New York State Comptroller Tom DiNapoli has revealed that there is now $106m in State retirement funds focused on investments in the North of Ireland.
"Northern Ireland has proven to be a sound investment for our New York State Common Retirement Fund," the Comptroller told a full-house of Irish American labor leaders gathered in New York last week for the annual Irish Echo awards honouring trade union champions.
"Through our Northern Ireland initiative, the Fund has invested in emerging technology companies and healthcare, as well as more established companies in consumer services and business services, seeking to grow their business in the North," he said.
"And thanks to the inspiration of the late, great trade unionist Inez McCormack, our criteria for investment include equal employment opportunities for all communities. The Fund’s investments in Northern Ireland are what I refer to as 'doing well by doing good'. Our commitments in Northern Ireland have provided a solid return for the Fund, and that’s good news for the 1.2 million working and retired members of our pension system."
But equally, Comptroller DiNapoli told labor leaders from across the TriState area and New England, those investments have helped build the economy and the peace process in the North.
Saluting the honorees from nine different trade unions, the Comptroller said labor organising was pivotal to the success of America.
"Tonight’s honorees truly encompass that idea," he added. "Their leadership across industries and trades has unified working men and women, secured fair wages and benefits, improved safety protections and advanced economic mobility for working families."
Irish Americans have made immense contributions to the labor movement in this country. I was honored to join @theirishecho celebration in NYC that recognizes labor leaders and to share how investments from the state pension fund benefit New York and support a
— Tom DiNapoli (@NYSComptroller) September 7, 2024
peaceful Northern… pic.twitter.com/WUhECEk5Sp
And the Comptroller emphasised his own labor roots. "From a young age, I learned first hand how union membership can change lives. I grew up in a union household. My dad, a shop steward for CWA, instilled in me the importance of worker solidarity. I remember during strikes, he would have the picket signs lined up in the dining room, and during those times, our dinners would change from meat to a lot of macaroni and cheese. I would not be where I am today without the economic security that unions brought to our family."
Stressing the need to ensure US companies in Northern Ireland employed fairly from across the community, Comptroller DiNapoli said that he had been liaising with Spirit Aerosystems of Belfast (formerly Short Brothers/Bombardier) in relation to the disparity in their workforce; just under 20 per cent of the company's employees hail from a Catholic community background.
Pointing out that public support for trade unions in America was at an all-time high, the Comptroller praised the role Irish labor leaders were playing in that success. "Everywhere we look, Labor is winning," he said. "And that’s made possible by the dedication of people like tonight’s honourees, whose work encompasses the perseverance of the Irish spirit and the unity of the Labor movement."
You can see a full list of this year's Irish Labor Leaders on the Irish Echo website.
