Thomas DiNapoli
Thomas P. DiNapoli
New York Comptroller
Tenure
2007 - Present
Term ends
2027
Years in position
18
Prior offices
Trustee Mineola Board of Education
New York State Assembly
Compensation
Elections and appointments
Education
Personal
Contact
Thomas P. DiNapoli (Democratic Party) is the New York Comptroller. He assumed office on February 7, 2007. His current term ends on January 1, 2027.
DiNapoli (Democratic Party, Working Families Party) ran for re-election for New York Comptroller. He won in the general election on November 8, 2022.
Biography
At age 17 in 1972 DiNapoli was elected to the board of trustees of the Mineola Union Free School District, New York. He took office at age 18, becoming the youngest person to hold public office in the state of New York. He also worked in the telecommunications industry for a decade.[1]
DiNapoli has lived on Long Island for his entire life. He earned a bachelor’s degree in history from Hofstra University in 1976, and later graduated with a master’s degree from The New School University's Graduate School of Management and Urban Professions.[2][3]
Political career
New York Comptroller (2007-present)
DiNapoli has served as New York Comptroller since February 2007.[3]
Cuomo's pension "smoothing"
As part of his 2013-14 budget, introduced on January 22, 2013, Governor Andrew Cuomo proposed the Stable Rate Pension Contribution Option as a way for local governments to deal with rising pension plan costs.[4] Local governments which signed on for this plan would be able to reduce their present pension payments by as much as 43 percent and would then lock in that rate for 25 years. The savings now would be made up from the later payments, which would be made at the same level even though the fiscal situation will have improved. E.J. McMahon of the pro-market Empire State Center for New York Policy opposed Cuomo's plan, contending that "even under ideal economic and financial market conditions, it's likely to be a losing bet for employers — saving them less in the short-term than it would cost them in the long run."[5] Before the plan could become operational, DiNapoli, the lone trustee of New York's pension plan, would need to approve the option, but on February 5, he stated that he had concerns with the proposal and its possible effects on the pension fund's solvency.[6] The New York State Teachers' Retirement System, which is separate from the main pension plan and would need to approve the plan because of its effect on school districts, hired Cheiron to conduct an independent review of Cuomo's plan.[7]
New York State Assembly (1986-2007)
DiNapoli represented District 16 in the New York State Assembly from 1986 to 2007.[8]
Mineola Board of Education (1972-1982)
DiNapoli served on the Mineola Board of Education from 1972 to 1982. He was first elected as a trustee and eventually became Board President.[3]
Elections
2022
See also: New York Comptroller election, 2022
General election
Withdrawn or disqualified candidates
- William Schmidt (L)
Democratic primary election
The Democratic primary election was canceled. Incumbent Thomas P. DiNapoli advanced from the Democratic primary for New York Comptroller.
Withdrawn or disqualified candidates
- Quanda Francis (D)
Republican primary election
The Republican primary election was canceled. Paul Rodriguez advanced from the Republican primary for New York Comptroller.
Conservative Party primary election
The Conservative Party primary election was canceled. Paul Rodriguez advanced from the Conservative Party primary for New York Comptroller.
Working Families Party primary election
The Working Families Party primary election was canceled. Incumbent Thomas P. DiNapoli advanced from the Working Families Party primary for New York Comptroller.
2018
- See also: New York Comptroller election, 2018
General election
Democratic primary election
Republican primary election
Green primary election
2014
DiNapoli ran for re-election as New York Comptroller in 2014. DiNapoli was unopposed for renomination in the Democratic primary on September 9. The general election took place on November 4, 2014.[9]
Results
General election
| New York Controller, 2014 | ||||
|---|---|---|---|---|
| Party | Candidate | Vote % | Votes | |
| Democratic |  Thomas DiNapoli Incumbent |
60.2% | 2,233,057 | |
| Republican | Bob Antonacci | 36.5% | 1,354,643 | |
| Green | Theresa Portelli | 2.6% | 97,906 | |
| Libertarian | John Clifton | 0.7% | 26,583 | |
| Total Votes | 3,712,189 | |||
| Election results via New York State Board of Elections |
Endorsements
DiNapoli received the endorsement of the Police Benevolent Association of New York State prior to the general election.[10]
2010
DiNapoli won re-election as Comptroller in the November 2, 2010 election.
