New York State Common Fund withdrew a shareholder proposal it filed at United States Steel Corp. after the company agreed to disclose its political spending, said a news release Monday from Thomas P. DiNapoli, New York state comptroller and sole trustee of the Albany-based $181.7 billion pension fund.
“Shareholders need transparency in order to determine whether corporate political spending benefits the company's long-term value,” Mr. DiNapoli said in the news release of the proposal, which called for such disclosure.
Suzanne Rich Folsom, U.S. Steel's general counsel, chief compliance officer and senior vice president of government affairs, said in the release: “We are pleased to work with the New York state comptroller, as well as other public officials, in order to help ensure voluntary disclosure of political contributions to shareholders.”
Courtney Boone, U.S. Steel manager, media relations, couldn't be reached for comment.
New York State Common holds 907,577 U.S. Steel shares, valued at $20 million.