Ralph Lauren Corp. has agreed to issue a report on its environmental and social practices next year in response to pressure from the trustee of New York State’s pension fund.
Thomas DiNapoli, the state’s comptroller, had submitted a shareholder resolution requiring such an account but withdrew the measure after the New York-based company agreed to issue a sustainability report when it files its next annual report. The company’s most recent report, covering the fiscal year ended March 30, was filed with the Securities and Exchange Commission last Thursday.
A spokeswoman for Ralph Lauren confirmed the firm had agreed to issue the report in tandem with its year-end filings.
DiNapoli is the sole trustee for the New York State Common Retirement Fund, which covers state and local government workers in New York State and has requested similar reports from other companies in which the fund has invested. In March, his office disclosed agreements with Best Buy and Bed Bath & Beyond calling for the retailers’ suppliers to account for their sustainability practices.
The fund was also one of several sponsors of the shareholder initiative pressing Urban Outfitters Inc. to expand the diversity of its board, a proposal voted upon by the company’s shareholders Tuesday. The results of Tuesday’s vote weren’t available at press time. Similar resolutions failed in 2011 and 2012, receiving 22 percent and 39 percent shareholder support, respectively. The nomination of Margaret Hayne, president of Urban’s Free People unit and wife of founder and chief executive officer Richard Hayne, to serve on the board and become its only female director “failed to meet the resolution’s request for an open and inclusive candidate selection process,” read a statement issued by DiNapoli’s office on Monday. DiNapoli characterized Margaret Hayne as “the ultimate insider.”
As in previous years, Urban’s board has opposed the proposal, stating it “could impede [the firm’s] ability to select the most suitable and qualified candidates for membership on the board of directors and would impose unnecessary administrative burdens and costs.”
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
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“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
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BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
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