March 28, 2013
PepsiCo, a global food and beverage company with annual revenues of $60 billion, has agreed to fully disclose all of its direct lobbying and contributions made to trade associations as well as funds paid to grassroots lobbying and tax-exempt organizations that write and endorse model legislation, according to New York State Comptroller Thomas P. DiNapoli. In response to the agreement, DiNapoli withdrew a shareholder resolution calling for disclosure of shareholder money spent on lobbying and other political spending.
“PepsiCo has taken an important step in giving shareholders a clear view of the way it uses corporate dollars in the political arena,” DiNapoli said. “Shareholder value is enhanced and reputational risks are reduced when companies disclose how corporate money is being spent in politics. Companies should follow PepsiCo’s lead by embracing transparency.”
The agreement among DiNapoli, PepsiCo and Walden Asset Management specifies that the company will disclose the following on its website before its 2013 annual shareholder meeting this spring including: all direct lobbying, trade association activities, grassroots and community activities, tax-exempt organization involvement.