Pulte Homes Inc. agreed to disclose its corporate political spending and allow the board of directors to oversee such spending, confirmed James Zeumer, vice president, investor and corporate communications.
Mr. Zuemer confirmed that Green Century Capital Management has withdrawn its shareholder resolution seeking such action. Green Century reached an agreement with Pulte on Feb. 5, according to Larisa Ruoff, GCCM director of shareholder advocacy.
Pulte will disclose contributions made to trade associations and other tax-exempt organizations used for political purposes, Mr. Zuemer said. The homebuilder also plans to post at http://www.pulteinc.com its initial report on year-to-date political spending by June 1.
“Pulte Homes is committed to good corporate governance practices,” according to a company statement. “As part of this effort, the company joins a number of leading Fortune 500 companies in committing to publicly report its political contributions and in establishing board oversight of political spending activities.”
The agreement resulted from discussions between Green Century and Pulte as part of a campaign led by the Center for Political Accountability and joined by some 50 institutional investors on corporate political disclosure, following a Jan. 21 U.S. Supreme Court ruling permitting companies to spend directly on independent advertising for and against political candidates.