trending Market Intelligence /marketintelligence/en/news-insights/trending/vjilrjwxamsizlcpjvqwxa2 content esgSubNav
In This List

Northern Trust shareholder asks for political spending report

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Northern Trust shareholder asks for political spending report

A Northern Trust Corp. shareholder is proposing to require a semiannual report on the Chicago-based company's political contributions.

The Unitarian Universalist Association wants Northern Trust's board to disclose payments to trade associations and other tax-exempt organizations, if those payments may be used for political purposes. The investor owns 2,232 Northern Trust common shares.

The board, however, urged shareholders to vote down the proposal at the April 17 annual meeting. It argued that Northern Trust's public advocacy activities comprise mainly sponsoring two political action committees, which already comply with disclosure requirements, and being a member in trade associations that support public policy positions. Northern Trust, the board said, makes no direct political contributions. A semiannual disclosure would therefore provide no "appreciable benefit" to investors.

Northern Trust's proxy statement additionally disclosed its CEO pay ratio. CEO Frederick Waddell received $11.9 million in total compensation for 2017. The median employee received annual total compensation of $70,029. The CEO pay ratio was calculated to be 169:1.

The company's board also noted that it is retaining John Rowe as lead director, in light of the company's recent CEO change. Rowe, 72, has reached the company's retirement age for board members.