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CT pension fund demands diversity on energy drink board

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.

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