Early this month, New York’s comptroller brought suit in Delaware Chancery Court to gain access to the political spending records of Qualcomm Inc. Independent of the Qualcomm action, it is reported that the Securities and Exchange Commission may by April propose rules for public company disclosure of political expenditures.
New York State Comptroller Thomas DiNapoli, as trustee of the New York State Common Retirement Fund, a shareholder of Qualcomm, brought a "books and records" action in Delaware to force the company to disclose how it "is spending corporate funds in the political arena." The complaint cites to recent studies concluding that "corporate political spending is negatively correlated with enterprise value" and may indicate "more widespread control and governance deficiencies."
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