Dear New Yorkers,  
 
As New York City’s Chief Financial Officer, I am charged with ensuring the retirement security of nearly 800,000 New York City public sector workers and retirees. 

So when New Yorkers trust financial institutions with their life savings, you bet they can rely on the Office of the Comptroller to hold those institutions accountable. 

This week in particular called for financial accountability, indeed... 

On Monday, BlackRock, Inc. — the world’s largest asset manager — appointed fossil fuel executive Amin H. Nasser to the company’s board of directors.  Nasser is the CEO of the Saudi Arabian Oil Company — the world’s largest oil producer. 

As the world experiences record breaking temperatures, it’s clear that this appointment undermines the long-term interest of our burning planet (and our pension portfolios).  

BlackRock has clearly stated that climate risk is an investment risk, but actions speak louder than words. I unequivocally condemn Nasser’s appointment to the board of directors. This appointment directly undermines BlackRock’s own stated climate commitments. 

At a time when financial institutions need to take a collective approach to addressing the financial risks from climate change, BlackRock clients and shareholders expect climate-competent, not climate-conflicted, board members. 

Bank of America (BofA) is another institution that I'm holding responsible for its actions. After all, New York City retirement systems hold more than 10.5 million shares in the bank, valued at more than $300 million.

So after learning that BofA agreed to pay $250 million for myriad violations and illegal activity (including egregious junk fees, misuse of sensitive information and the withholding of credit card rewards), I urged the Bank of America board to claw back pay from executives.  

Instituting a claw back of incentive compensation is a critical accountability measure. Now the onus is on the Board of Bank of America to re-establish clear expectations of ethical conduct and responsible business practices. You can read the letter I sent in its entirety here.  

We need to hold our financial institutions accountable. I’ll never stop fighting to protect the long-term interest of New York City pensioners.  

Thanks, 

Brad