||New York City Pension Funds
||Withdrawn; company providing requested information
WHEREAS, recent reports of toxic and hazardous products imported into the US from overseas, including toothpaste, toys, tires, pet food, and other products, have led to increased concern among consumers, regulators, and law-makers about the safety of many products sold by US retailers, and,
WHEREAS, JC Penney annually markets millions of dollars worth of imported products at its over 1,000 stores in the US, and,
WHEREAS, since 2004 there have been recalls of more than 1,300,000 potentially hazardous JC Penney retailed products, including toys, children’s clothing, Christmas ornaments, and electrical appliances,
THEREFORE, BE IT RESOLVED, that shareholders request that the Board publish a report on the company’s policies on product safety, at reasonable cost and omitting proprietary information, by December 2008. The report should summarize attempts by the company to secure its supply chain of goods marketed, which, if any product lines and categories sold in JC Penney stores may be affected by the new product safety concerns described above, and the options for new initiatives or actions management is taking to respond to this public policy challenge, beyond those initiatives or actions already required by law.
SUPPORTINC STATEMENT We believe that by publishing the requested evaluation of company policies and practices relating to product safety, the Company can help promote public trust, minimize legal liability, protect brand reputation, and safeguard and grow its market share. We urge you to vote your shares FOR this resolution.