Cigna Commits to Strengthening Transparency of Political Contributions

FOR IMMEDIATE RELEASE              

Media Contact: Molly Betournay, 802-526-2525, [email protected]

Norwich, VT (April 25, 2023) – Clean Yield Asset Management announced today that it withdrew a shareholder proposal at The Cigna Group last week, following the company’s agreement to expand its political contributions reporting to include metrics that track alignment between donations and the company’s  stated business priorities. The new data will be reported annually, beginning in March 2024.

At last year’s stockholder meeting, the shareholder proposal received a strong show of 46% support from shareholders. The withdrawal means that the proposal will not be considered at this year’s stockholder meeting, scheduled for this Wednesday, April 26.

The proposal called for “an annual report analyzing the congruence of political, lobbying, and electioneering expenditures during the preceding year against publicly stated company values and policies, listing and explaining any instances of incongruent expenditures, and stating whether the identified incongruencies have led to a change in future expenditures or contributions.” Cigna, one of the largest health insurance providers in the nation, is now the second major corporation to commit to providing metrics that will enhance transparency and accountability to investors, following AT&T.

“We applaud Cigna for taking this step to strengthen its transparency. The new reporting provides assurance to Cigna investors that the company has processes and controls in place to ensure that political contributions are aligned with Cigna’s corporate priorities,” said Molly Betournay, Director of Social Research, Clean Yield Asset Management.

Shelley Alpern, Director of Corporate Engagement at Rhia Ventures and board director at the Center for Political Accountability said, “This agreement affirms that reporting on alignment is where corporate political disclosure is headed. Cigna’s shareholders and other corporate stakeholders will be better served by greater attentiveness to identifying and reducing misalignment where it occurs.”

Clean Yield Asset Management is a registered investment advisor based in Norwich, Vermont. Clean Yield focuses exclusively on socially responsible asset management, offering clients customized portfolios and the opportunity to invest in high-social-impact vehicles.