| New York Comptroller, 2010 | ||||
|---|---|---|---|---|
| Party | Candidate | Vote % | Votes | |
| Democratic | Thomas P. DiNapoli Incumbent |
50.8% | 2,271,666 | |
| Republican | Harry Wilson | 46.3% | 2,069,427 | |
| Green | Julia Willebrand | 2.3% | 104,445 | |
| Libertarian | John Gaetani | 0.6% | 27,882 | |
| Total Votes | 4,473,420 | |||
| Election results via New York State Board of Elections |
Issues
ESG
| Environmental, social, and corporate governance |
|---|
|
| Select a topic from the dropdown below to learn more. |
DiNapoli took stances in support of Environmental, social, and corporate governance (ESG), an approach to investing and corporate decision-making.
State financial officers, including treasurers, auditors, and controllers, are responsible for auditing other government offices, managing payroll, and overseeing pensions. In some states, certain SFOs are also responsible for investing state retirement and trust funds.
Approval of stronger proxy vote policy regarding corporate boards (April 2022)
An April 2022 news release from the state comptroller’s office announced that DiNapoli had approved new proxy voting guidelines for the New York State Common Retirement Fund that would expand “scrutiny of board directors at companies that fail to address climate risks” and incorporate “expectations related to alignment with net zero and the Paris Agreement goals.”[11]
Assessing New York State Common Retirement Fund climate policy proxy votes for 2021, the news release reported that the fund, under DiNapoli’s direction as trustee, had “voted against 404 individual directors at 88 companies, including Berkshire Hathaway, Chevron Corporation, Phillips 66, Reliance Steel and Caterpillar Inc.”[12]
Support for SEC proposal to mandate ESG reporting (March 2022)
In June 2022, DiNapoli announced he would support a Securities and Exchange Commission (SEC) rule proposal titled the “Enhancement and Standardization of Climate-Related Disclosures for Investors.” In December 2022, the Pittsburgh Business Times reported that if the SEC rule were finalized it “would become some of the first mandatory environmental, social and governance (ESG) reporting requirements for U.S. companies, requiring the disclosure of climate-related risk information in registration statements and periodic reports.”[13][14]
“We are all experiencing catastrophic and deadly weather events, droughts, rising sea levels, and economic disruption due to climate change,” said DiNapoli, in a news release. “It is time for US companies to step up to the plate and develop, disclose and implement low carbon transition plans. It is our responsibility as investors to make sure the companies we invest in are prepared for the future, so they can be profitable and successful in the global marketplace. To do so requires us to have the information necessary to make informed investment decisions. Today's SEC rule does just that.”[15]
DiNapoli and former California Controller Betty Yee (Democratic Party) jointly authored a June 2021 opinion piece in Politico calling for the SEC to impose climate disclosure rules on public firms.[16]
Divestment from energy-producing companies (February 2022)
In February 2022, DiNapoli announced the state would divest from $238 million in investments in 21 publicly-traded oil and gas producers. A news release charged the 21 firms with failure “to demonstrate they are prepared for the transition to a low-carbon economy.” The release also reported the decision to divest was “part of DiNapoli’s comprehensive Climate Action Plan to address investment risks from climate change and his commitment to transition the Fund’s investment portfolio to net zero greenhouse gas emissions by 2040.” The Office of the New York Comptroller evaluated 42 energy companies and found 21 it believed had “failed to show viable transition strategies.”[17]
This followed a similar decision by DiNapoli in April 2021 to divest the state from positions in five oil companies; and a 2020 decision to divest from 22 publicly-traded corporations involved in producing energy from coal. In August 2021, DiNapoli announced the addition of five additional coal producers to the state’s divestment list.[18][19]
