10:49 AM EDT, 05/16/2024 (MT Newswires) -- Home Depot ( HD ) shareholders turned down a proposal requiring the company to report on how its political spending aligns with its values, Bloomberg News reported Thursday.

The company's board recommended voting against this proposal in its proxy statement and only 12% of investors backed it, according to the report.

"We believe that this proposal is aimed not at more transparency, but instead at diverting the Company's focus from core business priorities to issues on which we do not have expertise and that are not central to our business, with the practical impact, whether intended or not, of limiting our bipartisan participation," Home Depot ( HD ) said in its proxy statement.

"We do not have anything to add beyond what we laid out in our proxy," Home Depot's ( HD ) spokesperson told MT Newswires.

The company shares were down 1% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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