Litigation

Companies Queried on Political Spending Plans

By Peter Hardin

A Washington-based nonprofit group is asking top U.S. companies to reveal their policies and plans on independent expenditures in advance of the upcoming midterm elections.

In a letter dated July 29 to all members of the S&P 500 Index, the Center for Political Accountability and more than 30 shareholder advocates and groups made the request and cited the Supreme Court’s Citizens United decision in January.

The 5-4 ruling opened the door to unlimited corporate and labor union spending to support or oppose political candidates through independent expenditures.

Not only are shareholders concerned in general about the risks posed by corporate political spending, but “the U.S. Supreme Court’s decision last January in the Citizens United case heightens our concern,” the letter said. The letter was the topic of an article in the monthly newsletter of the Center, which works to bring transparency and accountability to corporate political spending.

Full post as published by The Gavel on July 31, 2010 (boomark / email).