“As nations around the world become increasingly serious about addressing the threat of climate change and as market forces drive a low-carbon economic transition, we need to make sure our investments line up with this reality,” said DiNapoli, in April 2021.[20]
Support for ESG board seats at Exxon-Mobil (May 2021)
The New York State Comptroller is the trustee of the New York State Common Retirement Fund. In May 2021, as retirement fund trustee, DiNapoli sided with a group of activist shareholders who successfully replaced three members of the board of the energy firm ExxonMobil. The election campaign for the new board members was launched by the hedge-fund Engine No. 1, and was based in part on Engine No. 1’s belief that ExxonMobil was not sufficiently adjusting for climate change and what Engine No. 1 asserted would be a declining demand for fossil fuel. Engine No. 1 won support for its position from large money management firms BlackRock, Vanguard and State Street Global Advisors.[21][22]
“The fact that Exxon hasn’t been responsive up until now, in a way they set the stage for their own defeat,” said DiNapoli.[23]
In December 2018, as trustee of the retirement fund, DiNapoli supported an ExxonMobil shareholder resolution calling on the energy firm to set and disclose greenhouse gas emissions reduction targets in compliance with the Paris Climate Agreement.[24]
In May 2019, DiNapoli supported an ExxonMobil shareholder resolution calling for the firm to separate the CEO and board chair positions. In a news release announcing support for the vote, he said ExxonMobil’s leadership had created a “governance crisis” because they had failed “to adequately address significant shareholder concerns and properly account for climate risk.”[25]
$400 million investment in solar and wind energy funds (April 2021)
In April 2021, DiNapoli announced New York State Common Retirement Fund would invest $400 million in two investment funds that invest in the production of solar and wind energy. In a news release, DiNapoli’s office reported the investment was “tied to DiNapoli’s comprehensive Climate Action Plan to lower investment risks from climate change and transition the portfolio to net zero greenhouse gas emissions.”[26]
The state retirement fund purchased a $300 million position in Copenhagen Infrastructure Partners IV, and $100 million in Excelsior Renewable Energy Investment Fund I.[27]
“While climate change poses investment risks, it also creates opportunities for the state pension fund to invest in the companies and funds that are best positioned for the low-carbon future,” said DiNapoli, according to the release. “The commitments we announced today aim to take advantage of the growth in climate investing and to strengthen our portfolio for the long-term.”[28]
Adoption of 2040 net-zero goal for state retirement fund (December 2020)
A December 2020 news release from the state comptroller’s office announced that the New York State Common Retirement Fund had “adopted a goal to transition its portfolio to net zero greenhouse gas emissions by 2040.”[29]
DiNapoli, the trustee of the state retirement fund, said achieving the goal could include divestment from energy firms.
“New York State’s pension fund is at the leading edge of investors addressing climate risk, because investing for the low-carbon future is essential to protect the fund’s long-term value,” DiNapoli said in the news release. “Achieving net-zero carbon emissions by 2040 will put the Fund in a strong position for the future mapped out in the Paris Agreement. We continue to assess energy sector companies in our portfolio for their future ability to provide investment returns in light of the global consensus on climate change. Those that fail to meet our minimum standards may be removed from our portfolio. Divestment is a last resort, but it is an investment tool we can apply to companies that consistently put our investment’s long-term value at risk.[30]
Hiring of director of sustainable investments and climate solutions (January 2020)
In January 2020, DiNapoli announced the New York State Common Retirement Fund had hired Andrew Siwo as its first-ever director of sustainable investments and climate solutions. A news release reported Siwo’s mission would be to “support the implementation of the Fund’s Climate Action Plan.”[31]
