March 25, 2014: Trillium Asset Management is pleased to announce that following our engagement with Hess Corp. (NYSE: HES) the company has committed to fully disclose its trade association memberships and the other tax exempt organizations which it makes contributions to, as well as the portion of those payments that are used for political activities.
In recognition of this progress, Trillium has withdrawn its 2014 shareholder proposal at Hess. A similar shareholder proposal, filed by Trillium for 2013, received a remarkable 46% of the vote.
We encourage the company to take further steps to strengthen its transparency and oversight of political contributions and lobbying spending.
In the wake of the U.S. Supreme Court decision in Citizen’s United there has been increasing concern about corporate dollars flowing into political races via trade associations and other tax exempt organizations like so-called “social welfare” organizations.
The Center for Political Accountability assists Trillium tremendously in its engagements with companies on political spending transparency and we thank it for its support. Additionally, Trillium appreciates the support and contributions of the co-filers on this proposal: Congregation of the Sisters of Charity of the Incarnate Word, San Antonio, Benedictine Sisters of Mount St. Scholastica, Inc., Benedictine Women of Madison, Inc., and The Providence Trust.
For more information: Randy Rice, Trillium Asset Management, firstname.lastname@example.org, 617-515-6889.