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B C Jat New York University School o Law
Corporat e Ca mpa ign S pend ing :g iv ing Sha r eho lde rS a voiCe
C -S
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ABOUT THE BRENNAN CENTER FOR JUSTICET B C J NYU S l L - bl l l j . O
, .
A l , bl l , B C b l , l l l l ,
l, bl bl .
ABOUT THE BRENNAN CENTERSCAMPAIGN FINANCE REFORM PROJECTC l b , ,
b l l l l q l l B C l q b
l l , b l l l , bl l l . T B C l, , bl l l l
l l bl l .
ACkNOwlEdGMENTST l l K l J. S , B F P A W l , D l G R b M l
b , B C D P S L , C C l F A.O. S z, J ., C l M
K ll W ll , M M z l , D Al H , S N l , l l L KI , A G l, R C , P S , C G ll
. T B C D All P C N Y , JEH F , J F ,
I , R ll B F , W ll Gl b l F bl . T x
l l b l B C .
. T b C C A b -N D -N Cl ( :// . ). I b l
J , l C b , b l , , C
Pl l B C J .
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ABOUT THE AUTHOR
C -S ll C l D P B . M . -S l
B.A. l H . S J.D. C l bS l. S - l A W b What Albany Could Learn rom New York City: A Model o Meaning ul Campaign Finance Re orm in Action, Alb G L.R. 4 ( );Electoral Competition and Low Contribution Limits ( ) - K l l W ll D . T S ; Improving Judicial Diversity ( ) - M q C E G bl b Tompson West Reuters in Women and the Law ( ), ll Corporate Political Spending & Shareholders Rights: Why the U.S.Should Adopt the British Approach( ). S b bl
New York Law Journal , Roll Call , Business Week , Forbes , T R . , S l .
, CNN. ABA Judges Journal . S l b q b Te Economist , Te National Journal , S R NPR. S l l l l
j C , l P LLP b S R D b .
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TABlE OF CONTENTSF 3
Ex S 4
I : T P R l C M D PC I: T L l L ACitizens United 7
C II: T P bl C P l l S
C III: T B M l
C IV: P l P l - S C U.S. S L
A x A: B /A C R A P l l S
A x B: A S S l R A
E 7
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FOREwORd
I Citizens United , J , , U.S. S C q
l l , b l F A l . T l l . W l l l
ll , bl x
C l ll- l l . , l
, l b , b . A
l z b l
.
T l -Citizens United l . : , q report corporate political spending di-
rectly to shareholders, , q obtain authorization from shareholdersbefore making political expenditures . M l xl , ll l l l
l .
T l x
b S C Citizens United . T B C ll l b ll l bl b l
. W ll l b l l l l F A b j
C . W ll l l b ll ll
I b bl b
.
S M. LD , D PB C J
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EXECUTIVE SUMMARY T S C ll l l l l l
Citizens United v. FEC , J , . b
l , C l F A l , l l b , ll
l l .
N C l bl l - F l , l C b l l
l . T l l , l , l
l b . U
, q l b l b ll , l l M , l l l
T b . B l . I Ul l l x l l . A
z l l b l l .
T U S l Citizens
United ( ) l ll l l ( ) q l z l l
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INTROdUCTION
The Proper Ro e of Corporate Money in our democratic Process
I Citizens United , U.S. S C j F l .R l l A -
l , l 4 ( ) C - bl l
l . T , l 3
P l l b bl . F l ,
b .4 R l
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l b ll , l l . N , Citizens United
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s c s c
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l , l b l l b l . F ,
l l q b l l l .
S l l l l l x l l l . A b
l l b . S l l b l l l b l
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U.K. bl l . F ll , l l . M l B
l , C l q b l : l
l l l l .
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CHAPTER 1. THE lEGAl lANdSCAPE AFTER CITIzENS UNITEd Citizens United v. FEC , J , , ll
l l l . Citizens Unit-ed l l l q l : l l H ll : M , l l -
H ll Cl , ll b - , l l l - , l- l l l .
B q , S C Citizens United l l F A R
. I , C b 3 l b x l l l l
l l.Citizens United l bl l
B Citizens United , - x l l q l l x (SSF ), l l l (PAC ), l ,
l l l l . T l l
b b b PAC bj PAC -
l $5,
$ ,4 l ).
