HARTFORD, Conn. -- Financial executives from nine states whose public pension funds include investments in Safeway have sent a letter to the chairwoman of the chain's nominating and corporate governance committee seeking to meet with her to ensure the independence of Safeway's directors before the board selects director candidates.
and financial officials in Los Angeles and New York City who together represent more than $492 million in retirement savings, including more than $127 million invested in Safeway.
Speaking of the letter during a speech to a Wall Street rally in support of striking and locked-out Southern California retail clerks two weeks ago, Meredith Miller, Connecticut's assistant state treasurer, said, "Safeway's indifference and arrogance to its employees can no longer be tolerated by public institutions. [With $19 million of Connecticut's retirement funds invested in Safeway stock], we have a fiduciary responsibility to force Safeway to do the right thing."
