On September 8, 2017, New York City Comptroller Scott Stringer and the New York City Pension Funds announced the second phase of their Boardroom Accountability Project, which will focus on board diversity and composition. Stringer sent a letter to the nominating and governance committee chairs of 151 portfolio companies held by the New York City Pension Funds, requesting board engagement regarding the director refreshment process and disclosure of a director qualification matrix that identifies directors’ relevant skills and experience and their gender and race/ethnicity. The list of companies included several major retailers and consisted of companies that have adopted proxy access in response to shareholder proposals from the NYC Pension Funds and those where the NYC Pension Funds’ proxy access proposals received majority support in 2017. 
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Many retailers today face an increasing risk related to product recalls, which can result in extensive losses and a variety of liability claims. Hunton and Williams LLP’s Insurance Coverage attorneys recently authored an article in which they address New York law on rescission and steps that can be taken to avoid rescission. This blog post contains a link to the full article.
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