New York State Comptroller Thomas P. DiNapoli has filed shareholder proposals calling on seven corporations in the state’s common retirement fund portfolio to disclose their political spending, and two others to adopt a policy before contributing to third-party political activities.
The proposals, sent to Caesars Entertainment, Match Group, Penn Entertainment, SoFi Technologies, Warner Bros. Discovery Inc., Zillow Group, and Zoom Video Communications, request that the companies report on monetary and non-monetary contributions and expenditures made to influence elections or referendums. The proposals sent to The Coca Cola Company and Travelers Companies request that the companies adopt policies requiring trade associations or other groups receiving company money for political activities to report on their spending and disclose which candidates the money promotes.
Since the 2010 Citizens United ruling, which struck down certain restraints on corporate political spending, DiNapoli has filed 179 shareholder proposals on political spending disclosure. Of those, 54 corporations have adopted or agreed to adopt disclosures.
In the 2021-2022 shareholder season, the fund reached agreements on disclosing political spending at six of the eight companies where it filed proposals, including Las Vegas Sands Corp., Royal Caribbean Cruises Ltd., and Ulta Beauty Inc. The fund’s proposal at Twitter received 53% support from the company’s shareholders. The fund is currently in discussions with some of the companies regarding potential agreements on the latest proposals.
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