KeyCorp, the parent company of KeyBank has agreed to disclose all of its corporate political spending, lobbying and employee-sponsored political contributions, Comptroller Thomas DiNapoli said today.
DiNapoli has been using the state’s pension fund investments as leverage to pressure major corporations to disclose their political activities. He sued Qualcomm this month.
“KeyCorp has taken a positive step for transparency and corporate accountability by agreeing to reveal its political contributions,” DiNapoli said in a statement. “When companies make their corporate political donations public, shareholders can evaluate if their interests are aligned with management’s.
DiNapoli said the agreement was reached last month with the Cleveland-based KeyCorp, one of the country’s largest commercial banks.
The company plans to list its disclosures on its website later this month. KeyBank is the state’s vendor for payroll processing. DiNapoli has filed 26 resolutions for 2013 on political spending disclosure, and KeyCorp is the first to agree.