3M Shareholders Protest Corporate Political Spending

By Sue Reisinger, Law.com

Minneapolis-St. Paul-based 3M Corp. expects to face activists Tuesday, both inside and outside its annual shareholders meeting, because of its alleged secret spending on political campaigns.

A group of institutional investors, led by Trillium Asset Management Corp. of Boston, has introduced a shareholder proposal [PDF] asking that the corporation refrain from political spending, both directly and indirectly (i.e., funneling company money through third-party groups like so-called Super PACs).

While those in the meeting are voting, outside a coalition of advocacy groups including Minnesota Common Cause, Public Citizen, and Take Action Minnesota called for a rally and briefing about 3M’s political spending policies.

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