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Qualcomm Settles Lawsuit Over Political Donations
Published on:
Qualcomm says that it has settled a lawsuit filed against it by the New York State Common Retirement Fund which had been seeking the right to inspect the company's books and records to determine how shareholder funds are being spent for political purposes.
Qualcomm spent around US$4.5 million on lobbying efforts in 2012.
Qualcomm said that as a result of discussions, it will implement a revised political spending disclosure policy.
"Qualcomm agrees with the New York State Common Retirement Fund that increased transparency for election-related activities by corporations is very beneficial," said Dr. Paul E. Jacobs, the CEO and Chairman of Qualcomm.
"Qualcomm's disclosure policy sets a high standard for transparency in corporate political spending disclosure and the company deserves praise for its actions," said New York State Comptroller Thomas P. DiNapoli, trustee of the Fund. "This is a significant milestone in greater transparency in corporate political spending."
Qualcomm will now publish its contributions to political candidates and political parties, political expenditures to trade associations and Section 501(c)(4) organizations and contributions to influence ballot measures.
Based on discussions and information shared with the Fund, and the company's implementation of the revised political spending disclosure policy, the Fund's pending Section 220 Books and Records action against Qualcomm has been resolved.
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