NYC comptroller upset with SEC ruling on Newmont proposal

The New York City comptroller Wednesday criticized a Securities and Exchange Commission decision to let Newmont Mining Corp. omit a shareholder environmental resolution from the ballot at its annual shareholder meeting set for April 27, agency reported Thursday.

New York Comptroller William C. Thompson Jr. said he was "disappointed" with the SEC decision because it took away Newmont shareholders' opportunity to hold management responsible for the company's alleged toxic waste dumping in Indonesia.

The shareholder resolution was submitted by New York City's five pension systems and called on Newmont management to review the company's policies on waste disposal at its operations in Indonesia. The funds hold about 1.47 million Newmont shares worth $68.5 million.

"As shareholders, we are concerned about the reputational risks and share value as a result of Newmont Mining's actions in Indonesia," Thompson said in a prepared statement.

The comptroller's office learned of the SEC ruling last week, a spokeswoman said Wednesday.

Newmont spokesman Doug Hock said the SEC allowed Newmont to omit the proposal "because the subject of the proposal was a matter of the ordinary business of the corporation."

"We already comply with the substance of the proposal through our policies, standards and public reporting," Hock said. (*)