CHICAGO A majority of
Nucor Corp. shareholders defeated a proposal by a Boston-based
family of mutual funds to have the steelmaker provide more
transparency into its lobbying efforts.
Green Century Capital Management
shareholder advocate Lucia von Reusner, speaking at
Nucors May 9 annual meeting, said Proposal 7 reflects her
groups strong interest in full disclosure.
"Nucor does not disclose its
trade association memberships, nor payments and the portions
used for lobbying. Absent a system of accountability, company
assets could be used for objectives contrary to Nucors
long-term interests," Von Reusner alleged.
In the proxy statement,
Nucors board of directors urged shareholders to vote
against Proposal 7. The Charlotte, N.C.-based company
acknowledged it is actively engaged in the public policy
decision-making process, but argued that "transparency of the
kind sought by (Green Century) risks handicapping Nucors
ability to influence and inform public debate for the long-term
benefit of our stockholders."
Nucor couldnt be reached for further comment.