HARTFORD, Conn. – The Connecticut Retirement Plans and Trust Funds, along with a coalition of institutional investors, called on tech giant Google Inc. to increase its disclosure of its lobbying activities.
The transparency resolution was defeated earlier this month by an almost 10-to-1 margin at the annual shareholder meeting in Mountain View, Calif. About 14 percent of Google shareholders voted in favor of the resolution, which, according to Connecticut Treasurer Denise Nappier, is a strong showing considering that Google’s executive officers and board members own 62.7 percent of the voting power.
As of May 26, CRPTF, which includes state employee and teacher pensions, held 185,640 Google shares valued at $103.6 million.
“Nothing sows the seeds of mistrust more than secrecy and unwelcomed surprises,” Nappier said in a press release. “Shareholders have every right to know what political expenditures Google is making.”
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