New York State’s Comptroller ‘Warns Private Equity Against Union Busting’ - Letters Show How The State’s Pension Funds ‘Are Enforcing New Labor Standards For Private Equity’

July Rock at New York Focus reports that according to records obtained by her publication - in the past year, New York State Comptroller Thomas DiNapoli has urged at least three Private Equity Firms responsible for investing billions of State pension dollars to stop Anti-Union activities among their portfolio companies. Last Spring, DiNapoli - the steward of the State’s $273 billion Pension Fund - announced a policy to scrutinize working conditions at Private Equity-owned companies. The move was prompted - in part, by 2022 revelations a Sanitation Company owned by the Private Equity Firm Blackstone was employing Immigrant children to work the night-time cleaning shift at meatpacking plants, laboring among heavy machinery and hazardous chemicals. Blackstone financed the sanitation operations in part with State Workers’ savings, including New York’s, and the child labor news sent pensions reeling. The following year, DiNapoli announced that, before investing, the State would examine how Private Equity Firms handled labor and workforce issues in the companies they controlled. The policy encourages firms to ensure their portfolio companies prioritize Workers’ Rights, protect health and safety, and provide fair compensation and benefits. Since then, DiNapoli has warned three Private Equity Firms - Blackstone, Carlyle and KSL Capital Partners - about Union Busting at companies they held stakes in, according to letters obtained by New York Focus.
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