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NYS pushes to boot Boeing bigwigs, block executive raises using pension fund after series of company mishaps

New York State will push to take away three high Boeing executives and block pay raises by using the burden of its pension fund after a series of company disasters.

State Comptroller Tom DiNapoli, who oversees the fund, plans to vote in opposition to shareholders proposals arguing Boeing bigwigs shouldn’t get a increase because of this of its dealing with of the security points on its 737 Max 9 plane.

“Boeing directors continue to fail to properly oversee the company’s strategy, safety and corporate culture,” DiNapoli wrote on X, Thursday. “We will be voting against 3 long tenured directors & the proposed executive compensation plan at the company’s upcoming shareholder meeting.”

A door area of a boeing 737 plane
State Comptroller Tom DiNapoli is directing the state pension fund to vote in opposition to proposals at Boeing’s shareholder assembly. AP
Dave Calhoun
Dave Calhoun has already introduced plans to step down as Boeing’s CEO on the finish of this yr. NurPhoto by way of Getty Images

An rationalization of the choice posted to the comptroller’s website particularly cites the terrifying Alaska Airlines flight in January the place a door blew off a 737 Max jet, leaving a number of passengers with minor accidents.

The pension fund may also vote in opposition to the reappointment of Dave Calhoun, the board’s chairman and CEO, and two different board members – Lynn Good and Robert Bradway.

Calhoun has already introduced plans to step down on the finish of the yr.

“These changes are intended to drive our collective performance towards achieving the challenging safety and quality goals set by the Compensation Committee for 2024,” the company writes in a prolonged assertion for shareholders.

DiNapoli continuously makes use of the greater than $205 billion fund to make shareholder votes consistent with environmental, social and governance targets.

The comptroller plans to direct the fund to vote in opposition to some proposals going earlier than Amazon, Tesla, Meta and Dollar General within the coming weeks. 

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