PLEASANTON, Calif. — Safeway here is one of three California-based companies that will disclose political spending made with corporate funds following an agreement with the New York State Common Retirement Fund, according to New York's state comptroller.
The fund holds approximately 2.5 million shares of Safeway stock valued at $54.3 million, according to reports.
The agreement comes in the wake of a 2010 decision by the U.S. Supreme Court that held that political spending is a form of protected speech under the First Amendment, thereby prohibiting the government from restricting political expenditures by corporations and unions.
Safeway confirmed to SN that it has agreed to describe the decision-making process for political spending and what oversight was provided by management and its directors in that process, according to New York comptroller Thomas P. DiNapoli. The other two companies are Pacific Gas & Electric and Sempra Energy.
"These agreements are a victory for shareholders and another step forward for transparency and accountability," DiNapoli said. "It is my hope other companies will follow these companies' leads by agreeing to fully disclose their political spending activities."
DiNapoli said he has filed 17 shareholder resolutions this year on behalf of the New York State pension fund seeking full disclosure of political spending. The agreements with Safeway and the other two California companies are the first results of those efforts.
