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Because Union Pacific Corp. doesn't publicly disclose political contributions, officials at the Center for Political Accountability (CPA) are urging UP shareholders to support a resolution requiring the railroad to disclose and explain the business purpose of its political donations.
Stockholders will vote on the resolution April 16 at UP's annual meeting in Salt Lake City, Utah.
In 2002, UP made more than $1 million in political contributions, including donations to groups that influenced Texas house races — violating state corporate giving laws — and supported "extremist" organizations, CPA officials believe.
"Union Pacific should be cautious about making contributions that could expose it to possible criminal violations and that could harm its reputation with customers, employees, and shareholders," said Bruce Freed, co-director of CPA — established in fall 2003 to "bring transparency and accountability to corporate political giving" — in a prepared statement.
4/13/2004
Rail News: Rail Industry Trends
UP should account for political contributions, activist group says
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Because Union Pacific Corp. doesn't publicly disclose political contributions, officials at the Center for Political Accountability (CPA) are urging UP shareholders to support a resolution requiring the railroad to disclose and explain the business purpose of its political donations.
Stockholders will vote on the resolution April 16 at UP's annual meeting in Salt Lake City, Utah.
In 2002, UP made more than $1 million in political contributions, including donations to groups that influenced Texas house races — violating state corporate giving laws — and supported "extremist" organizations, CPA officials believe.
"Union Pacific should be cautious about making contributions that could expose it to possible criminal violations and that could harm its reputation with customers, employees, and shareholders," said Bruce Freed, co-director of CPA — established in fall 2003 to "bring transparency and accountability to corporate political giving" — in a prepared statement.
