NYC Official Hits Tyson Over Investments

Dec. 18, 2020
A New York City official has called on the federal government to investigate Tyson Foods’ “poor pandemic response.”

A New York City official, who is responsible for guiding the city’s pension investments, has called on the federal government to investigate Tyson Foods’ “poor pandemic response.”

New York City Comptroller Scott Stringer claims that by “flagrantly representing its pandemic response,” Tyson has opened the door to “serious risks for shareholders.” He sent a letter to the Securities and Exchange Commission, asking it “to investigate Tyson and to take appropriate action to protect investors.” Stringer says that the city retirement systems he advises are “substantial long-term Tyson shareholders.”

The letter notes that since the beginning of the year, Tyson’s stock has lagged both the S&P 500 index and 13 of the 14 peer companies Tyson identifies in its most recent proxy statement. It also criticizes Tyson’s safety record before the pandemic, noting that it ranked high on lists of on-the-job injuries and health and safety violations.

Tyson has been one of the most heavily criticized companies during the pandemic, with the largest numbers of infections and death from COVID of any meatpacking company. The company recently fired seven managers from a pork plant in Waterloo, Iowa, after an internal investigation into allegations that they had bet on how many workers in the plant would come down with COVID.

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