Adobe Systems Inc., United Parcel Service of America Inc. and United Technologies Corp. have agreed to report trade association payments used for political purposes as part of overall disclosure and board oversight of corporate funds for political spending, according to three shareholder advocacy groups.
The Center for Political Accountability, the $128 billion New York City Retirement Systems and Walden Asset Management announced the agreement Tuesday, part of a joint effort to bring transparency and accountability to company political spending.
The CPA is a political advocacy group representing 26 institutional investors, and Walden Asset Management engages companies in which they invest on issues ranging from the environment to corporate governance.
Thirty-four other large companies already adopted political transparency and accountability policies. Praxair Inc. also was cited Tuesday for agreeing to increase disclosure of its political spending.
