Home > News > Pensions > New York State Common Makes Climate Deals With 5 Portfolio Companies
Pensions

New York State Common Makes Climate Deals With 5 Portfolio Companies

The agreements with five portfolio companies include energy transition reporting disclosures.
By Matt Toledo



The New York State Common Retirement Fund, a $267.7 billion pension fund, announced it reached climate agreements with five portfolio companies during the 2024 proxy season.

Southwest Airlines Co. and Cleveland-Cliffs Inc. agreed to set greenhouse gas emissions targets and disclose climate transition plans. The fund made an agreement with utility company WEC Energy Group to disclose a feasibility study on integrating climate metrics into an executive compensation plan. Fast-food giant McDonalds Corp. agreed to assess supply chain water-related risks and set water quality and quantity targets. Reality Income Corp. agreed to adopt a low-carbon transition plan.

As a part of proxy voting guidelines amended in February, the fund expects all portfolio companies to report climate transition plans and other data related to environmental, social and governance factors. In the 2024 proxy season, the fund has voted against 1,900 directors at more than 600 portfolio companies the fund identified as lacking robust climate risk management.

“As trustee of the Fund, one of my top priorities is safeguarding the investments made for the benefit of the more than one million participants in the New York State retirement system,” said Thomas DiNapoli, New York state comptroller, in a statement. “To foster long-term financial success, it is essential to address the climate-oriented investment challenges faced by the Fund’s portfolio. Climate change is an increasingly urgent risk facing all investors.”

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Home > News > Newsmakers > Dave Zellner Appointed Executive Chair of FaithInvest
Newsmakers

Dave Zellner Appointed Executive Chair of FaithInvest

Zellner recently retired after 27 years as CIO of Wespath Benefits and Investments.
By Matt Toledo

FaithInvest, a not-for-profit network of faith-based institutional investors, announced on Wednesday the appointment of Dave Zellner as its executive chair, effective September 1.  

“I profoundly believe in FaithInvest’s mission and am deeply committed to its success,” said Zellner in a statement. “I’m excited to bring my skills and experience to the team as we develop the next phase of services that will shape FaithInvest’s future direction and grow the faith-consistent investing movement.” 

From 1997 to 2024, Zellner was CIO of Wespath Benefits and Investments, the $25 billion fund which serves more than 100,000 active and retired Methodist clergy and church employees, as well as 150 Methodist institutions. Zellner, who has been a member of CIO’s Power 100 list, announced in February his retirement from Wespath on August 1.  

Zellner’s appointment comes as FaithInvest plans to expand its offerings to faith-based asset owners, including FaithInvest Consulting and FaithInvest Advisory Services, which will provide faith-aligned investment solutions to clients. 

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Zellner was also previously director of equity investments at Shell. He earned a bachelor’s degree in finance from Louisiana State University and an MBA from the University of Houston. 

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