T l b -
ll l . R z
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l x b l T
l b x l l , xl , ll l . N , -Citizens United ,
b b l ll l l .
Citizens United s s c
f c s f u s w c us ss
b f c s us
s y cs.
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CHAPTER 2. THE PROBlEMS wITHCORPOR ATE POlITICAl SPENdING
A. The democratic Prob emT bl b l l l ll b l l b b z . T l b
ll b x l , l l , b l
x.
D l b , l l
l l . B q l b ll l , l l l l.
I U.S. l l , b l , l b ll l $3. b ll . M PAC l ll b3
PAC b C l PACb 7 .4 Al PA
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5, 73 , P l l Ax l b ,
$ ll l l l , z .5
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b b l . A q : ll l l
l b l b 7 A l l l l ,
l bl b , bl
.
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B. Other Peop es Money W bl l -
, l , b S b b
ll .B l l
l l bl . F x l , b P A l, M , W3 l
bl l l , l l l l .4
A l - l l l l , ll q l l l l q l l .5 C q l ,
l b l l b PAC q ll
l l lN S C l
b l l l .
The ifference bet een a corporate PAC an the corporate treasury
A corporate PAC, or SSF, l l z b ll b l . T
PAC l l , x , l l l l .E
PAC l l l . I l $5, SSF x $ , ll SSF, PAC .
B ,corporate treasury l ll
b , bl l - l ll l .
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T C P l l A b l (CPA) l l l b l l . T CPA :
E , Gl b l C , W l C , Q W E
b b , , ll ll l l b l
ll x l .7
E , Gl b l C W l C b ,
b b U.S. ;Q W E l-l l b .
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A E C G S x l :
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b ll ll . A l l l x . T
ll l l l ll . A l
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1. Poor Disclosure of Corporate Political Spending A J K , l Citizens United ,
l . AS l bj
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l l b b
A U.S. l , l b
z l .3 T bl b l l l 33 U l ,
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a. Campaign Finance Law Reporting
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ll
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T F l El C (FEC)q ,l l . C -
SSF l FEC.34 b
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PAC , , l l . F x l , L l L P l l A C , D B lF D F l l b SSF .35
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l l . A Citizens United , l b ll ll 5
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S l l ll , l , . F x l ,
U.S. C b C , l l l l
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b. Corporate Law ReportingF l l l l q l
l l . T S Ex C l l q l b bl l -
l bl . E l l , l l
l l bl , F. B l l b l ll x l l
, x bl ll.
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3 A q bl ll l bll l b
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l ll bl , l , l bl .4
W l W - l l - - b b , b C E l
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l l b b - l l x
b - .43 F , l
l l l - l ll .44 A P J ll F x l :
P l l b ll l b l l x ll bj
l l . T l l l l b .45
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b b l b l l b l bl :
S l l b l l
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ll l l l qb z
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2. The Lack of Shareholder ConsentI Citizens United , J K , 5-4 j ,
l b l l b b b l
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PAC x l l ll
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c f s cu s ws
b f s s.
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.4 I , b l x l z l .
S -b l q l
l . T 3 l l l l l b Citizens United ,
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U.S. l .
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l 4 l . I l l . T l
l b b l . S
q l .
M , l , ll ll- l l l x l l
T l b , ll l l . A b
b z b l
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CHAPTER 3. THE BRITISH MOdEl
T A l l b l b . T
. T B l l l l l l l S C Citizens United l l b l
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U.K. :
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B l q l l l l l .I E l , q
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5, l $ , . I l B l , l l b
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Ho the British System wor s
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l ( , ). S l
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A. The Apparent drop in Corporate Po itica Expen ituresT l l C A l l b
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bl - , l ....T bl l - l bl - - l l U.K. l . T , b b ,
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B. U.k. Proxy Votes to AuthorizeBritish Po itica Spen ingT B C P I RL (PIRC), B
l , z l l b bj C A . T
PIRC l l b J , 5 j C A l 3 l l
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T PIRC l B zl C A l l b
, 5 , l .7 T x . F x l ,BP ( l B P l )
4 , l l 4 , BP I l L .B A b ll ,b l .
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S l l l l z l
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GSK l b l l l l .H , GSK l U.K. l ( l l
b l ) GSK ll l l l b EU.
C b :
T C l l b l l . C , b ,
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d. Resistance to U.k. Corporate Po itica Spen ing W l B ll
x l l ,l -ll l l b q b B .
