A coalition of 60 investors, led by the AFSCME Employees Pension Plan and Walden Asset Management, recently announced that they have submitted shareholder proposals seeking additional disclosures regarding political spending and lobbying activities. This announcement reflects a continuing desire among these groups to obtain additional disclosures from public companies regarding
Continue Reading Activist Investors Announce Submission of Political Spending Shareholder Proposals to 48 Companies
Shareholders Try New Tactic in Corporate Political Disclosure Fight
This year has not been a great one for activists seeking to force corporations to increase disclosure of their political activities. According to the Manhattan Institute’s Center for Legal Policy, average shareholder support for proposals related to political spending or lobbying declined again this year, from 22 percent to 20
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The More Things Change: The FEC and Yamaha Motor Corporation, U.S.A.
On Thursday, the Federal Election Commission (FEC) was unable to agree on whether Yamaha Motor Corporation, U.S.A. could sponsor a Separate Segregated Fund (a corporate “SSF” or “PAC” in common parlance) that solicited contributions from the employees of its dealers and service centers. The request resulted in an unsurprising deadlock
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SEC Takes a Pass on Corporate Political Disclosure, But Other Fronts Remain
If there was an award for “political law issue of the year,” corporate political disclosure would be a front-runner. About a year ago, the Securities & Exchange Commission (“SEC”) asked the Office of Information and Regulatory Affairs (“OIRA”)—housed within the Office of Management and Budget as part of the Executive
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Chevron Shareholder Resolution Attempting to Bar Corporate Political Activity Resoundingly Defeated
Earlier this week, activist investors attempted to push through a shareholder resolution barring Chevron from using corporate funds for political activities. The resolution called for the board of directors to “adopt a policy to refrain from using corporate funds to influence any political election.” If passed, it would have prohibited
Continue Reading Chevron Shareholder Resolution Attempting to Bar Corporate Political Activity Resoundingly Defeated
New Alabama Law Allows Unlimited Corporate Campaign Contributions
New changes to Alabama law will allow corporations, like individuals, to make unlimited campaign contributions in Alabama state and local elections. Last Friday, Governor Robert Bentley signed the law which removes the $500 per election cap on corporate contributions. (The Alabama Attorney General’s Office interpreted the $500 per election cap
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Update on Corporate Political Activity Disclosure
A hot topic we’ve been tracking closely this year concerns the regulatory and legal battles over corporate political activity disclosure. This past week has been notable in two respects.
As we’ve previously reported here, in December 2012 the Securities and Exchange Commission (“SEC”) identified potential rulemakings that it might
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Skeptical GAO Report Considers Potential “Political Intelligence” Disclosure Requirements
A Wall Street Journal article says that a report published today by the Government Accountability Office “urges” the creation of a new disclosure regime for political intelligence firms. That’s not how we read the report.
As background, when the Senate passed the Stop Trading on Congressional Knowledge Act
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Covington Issues Client Advisory Concerning Senate PSI Campaign Finance Investigation
Today we issued a detailed advisory to clients about the anticipated campaign finance investigation by the Senate’s Permanent Subcommittee on Investigations. Senator Levin, who chairs the Subcommittee, recently announced his intention to lead an investigation of “secret money” in US elections. We are following this very closely for clients, including
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Utah Corporate Disclosure Bill Signed Into Law
This year’s march of state government campaign finance reforms continues, with the Governor of Utah signing H.B. 43 into law earlier this week.
Utah already requires corporations—including nonprofits—to report how much they spend on political expenditures once they reach a $750 threshold for a calendar year. But the newly enacted
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