A resolution concerning corporate political spending was filed with State Street Corp. in 2011 and received 44 percent of shareholder support. State Street made a number of significant improvements to its disclosures and policies, including prohibiting its trade organizations from using its membership dues for political contributions and activities (including contributions to 527s) and agreeing to disclose its political contributions to 527s and tax-exempt organizations.
"We are delighted that State Street has taken this prudent step which is in the best interests of the company and its investors. We worked with the company for two years on questions surrounding political spending disclosure and believe this is an important development in the financial services industry," said Jonas Kron, Vice President of Trillium Asset Management.
"With Trillium's help, the number of companies adopting political spending disclosure has hit 100," said Bruce F. Freed, president of the Center for Political Accountability. "It reflects growing acceptance of the need to address the heightened risks posed by political spending."
Trillium Asset Management, LLC is the oldest independent investment advisor devoted exclusively to sustainable and responsible investing. With over $970 million in assets under management, Trillium has been managing equity and fixed income investments for high net worth individuals, foundations, endowments, religious institutions, and other nonprofits, since 1982. A leader in shareholder advocacy and public policy work, Trillium's goal is to deliver both impact and performance to its investors.Contact: Shelley Alpern, Trillium Asset Management (617) 423-6655 SOURCE Trillium Asset Management, LLC