Allstate 2012 Annual Report Download - page 73

Proposal 6
Stockholder proposal on reporting political contributions
The City of Philadelphia Public Employees Retirement Stockholder Supporting Statement
System, Two Penn Center Plaza, Philadelphia, As long-term shareholders of Allstate, we support
Pennsylvania, 19102-1721, beneficial owner of 142,057 transparency and accountability in corporate spending on
shares of Allstate common stock as of December 2, 2011, political activities. These include any activities considered
intends to propose the following resolution at the annual intervention in any political campaign under the Internal
meeting. Revenue Code, such as direct and indirect political
To be approved, a majority of the shares present in contributions to candidates, political parties, or political
person or represented by proxy at the meeting and organizations; independent expenditures; or electioneering
entitled to vote on the proposal must be voted ‘‘for.’’ communications on behalf of federal, state or local
Abstentions will be counted as shares present at the candidates.
meeting and will have the effect of a vote against the Disclosure is consistent with public policy, in the best
proposal. Broker non-votes will not be counted as shares interest of the company and its shareholders, and critical
entitled to vote on the matter and will have no impact on for compliance with federal ethics laws. Moreover, the
the vote’s outcome. Supreme Court’s Citizens United decision recognized the
The Board of Directors does not support the adoption of importance of political spending disclosure for
this proposal and asks stockholders to consider shareholders when it said ‘‘[D]isclosure permits citizens
management’s response following the proponent’s and shareholders to react to the speech of corporate
statement. The Board recommends that stockholders entities in a proper way. This transparency enables the
vote against this proposal. electorate to make informed decisions and give proper
weight to different speakers and messages.’’ Gaps in
Resolved, that the shareholders of Allstate (‘‘Company’’) transparency and accountability may expose the company
hereby request that the Company provide a report, to reputational and business risks that could threaten
updated semiannually, disclosing the Company’s: long-term shareholder value.
1. Policies and procedures for political contributions and Allstate contributed at least $6 million in corporate funds
expenditures (both direct and indirect) made with since the 2002 election cycle. (CQ:
corporate funds. http://moneyline.cq.com/pml/home.do and National
2. Monetary and non-monetary contributions and Institute on Money in State Politics:
expenditures (direct and indirect) used to participate http://www.followthemoney.org/index.phtml.)
or intervene in any political campaign on behalf of However, relying on publicly available data does not
(or in opposition to) any candidate for public office, provide a complete picture of the Company’s political
and used in any attempt to influence the general spending. For example, the Company’s payments to trade
public, or segments thereof, with respect to elections associations used for political activities are undisclosed
or referenda. The report shall include: and unknown. In some cases, even management does not
a. An accounting through an itemized report that know how trade associations use their company’s money
includes the identity of the recipient as well as politically. The proposal asks the Company to disclose all
the amount paid to each recipient of the of its political spending, including payments to trade
Company’s funds that are used for political associations and other tax exempt organizations used for
contributions or expenditures as described political purposes. This would bring our Company in line
above; and with a growing number of leading companies, including
Merck, MetLife and Microsoft that support political
b. The title(s) of the person(s) in the Company disclosure and accountability and present this information
responsible for the decision(s) to make the on their websites.
political contributions or expenditures.
The Company’s Board and its shareholders need
The report shall be presented to the board of directors or comprehensive disclosure to be able to fully evaluate the
relevant board oversight committee and posted on the
Company’s website.
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Stockholder Proposal
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