“We are fortunate to have Andrew Siwo’s experience and expertise to help advance the Fund’s ongoing pursuit of smart climate-related investments,” DiNapoli said, according to the news release. “Climate change is an increasingly urgent risk facing all investors, and I am determined to protect New York State’s pension fund by keeping it at the forefront of those addressing it. Andrew will be a great asset in sourcing investment opportunities in the growing lower carbon global economy.”[32]
Siwo, according to the news release, had previously been the “investment director and head of Mission-Related Investing at Colonial Consulting, focusing on SRI, ESG and impact investments.”[33]
Adoption of Climate Action Plan for state retirement fund (June 2019)
In June 2019, DiNapoli released a “Climate Action Plan” to guide investment decisions for the New York State Common Retirement Fund which, at the time, had $210 billion in assets. The plan committed the state retirement fund to invest $20 billion over ten years in “sustainable investments.”[34]
“Climate change is one of the most significant risks facing investors and the warnings are growing increasingly dire,” DiNapoli said. “The Fund has taken many steps to assess and address climate risk already, but clearly more must be done and done quickly. This is a proactive plan to mitigate climate risk, capitalize on opportunities in the growing low carbon economy and protect the fund’s long term value.”[35]
SEC petition seeking mandatory ESG reporting from public firms (October 2018)
In October 2018, DiNapoli was a co-signatory on a petition to the Securities and Exchange Commission (SEC) requesting that the federal regulatory agency impose “rulemaking to develop mandatory rules for public companies to disclose high-quality, comparable, decision-useful environmental, social, and governance information.”[36]
The letter acknowledged that “most of America’s largest public companies” were already “attempting to provide additional information” on ESG issues. But the signatories also alleged there were “substantial problems with the nature, timing, and extent of these voluntary disclosures,” and “problems with the quality of voluntary ESG disclosure.”[37]
The petition was written by Prof. Cynthia A Williams of the Osgoode Hall Law School, and Prof. Jill E Fisch of the University of Pennsylvania Law School. Co-signers included public and private investment officials claiming to represent $5 trillion in assets under management.[38]
Campaign themes
2022
Ballotpedia survey responses
See also: Ballotpedia's Candidate Connection
Thomas P. DiNapoli did not complete Ballotpedia's 2022 Candidate Connection survey.
Campaign finance summary
Note: The finance data shown here comes from the disclosures required of candidates and parties. Depending on the election or state, this may represent only a portion of all the funds spent on their behalf. Satellite spending groups may or may not have expended funds related to the candidate or politician on whose page you are reading this disclaimer. Campaign finance data from elections may be incomplete. For elections to federal offices, complete data can be found at the FEC website. Click here for more on federal campaign finance law and here for more on state campaign finance law.
See also
External links
Footnotes
- ↑ Office of New York State Comptroller, “New York State Comptroller Thomas P. DiNapoli,” accessed March 5, 2023
- ↑ Office of New York State Comptroller, “New York State Comptroller Thomas P. DiNapoli,” accessed March 5, 2023
- ↑ 3.0 3.1 3.2 Cite error: Invalid
<ref>tag; no text was provided for refs namedbio - ↑ Governor Andrew M. Cuomo, "NY Rising: 2013-14 Executive Budget," January 22, 2013, p. 15 (dead link)
- ↑ E.J. McMahon, Albany Times Union, "A threat to pension solvency," January 29, 2013
- ↑ Joseph Spector, The Ithaca Journal, "DiNapoli raises concerns about Cuomo's pension plan," February 5, 2013
- ↑ Robert Steyer, Pensions & Investments, "NYSTRS taps Cheiron to analyze Gov. Cuomo pension proposal," February 14, 2013
- ↑ Project Vote Smart, "Thomas P. DiNapoli's Biography," accessed January 29, 2013
- ↑ DiNapoli 2014 for Comptroller, "Homepage," accessed April 19, 2013
- ↑ Times-Union, "State PBA gets behind DiNapoli for re-election," September 15, 2014
- ↑ Office of New York State Comptroller, “DiNapoli: State Pension Fund Calls on Corporations to Address Environmental and Climate Risks,” April 20, 2022
