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

New York State will push to remove three top Boeing executives and block pay raises by using the weight of its pension fund after a series of company disasters.

State Comptroller Tom DiNapoli, who oversees the fund, plans to vote against shareholders proposals arguing Boeing bigwigs shouldn’t get a raise as a result of its handling of the safety issues on its 737 Max 9 aircraft.

“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.”

State Comptroller Tom DiNapoli is directing the state pension fund to vote against proposals at Boeing’s shareholder meeting. AP
Dave Calhoun has already announced plans to step down as Boeing’s CEO at the end of this year. NurPhoto via Getty Images

An explanation of the decision posted to the comptroller’s website specifically cites the terrifying Alaska Airlines flight in January where a door blew off a 737 Max jet, leaving several passengers with minor injuries.

The pension fund will also vote against the reappointment of Dave Calhoun, the board’s chairman and CEO, and two other board members – Lynn Good and Robert Bradway.

Calhoun has already announced plans to step down at the end of the year.

“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 lengthy statement for shareholders.

State Comptroller Tom DiNapoli plans to vote against shareholder proposals. REUTERS

DiNapoli frequently uses the more than $205 billion fund to make shareholder votes in line with environmental, social and governance goals.

The comptroller plans to direct the fund to vote against some proposals going before Amazon, Tesla, Meta and Dollar General in the coming weeks.