WSJ reports that Glaxo (a UK company) is to stop political contributions in an effort to achieve transparency and trustworthiness. In another article, CEO Andrew Whitty explains:
"We continue to believe that it is important for GSK to be engaged in policy debates and the political process," Witty said. "However, we need to ensure that there is no implication whatsoever that corporate political contributions provide us with any special privilege. We do not believe they have, and in the few countries we have given contributions we have done so in full compliance of the law."
Glaxo spent almost $600,000 in contributions this past year. The company stopped making political donations in the UK in 2001. Note that the voluntary employee-run PAC will still be functional. And of course individuals may still make donations. And lobbying efforts are still a go ($8.4M spent in 2007).
Glaxo has been on a buying spree in emerging markets.
The cynic in me asks: what's going on?
Tuesday, December 23, 2008
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