"The breadth and depth of our agreement will place Walgreens at the forefront of corporate political and lobbying activity disclosure and board oversight," said Ms. Miller. "It also well-positions Walgreens to respond to any SEC rulemaking or other policy-making endeavors on these issues with a useful and workable model disclosure that has been developed through a cooperative shareholder-corporate engagement process."
Both Walgreens and the Trust acknowledge the work of Susan Ellen Wolf, CEO of Global Governance Consulting, in facilitating their engagement.
Shareholders have become increasingly concerned about corporate political spending and lobbying as a potential source of financial, regulatory and reputational risk, filing a record 125 shareholder proposals calling for increased disclosure and board oversight of these expenditures for the 2012 proxy season. In August 2012, the Trust led a coalition of 25 institutional investors with nearly $1 trillion in assets under management to identify and engage with 20 other companies where political spending and lobbying may be important factors in risk oversight.
* * *The UAW Retiree Medical Benefits Trust, headquartered in Detroit, Michigan, is the largest non-governmental payer of retiree health care benefits in the United States, serving over 800,000 retirees and dependent beneficiaries. Walgreen Co. is the nation's largest drugstore chain with fiscal 2012 sales of $71.6 billion. It provides its customers with convenient, multi-channel access to consumer goods and services in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services. SOURCE UAW Retiree Medical Benefits Trust