NYC Comptroller Opposes Barry Smitherman as NRG’s Activist Board Member Nominee

NYC Comptroller Opposes Barry Smitherman as NRG’s Activist Board Member Nominee

Apr 12, 2017

by Margarita Fournier; Copyright 2016 by Competitive Assets, LLC.  All rights reserved

On 4/10/17, SNL Energy reported that the “New York City Comptroller Scott Stringer, on behalf of the city’s public pension funds he oversees, urged shareholders to cast proxy votes against the election of Barry Smitherman, a former chairman of the Railroad Commission of Texas and the Public Utility Commission of Texas, to NRG’s board of directors during the annual shareholder meeting on April 27. The funds overseen by Stringer include 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, which collectively own more than 1.27 [million] common shares and associated proxy votes in NRG, according to the April 6 filing. “’Barry Smitherman’s view that climate change is a hoax disqualifies him from serving as a director at NRG,’ Stringer said in an April 7 statement. ‘His anti-science claims are both counterproductive in NRG’s boardroom and send a demoralizing message to the company’s employees.’” The letter from Comptroller Stringer is posted here; it also expresses concern over Elliott Management’s “record of acquiring large stakes [in companies] over a short time, seeking board representation as one of its tactics to break up or sell a company, and then selling its stake.” More also at http://www.4-traders.com/NRG-ENERGY-INC-13792/news/NRG-Energy-Statement-from-NYC-Comptroller-Stringer-on-the-Launch-of-the-NYC-Pension-Funds-Vote-N-24183842/.

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Posted by CompetitiveAssets on April 12th, 2017

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