March 28 (Bloomberg) — New York City Comptroller Scott Stringer said the city's $148 billion pension funds withdrew shareholder requests that Jarden Corp. and Microchip Technology Inc. diversify after they appointed women to their boards.
Jarden, a Rye, New York-based consumer-product maker whose brands include Mr. Coffee and Yankee Candle, and Microchip Technology of Chandler, Arizona, also adopted policies to increase minority representation, according to Stringer's office. The city also withdrew a resolution to CF Industries Holdings Inc., a fertilizer maker in Deerfield, Illinois, after it instructed recruiters to seek diverse director candidates.
"The issue of diversity goes to the heart of a corporation's commitment to long-term sustainable growth," Stringer said yesterday before the announcement. "Corporate boards deal with a complex set of issues — it only makes sense to have a diverse set of individuals to confront the challenges of the modern business world."
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