The Center for Political Accountability released on December 10, 2012 its annual survey of mutual fund support for corporate political disclosure. The analysis, which is available on CPA’s website, reviewed how 40 of the largest mutual fund families voted on shareholder resolutions that asked for disclosure of political spending based on the CPA model.

The review’s key findings include the following:

…continue reading: Survey of Mutual Fund Support for Corporate Political Disclosure

In the aftermath of the most expensive election cycle in U.S. history, which included record amounts of “Dark Money,” the need for transparency in corporate political spending is even more urgent. Chevron made headlines in October when it gave $2.5 million to the Congressional Leadership Fund, a super PAC led by Speaker John Boehner (R – Ohio). While contributions to super PACs are required to be reported to the Federal Election Commission, contributions to their companion organizations, the so-called “social welfare” groups organized under the 501(c)(4) section of the Internal Revenue Service, remain entirely hidden.

Tellingly, the number of companies recognizing the need for more transparency and actually making the voluntary spending disclosure has increased in recent years. That trend was documented in the 2012 CPA-Zicklin Index of Corporate Political Accountability and Disclosure, which ranked the top 200 companies in the S&P 500 on their policies and practices on political activities.

…continue reading: Meaningful Corporate Political Disclosure

Companies are once again being engaged on political sending, and preliminary results for this proxy season show strong, if not stronger, support. Coordinated by the Center for Political Accountability (CPA), the shareholder resolution focuses on disclosure of political spending from corporate funds, including payments to trade associations and 501c4 organizations; disclosure of management decision making policies; and board oversight of the spending. Through increased oversight and disclosure, shareholders proponents seek to more effectively manage and lessen the risks associated with corporate political spending especially in the post-Citizens United world. (See CPA’s website for a model resolution.)

Shareholders working with CPA have filed a total of 51 resolutions this year, 13 of which have already resulted in an agreement with the company. The New York State Pension Funds successfully engaged six companies: Safeway, Kroger, CSX Corp., Sempra Energy, R.R. Donnelley & Sons, and Reynolds American. Trillium Asset Management reached agreements with Halliburton, Chubb Corp, and State Street Corp.; individual shareholders affiliated with the Responsible Wealth Coalition successfully withdrew their resolutions with Hershey Co. and Aflac, Inc. after agreements. The Miami Firefighters worked successfully with Southwestern Energy Co., and the Nathan Cummings Foundation reached an agreement with Tenet Healthcare.

Several agreements have followed previous strong votes for political disclosure resolutions. Last year, almost 47 percent of shareholders supported the resolution at Halliburton, almost 49 percent at R.R. Donnelley, and more than 44 percent at State Street Corp.

…continue reading: 2012 Proxy Season Political Spending Shareholder Resolutions