PepsiCo, the Westchester County-based beverage and food company, agreed to disclose its direct lobbying and contributions made to trade organizations, state comptroller’s office announced Friday.
State Comptroller Thomas DiNapoli had issued a shareholder’s resolution asking the company to release information on its lobbying and political spending. The state Common Retirement Fund, which DiNapoli controls, owns about $400 million in PepsiCo stock.
“PepsiCo has taken an important step in giving shareholders a clear view of the way it uses corporate dollars in the political arena,” DiNapoli said in a statement. “Shareholder value is enhanced and reputational risks are reduced when companies disclose how corporate money is being spent in politics.Companies should follow PepsiCo’s lead by embracing transparency.”
PepsiCo could not be immediately reached for comment.
In 2011 and 2012, the fund filed 27 shareholder resolutions seeking disclosure of political spending, reaching agreement with 10 companies, according to the comptroller’s office. This year, DiNapoli has filed 26 such resolutions and has reached agreement with several companies, including KeyCorp.