H , l , l b .I 4, x l , l l . 5 ll l l b BAA PLC. T l
l l BAA b P l . T l
b l l , l l .3 T l z .4 I l
l . N l , l , BAA
P l .5
T BAA x l b l l , l
l . B l , lBAA, , l A .
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POlICY PROPOSAl
CHAPTER 4.SUGGESTEd CHANGES TO U.S. SECURITIES lAw T U.S. l B l l x b
( ) q l l l l l( ) b lb l l x , (3) l ll l bl l
l .
T ll l b l
x . A -b - l l Appendix B .
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b l . A l , C l q l l , l l
C P l l A -b l , 7 , 4
S&P ,
l ll l l l .
b l, l l l l l
b q -l bl b ,
l b l b . l , l l l x l
l F -Q SEC. B l ll b -Q l , b
T B C l ll . T C P l l A b l ,7 I C C R
b l ,C C , N C F , j , ll b l l l b
a u f C f
p c acc u b y, 70 c s,
48 f w c S&p 100,
sc s
c s s s.
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B l l . C l , , z l l b
l ll : A l
( . . ., AGM), l l x l l l l l l .I l j
(5 % l ), l ll b ll b bl l l
l . H , l l
l l l l l l b
.
F ll , , B l
b l : l l b lD U.S.
z l l x l b ll
l bl z .
O B l b . A l l
l l . B , l, l l q ( z l l b
l l bj l l l l b
I , A , U.S. l l B l , l q
:( ) l l l l ( ) l z b I ,(3) z l l l l l l b l
t s s c s U.S.
s cu s w w
c s s
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c c s
w su w c -
s s s y
cs, y s w fu
f c s .
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T l b l l l ll bl l - q l l l .
J K Citizens United bl .B
bl l l .
T U.S. l ll l l , ll
l l , . T l l B b
. T l l A
-Citizens United l .
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APPENdIX A Samp e of British/American Companies Reporting
American Po itica Spen ing 103
Company Website US Giving Disclosed
A -Z:// . z - l -
. / 7/b _ // _ .
:// . z - l -. / / l /AZ_
AR _F ll. ( 5)
: $4 , 757: $3 , 45
: $ 5, 3 b US l l , -
l j
- bl l
Gl x S Kl PLC:// . . / 3 .
3 . # 4: 3 , ;
7: 4 , ;Gl x l l b
J l b GSK PAC : 53 ,35
7 5 , 7 .
L M:// .l . / -
/ _ /P l -lD l . l
H PAC, DG A & R bl G -
A .
l x : $ ,375.
Exx M b lC
:// . xx b l. /C -/I / / / -_ _ .
C l l b U.S. l 5 7 :
5: $34 ,: $4 ,
7: $ 7 ,: $45 ,
N l G:// . l . / -
l / 7/ _ _ /_ . l ; :// . -
l . / l / /:// . l . / -
l / / _ /x. l
- 7: $ , . N l G ;
$ 4 ,7 . N l G PAC7- : $7 , . N l G ;
$5 , 5 . PAC; K $37, 5- : $ , . N l G
b NYS PAC ; $ 5 , 75 . N lG PAC
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APPENdIX B A Summary of the Shareho ers Rights Act
SECTION 1. SHORT TITLE.
T A b S l R A .
SECTION 2. FINDINGS AND DECLARATIONS.D b l z
l l x .
SECTION 3. DEFINITIONS.
SECTION 4. SHAREHOLDER VOTE ON CORPORATE POLITICAL ACTIVITIES.
A S 4 S Ex A 34 ( 5 U.S.C. ll b :
( ) ANNUAL VO E R q l l b z l
x .
( ) SHAREHOLDER APPROVAL R l z x l l .
(3) DISCLOSURE OF SHAREHOLDER VO ES R q l bj 3( ) Ex A
ll l .
(4) DIREC OR LIABILI Y M bl z b x l l ,
l bl , .
(5) RULEMAKING D S Ex C l l b
A .
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SECTION 5. NOTIFICATION TO SHAREHOLDERS OF CORPORATEPOLITICAL ACTIVITIES.
A S Ex A 34
l l l l . q l b bl l l . R q q
bl ; b b .
