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Allstate shareholders vote down proposal to disclose political contributions

Allstate Corp. shareholders voted against a proposal that would have required the company to disclose political contributions.

The shareholder proposal sought to amend the company's public policy report to add in specific dollar amounts paid out to trade associations or contributed to political candidates. But the company's board asked shareholders to reject the proposal as it could be used by special interest groups to pressure the company or to work against shareholders' best interests.

Additionally, a proposal seeking adoption of a policy to require an independent board chairman was not properly presented at the annual meeting as neither the shareholder proponent nor the proponent's designee was in attendance.