Qualcomm Incorporated and the New York State Common Retirement Fund (Fund) are pleased to announce today that following informative discussions, the Fund has decided to withdraw the lawsuit it filed on January 2, 2013. Qualcomm will implement a revised political spending disclosure policy which is now available on its website: http://investor.qualcomm.com/governance.cfm
“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. “While Qualcomm has been developing a new policy on disclosure of political expenditures for some time, engaging with the Common Retirement Fund has been helpful."
“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.”
The company’s updated policy will provide stockholders with comprehensive information regarding its corporate political spending. Qualcomm will post online the company’s contributions to political candidates and political parties, political expenditures to trade associations and Section 501(c)(4) organizations and contributions to influence ballot measures.
“Qualcomm’s new disclosure policy puts it near the top of the CPA-Zicklin Index of Corporate Political Accountability and Disclosure,” said Karl Sandstrom, former Commissioner of the Federal Election Commission and General Counsel of the Washington, D.C.-based Center for Political Accountability. “With this new policy, Qualcomm will become a standard bearer for corporations looking to provide stockholders with transparency with respect to its political spending.”
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.
About Qualcomm Incorporated
Qualcomm Incorporated (NASDAQ: QCOM) is the world leader in 3G, 4G and next-generation wireless technologies. Qualcomm Incorporated includes Qualcomm’s licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm’s engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 25 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other. For more information, visit Qualcomm’s website, OnQ blog, Twitter and Facebook pages.
About New York State Common Retirement Fund
The New York State Common Retirement Fund holds assets in trust for more than one million employees and retirees from State government, most local governments and some public authorities. As sole trustee and manager of the Fund, State Comptroller Thomas P. DiNapoli is committed to managing the $150 billion Common Retirement Fund in a manner that maximizes investments while providing security for employees through their retirement. He has instituted several reforms, earning the Fund the distinction of being one of the most transparent and prudently managed public pension funds in the country.
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