representative; New York City Finance Commissioner David
Frankel; New York City Police Commissioner Raymond Kelly
(Chair); Patrick Lynch, Patrolmen’s Benevolent Association;
Michael Palladino, Detectives Endowment Association; Edward D.
Mullins, Sergeants Benevolent Association; Louis Turco,
Lieutenants Benevolent Association; and, Roy T. Richter,
Captains Endowment Association. 
New York City Fire Department Pension Fund: Janice Emery,
Mayor’s Representative; New York City Fire Commissioner
Salvatore Cassano (Chair); New York City Finance Commissioner
David Frankel; Stephen Cassidy, President, James Slevin, Vice
President, Robert Straub, Treasurer, and John Kelly, Brooklyn
Representative and Chair, Uniformed Firefighters Association of
Greater New York; Patrick Reynolds, Captains’ Rep.; James
Lemonda, Chiefs’ Rep., and James J. McGowan, Lieutenants’ Rep.,
Uniformed Fire Officers Association; and, Sean O’Connor, Marine
Engineers Association. 
Board of Education Retirement System:  Schools Chancellor Dennis
Walcott; Mayoral: Joseph Lewis, Jeanette Moy, Ian Shapiro, Tino
Hernandez, Judy Bergtraum, Allison Rogovin, and Milton Williams;
Patrick Sullivan (Manhattan BP), Kelvin Diamond (Brooklyn BP),
Dmytro Fedkowskyj (Queens BP), Robert Powell (Bronx BP) and
Diane Peruggia (Staten Island BP); and employee members Joseph
D’Amico of the IUOE Local 891 and Milagros Rodriguez of District
Council 37, Local 372. 
Contact: Stephanie Hoo, (212) 669-3747 
(sgp) NY 
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