SECTION 6. PUBLIC DISCLOSURE OF CORPORATE POLITICAL ACTIVITIES BY THE SECURITIES AND EXCHANGE COMMISSION.A S 4 S Ex A 34 l
l l l b bl l
q l b l b b l l l . D S Ex C q l l l bl l l bl Ex C b bl ,
l bl .
SECTION 7. REPORT BY THE OFFICE OF MANAGEMENT AND BUDGET.D O M B l
q A ; ll Ex C l
A .
SECTION 8. SEVERABILITY.P A l l , A ll b .
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ENdNOTES . Citizens United l b . C
b U.S. l b . H , b ll , l l
Citizens United l x l .
. See Joint Economic Committee, 106th cong., he Roots of Broadened Stock Ownership I ( ), . . /j / x/ / . ; I CI ,U.S. Household Ownership o Mutual Funds in 2005 , ( 5), :// .
. / / - 4 5. ; he Investment Company Institute, 2009 InvestmentCompany Fact Book 8 (4 . ), :// . b . / / _
b . (H l l [ l
- .).
T l b 3. publicly-traded . T l - l
l . F , l l . H l l l
b bl l - b ll , l b x
l . T l b l l (PAC ), l . P l l
P R l , C P l l A b l ,4. Shareholders See Risky Corporate Political Behavior As Treat to Shareholder Value, Demand Re orm, CPA Poll Finds , (A l 5, ),:// . l l b l . / x. ? = /G D A
( ll 5 [ l ] l l
l l . 4 l 4 b l ll [ ] l
B F. F & J C. R ,5. he Green Canary: A erting Shareho ders and Protecting heir Investments ( 5), :// . l l b l . /
x. ? = /G D A / / ; R j A l, F l x M , &
W ,Corporate Political Contributions: Investment or Agency? , :// . . /l3/ . ? b _ = 7 7 ; D z I , P M , & T A
Fist ul o Dollars: Lobbying and the Financial Crisis , IMF W P , 4 ( ), :// . . / x l/ b / / / / 7. (O l bb [b l ] x-
x- [ ] l z l b
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, b l l bb l ll- .);see alsoC E D l ,Rebuilding Corporate
Leadership: How Directors Can Link Long- erm Per ormance with Public Goals ( ), :// . . / /l b / / _ / 3. (T
b l bl l - l l
l , l b l l - b l b - l , l b , .).
Green Canary 6. , supra 5 4 ( l l b l .).
7. See M H ,Bodies Politic: Te Progressive History o Organizational Real Entity Teory ,5 U. Pitt L. Rev. 575, 3 ( ) ( l
A l , [C] A l l
l, z . T l l
l ll b b
. See D l G ,Essential Speech: Why Corporate Speech is Not Free , 3 Iowa L. Rev.5, 55 ( ), :// . / b =7 47 5 (C , ,
b x . C l l , l bl
, l l b l .).
Cl b l l .. See Wi iam Meade F etcher,F etcher Cyc opedia of the Law of Corporations 4 ( ) (T
b l , l
b l . I j , bl x
l l , ll
l x l l .).
F l ,. see C -S ll ,Corporate Political Spending & Shareholders Rights: Why the U.S. Should Adopt the British Approach( ),
:// .b . / / / _ _ _ _l _ /.
. See R b S. C & D l J. W l ,Can Lower ax Rates Be Bought? Business Rent-Seeking and ax Competition Among U.S. States , F l R B S F W P S (D . ) (D 3 , $ .5 b ll$5 , b b b
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$ .5 B ll , x l 33% b l ( l ), 33% , %
, % (l, j ).) (H , b
.).
. See Center for Responsive Po itics, op Nationa Donors Based on Com inedState and Federa Contri utions, 7- ( ), :// . .
/ /l _ . ? =A ( l l); L F l D ,Politics Across Borders: Nonintervention and
Non orcible In uence Over Domestic A airs , 3 American J. of Internationa L. , 4( ) ( U.S.- , - PAC l
U.S. l l .);see alsoEl l C ,Register o Donations to Political Parties ( ), :// . l l .
. / l - / l l . (l A b B l l M , N
O l, C q C L ., ).3. Center for Responsive Po itics, 2008 E ection Overview, :// . .
/ / x. .
U.S. C ,4. able 415 Contributions to Congressional Campaigns by Political ActionCommittees (PAC) by ype o Committee : 7 , :// . . /
/ b/ / bl / 4 5. (PAC b C $3 7 ll $ 4 ll C PAC ).
