US - Cigna Corporation has agreed to a proposal by New York City Pension Funds to disclose its policies and procedures for political donations.
Cigna will now report on its Political Action Contribution (PAC) criteria, identify members of its’ PAC board of directors, disclose its political contributions policy, and detail its 2006 federal and state contributions by amount and recipient.
The pension funds originally contacted Cigna on the issue in December, and have over US$52m invested in the company.
The funds have rallied a host of companies on the issue in recent months and NYC comptroller William Thompson, speaking on behalf of the funds, called on others to follow Cigna’s suit.
“Cigna has agreed that it makes good corporate sense to provide complete disclosure of its political expenditures to fully evaluate the political use of its corporate assets,” said Thompson.
“I am hopeful that other companies will follow Cigna’s lead and provide their shareholders full and transparent disclosure of all political contributions.”
Thompson claimed disclosure was necessary to ensure corporate assets were not used to finance the political interests of individual executives and directors, or objectives that are detrimental to the interests of companies and their shareholders.
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