New York state Comptroller Thomas P. DiNapoli, sole trustee of the New York State Common Retirement Fund, Albany, has withdrawn a shareholder proposal to Mattel Inc. stockholders because the company has agreed to report on direct and indirect corporate political spending.
"I commend Mattel for agreeing to voluntarily disclose its political spending," said Mr. DiNapoli said in a news release Thursday. "This new level of transparency helps shareholders determine if companies are using their investments in ways that benefit long-term value or if they are putting the company's bottom line at risk."
The $209.1 billion pension fund's proposal was to have been presented at the company's annual shareholder meeting, the date of which has not been set.
Mr. DiNapoli filed the proposal last year requesting that Mattel "report annually on its monetary and non-monetary corporate political contributions and expenditures, as well as the amount paid to political candidates, parties, organizations and committees," the news release said. "The proposal was withdrawn when Mattel agreed to post corporate political expenditure information to its website starting with 2017 spending data."
The pension fund held $21.6 million in Mattel stock as of Jan. 31.