- ↑ Office of New York State Comptroller, “DiNapoli: State Pension Fund Calls on Corporations to Address Environmental and Climate Risks,” April 20, 2022
- ↑ Pittsburgh Business Times, “SEC’s proposed ESG rule: Key takeaways for public and private companies,” December 1, 2022
- ↑ Office of New York State Comptroller, “State Comptroller DiNapoli Statement on SEC's Climate Disclosure Proposal,” March 21, 2022
- ↑ Office of New York State Comptroller, “State Comptroller DiNapoli Statement on SEC's Climate Disclosure Proposal,” March 21, 2022
- ↑ Office of New York State Comptroller, “New York State Comptroller DiNapoli and California Controller Yee Urge S.E.C. to Mandate Climate Change Disclosures,” June 10, 2021
- ↑ Office of New York State Comptroller, “$238 Million Divested From Companies Not Prepared for Net Zero Transition,” February 9, 2022
- ↑ Office of New York State Comptroller, “DiNapoli Moves State Pension Fund Toward Net Zero Target, Restricts Investments in Oil Sands Companies,” April 12, 2021
- ↑ Office of New York State Comptroller, “DiNapoli Announces More Climate Actions; NYS Pension Fund Launches Evaluation of Shale Oil and Gas Companies,” August 12, 2021
- ↑ Office of New York State Comptroller, “DiNapoli Moves State Pension Fund Toward Net Zero Target, Restricts Investments in Oil Sands Companies,” April 12, 2021
- ↑ New York Times, “Exxon’s Board Defeat Signals the Rise of Social-Good Activists,” June 9, 2021
- ↑ State of Washington, Office of the Treasurer, Letter from Mike Pellicciotti to Darlene Clemens of Port Angeles, Washington,” July 19, 2021
- ↑ Bloomberg Law, “Exxon Set Stage for Its Own Defeat, New York’s DiNapoli Says,” May 26, 2021
- ↑ Office of New York State Comptroller, “NYS Comptroller DiNapoli and Church of England Call on ExxonMobil to Set Targets for Lowering GHG Emissions,” December 17, 2018
- ↑ Office of New York State Comptroller, “NY State Pension Fund and Church Commissioners for England Call for Exxon to Separate Board Chair and CEO Positions,” May 7, 2019
- ↑ Office of New York State Comptroller, “DiNapoli: NYS Pension Fund Announces $400 Million in Sustainable Investments,” April 20, 2021
- ↑ Office of New York State Comptroller, “DiNapoli: NYS Pension Fund Announces $400 Million in Sustainable Investments,” April 20, 2021
- ↑ Office of New York State Comptroller, “DiNapoli: NYS Pension Fund Announces $400 Million in Sustainable Investments,” April 20, 2021
- ↑ Office of New York State Comptroller, “New York State Pension Fund Sets 2040 Net Zero Carbon Emissions Target,” December 9, 2020
- ↑ Office of New York State Comptroller, “New York State Pension Fund Sets 2040 Net Zero Carbon Emissions Target,” December 9, 2020
- ↑ Office of New York State Comptroller, “NYS Comptroller DiNapoli Appoints First Director of Sustainable Investments and Climate Solutions,” January 9, 2020
- ↑ Office of New York State Comptroller, “NYS Comptroller DiNapoli Appoints First Director of Sustainable Investments and Climate Solutions,” January 9, 2020
- ↑ Office of New York State Comptroller, “NYS Comptroller DiNapoli Appoints First Director of Sustainable Investments and Climate Solutions,” January 9, 2020
- ↑ Office of New York State Comptroller, “DiNapoli Releases Climate Action Plan,” June 6, 2019
- ↑ Office of New York State Comptroller, “DiNapoli Releases Climate Action Plan,” June 6, 2019
- ↑ U.S. Securities and Exchange Commission, Petition requesting rulemaking to SEC Secretary Brent J. Fields from Cynthia A. Williams and Jill E. Fisch, October 1, 2018
- ↑ U.S. Securities and Exchange Commission, Petition requesting rulemaking to SEC Secretary Brent J. Fields from Cynthia A. Williams and Jill E. Fisch, October 1, 2018
- ↑ Global Legal Post, “Petition put to SEC for framework on ESG disclosure rulemaking,” October 10, 2018
| Political offices | ||
|---|---|---|
| Preceded by - |
New York Comptroller 2007-Present |
Succeeded by - |
| Preceded by - |
New York State Assembly 1986-2007 |
Succeeded by - |
| Preceded by - |
Trustee Mineola Board of Education 1972-1982 |
Succeeded by - |
| State Controllers | |
|---|---|
| Elected (by voters) | California • Connecticut • Idaho • Illinois • Indiana • Maryland • Nevada • New York • South Carolina • Tennessee • Texas |
| Appointed (by gov.) | |
| Elections | |
| Other |
