Qualcomm Incorporated and the New York State Common Retirement Fund (Fund) announced the Fund has dropped the lawsuit it filed on January 2, 2013 because Qualcomm agreed to implement a revised political spending disclosure policy. According to Dr. Paul E. Jacobs, the CEO and Chairman of Qualcomm,
Qualcomm agrees with the New York State Common Retirement Fund that increased transparency for election-related activities by corporations is very beneficial. While Qualcomm has been developing a new policy on disclosure of political expenditures for some time, engaging with the Common Retirement Fund has been helpful.
New York State Comptroller Thomas P. DiNapoli, trustee of the Fund released the following statement:
Qualcomm’s disclosure policy sets a high standard for transparency in corporate political spending disclosure and the company deserves praise for its actions. This is a significant milestone in greater transparency in corporate political spending.
The company’s updated policy will provide stockholders with comprehensive information regarding its corporate political spending. Qualcomm will post online the company’s contributions to political candidates and political parties, political expenditures to trade associations and Section 501(c)(4) organizations and contributions to influence ballot measures.
“Qualcomm’s new disclosure policy puts it near the top of the CPA-Zicklin Index of Corporate Political Accountability and Disclosure,” said Karl Sandstrom, former Commissioner of the Federal Election Commission and General Counsel of the Washington, D.C.-based Center for Political Accountability. “With this new policy, Qualcomm will become a standard bearer for corporations looking to provide stockholders with transparency with respect to its political spending.”
Based on discussions and information shared with the Fund, and the company’s implementation of the revised political spending disclosure policy, the Fund’s pending Section 220 Books and Records action against Qualcomm has been resolved.
I like the suit over records. Who’s next?