NY comptroller says most H&R Block voting shareholders back political spending disclosure

Associated Press

The New York comptroller says most voting shareholders backed his proposal that H&R Block disclose spending on political activities including candidates, parties, ballot measures and lobbying.

Comptroller Thomas DiNapoli is trustee of the $181 billion state pension fund that has about $24 million in H&R Block shares.

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He says without disclosures, shareholders can't evaluate whether their money is spent on objectives that foster long-term value.

Of nearly 150 million voting shares cast last month, the New York fund says 75.9 million favored the proposal while 74 million joined management in opposing it.

Another 58.5 million shares abstained.

A company spokesman says only 36 percent of all votes supported DiNapoli's proposal.

The spokesman says H&R Block's political disclosures comport with the law and the board does take shareholder views into account.