The New York City Pension Funds take the responsibility of stock ownership seriously and have a long-term view of values that serves as the foundation for their active participation and leadership in corporate governance. This participation includes not only responsible proxy voting, which is a prerequisite to effective corporate governance, but also active monitoring and engagement of portfolio companies on a wide range of financial, governance, social and environmental risks critical to the companies’ long-term success. As part of this commitment to active engagement, the New York City Pension Funds maintain shareholder proposal programs that are among the most active in the world. The New York City Pension Funds believe that advocacy and activism for shareholder rights, corporate governance reforms, and corporate responsibility are not only consistent with their fiduciary obligations, but also essential to add value and mitigate risk at portfolio companies. They understand the interconnectedness and interdependencies of markets and societies within the global economy. Accordingly, they expect companies in which they invest to strive continually to be good citizens in the communities where they do business.