National: Institutional Investors Demand Disclosure on Companies’ Political Spending | Institutional Investor
On January 21, 2010, the day the Supreme Court delivered its landmark decision on Citizens United vs. Federal Election Commission that it would overturn most of a century’s worth of regulations on corporate political spending, the $140 billion New York State Common Retirement Fund corporate governance department happened to be meeting to discuss the problem of untraceable political spending by companies in its portfolio. Patrick Doherty, the fund’s director of corporate governance, was making the pitch to New York State Comptroller Thomas DiNapoli that the political spending issue should be a central focus of New York Common’s corporate governance campaign for the coming year. The overlap was coincidental; before the court’s final decision on Citizens United, the case hadn’t attracted too much attention in the comptroller’s office or among most of the general public. That changed after January 21. Despite New York Common’s pre-Citizens United efforts to improve disclosure around corporate political spending — which primarily consisted of a concerted support of any shareholder resolution pushing the issue — the fund’s leaders hadn’t heard constituents express their opinions on the topic. But they spoke up after the decision on Citizens United, says DiNapoli.