Wyndham Worldwide Corp.'s board is recommending that shareholders vote against a proposal calling for greater disclosure on the company's political contributions.
This is the second year running that the matter shall be put to a vote in the annual meeting of shareholders, with board directors urging shareholders to vote against the proposal in both instances.
Certain shareholders said in their proposal that a report should be presented and updated semiannually, regarding the policies and procedures for making contributions, on behalf of or in opposition to, any political campaign or any candidate for public office by Wyndham. Any contribution to influence the general public must also be disclosed, according to the request.
In addition, the proposal calls for the recipient and amount of any monetary and non-monetary contributions and expenditures by the company to be declared. It is also proposed that the titles of the individuals responsible for making the contribution decisions must be revealed as well.
The board said the proposal is unnecessary and is not of the shareholders' best interests. It cited various reasons for the recommendation, including an already in-place mechanism of reporting and accountability for political contributions.
The matter is to go to a vote at the company's May 9 annual meeting of shareholders.