The Connecticut Retirement Plans and Trust Funds and its New York equivalent have filed a shareholder resolution demanding that Monster Beverage appoint a female or minority board member.
Together, CRPTF, the New York State Common Retirement Fund, the Philadelphia Public Employees Retirement System and Calvert Investments hold $57 million worth of Monster stock. Of that amount, Connecticut holds $4.3 million, or 39,500 shares.
CRPTF is led by State Treasurer Denise Nappier.
Nappier said in a statement that similar prodding over the past four years pressured retailer Urban Outfitters to appoint an independent, female director last month.
Nappier said Monster has not followed through on a 2009 promise to include diversity in the criteria it uses to appoint board members.