This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Walgreens And UAW Retiree Medical Benefits Trust Agree To Multi-Year Collaboration On Political Spending Disclosure

Stocks in this article: WAG

CHICAGO, Jan. 8, 2013 /PRNewswire/ -- The UAW Retiree Medical Benefits Trust today announced the start of a multi-year collaboration with Walgreen Co. (NYSE: WAG) to develop a best practice policy approach to corporate political activity oversight and disclosure.

"This agreement clearly demonstrates Walgreen's commitment to adopting corporate governance best practices by better aligning its interests with those of its shareholders," said Meredith Miller, Chief Corporate Governance Officer of the Trust. "The Trust applauds Walgreens for its responsiveness to our concerns about corporate political spending and lobbying and for agreeing to take the necessary steps to address what are often difficult issues for U.S. public companies."

The Trust anticipates that the agreement, which includes a multi-year commitment from Walgreens to work with the Trust on developing policy and reporting frameworks for corporate political and lobbying activity, will serve as a model for future corporate-shareholder engagements and may help shape future rules and regulations on these issues.

Thomas J. Sabatino, Jr., Executive Vice President, General Counsel & Corporate Secretary,  stated, "We are pleased to begin a dialogue with the Trust that is a model of both the shareholder and the company listening and learning from each other.  This project came together easily, given Walgreen's commitment to responsible governance and disclosure practices.  We appreciate how well-prepared the Trust team was for our engagement, as well as their interest in learning more about our business."

The main components of the agreement include:

  • A two-year commitment for a robust engagement between the parties on political spending and lobbying oversight and disclosure;
  • A review of existing oversight processes at the board and management levels with respect to political and lobbying expenditures;
  • Codifying internal processes for consideration of political and lobbying expenditures consistent with the company's best interests; and
  • Developing a framework to review current and future memberships and participation in trade associations and other tax-exempt organizations.

The agreement between the Trust and Walgreens coincides with an announcement that the U.S. Securities and Exchange Commission Division of Corporation Finance is considering recommending that the Commission promulgate rules that would require public companies to publicly disclose corporate political and lobbying expenditures. The action comes after the Commission received more than 300,000 public comment letters after a prominent group of academics submitted a petition for rulemaking asking for such disclosures to be mandatory.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs