More Calls for Transparency in Political Spending Disclosure
Last week, a group of 144 business leaders, entrepreneurs, investors and philanthropists petitioned the SEC to require public companies to disclose their political spending. In a separate petition that day, the treasurers of five states made a similar request. A 2011 petition calling for SEC rulemaking on this disclosure has been the most commented-upon petition in SEC history. Pressure on the SEC has also appeared in an innovative ad campaign in Washington DC’s Union Station, featuring a comic strip of frightened investors calling on SEC Chair White to save them from “the menace of dark money.” Because SEC rules are unlikely to be proposed anytime soon, shareholders have submitted proposals calling for transparency in political spending at more than 100 companies’ annual meetings this year. While many public companies have provided some disclosure voluntarily, shareholders complain that the lack of disclosure rules “leaves shareholders…with a complex system of partial and disjointed information to consider.” Read more at BNA.com. See the ad campaign on the Corporate Reform Coalition’s website.