P R l , C F I ,5. Party Conventions Financiers Have Spent Nearly $1.5 billion on Federal Campaign Contributions and Lobbying Since 2005 (A .
, ), :// . . / / R l . x?R l ID= 3 ( l $ .3 b ll l bb l ).
R M ,. Judicial Activism on Campaign Finance Law , Rea C ear Po itics, (A .3, ), :// . l l l . / l / / / 3/j l_
_ _l _ 774 . l ( [ ] W l-M lI b l , W
l x .).
G ,7. supra , 55, (W [ ] l, l
ll l b , ll b l b l
l l ll b ll ll ( x , j .).
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8/14/2019 C or p or at e C
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3 | B C J
. See McConnell v. FEC , 54 U.S. 3, 43-44 ( 3) (O l q l b G b
b l b . C l l
l j z ll
( l ). C.F.R. . ;. Fed. E ection Commn, SSFS and Nonconnected PACS (M
), :// . . / /b / . l.
. Fed. E ection Commn, Contri ution Limits for 2009-10 ( ), :// . ./ / bl . .
. See FEC v. Beaumont , 53 U.S. 4 , 54 ( 3) ( x l [ ] b l l
l l
.) ( l ).N l Alb -N ,. Give to Get? Financial Institutions Tat Made He ty CampaignDonations Score Big Bucks From Te Government , (M . , ), :// .
ll . / /R /GIVE_ O_GE _ ARP_R . ?PHPSD= 73 7 3 b 55 b5 57 3 7 ( 75 l
ARP b l b l $ .4 ll , b ll ll 5
7- .); C & W l ,supra , 3 (F l $ b b l
l $4.).
T A l l l3.l l l l . M F ,Te Characteristics o Politically
Connected Firms (O . ) ( 47 , l l - ); M F , R l
& J J. M C ll,Political Connections and Corporate Bailouts (M . 5) ( 35 l ll - l l l
l - ); P l K. C , M F & D PTe Quality o Accounting In ormation in Politically Connected Firms (J . ) (
, q l b l ll l - .); M B ,
K z, A S & D T ,Politically Connected CEOs and Corporate Outcomes: Evidence rom France , ( 4) (I F [ ] b [ l ll ] CEO , , l
b - CEO .).
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B C J| 3
4. See A l l.,supra 5, l l - , M C -F l l
l l . M , l l l x ll l
ll.Id. 34 ( l [ ] ,
b , l , l ll , l x - .). Ex - b l x W ll l
N b ll .Id. 7. T $ , l l l $ .73 ll .
A l - l l l l b b l l .Id. ;id. 3 ( , l
x .);id. 3-4 ( [ ] l l , l bl
b bl .). 5. Id. 3 .
L E. L bl , T P P l ,. Pharmaceutica E ecutive, (O b4) (S [ l l] b
b l, l l b l l see also b 7 b M . L bl H l bl : A Te Power o Proxies and Shareholder Resolutions , HLS F C G F l R l (O . , 7), ://bl .l . . / /
- - - x - - l - l /.
7. Green Canary, supra 5, 5.B C C , CNBC (S . 7, ), :// . b . /.
/ 7 5 ? l = ; Al H , E O G R : P l l I Wa Street Journa , (J . 3 , ) ( E l . B
l l l l P z .).
Q I A H l A I L ,. BusinessWeek (F b. , ), :// .b . / z / / _ /b3 7 . (F , QC I l I . b ); Ex
Pl L U l , N.Y. imes (D . 5, 3) ( W []
b b $3 b ll b ).E C G S ,3 . Blue-Wash( ), :// . . /
/ . l.
3 . Citizens United v. FEC , N . - 5, l 54 ( ).
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3 | B C J
D S l I ,3 . Social Impact Update Forth Quarter 2004 ( 4) (D l l l
l l b x l l b
33. See A W l ,Other Peoples Money: Corporations, Agency Costs, and CampaignFinance Law , Georgetown L. J. 7 , 3- 4 (J 4); J S. b, Able but Not Willing: the Failure o Mutual Fund Advisers to Advocate or Shareholders Rights , 34 J. of Corporation L. , ( ), :// . . / l3/ .
? b _ = 3 (A x l 77.7 ll l U q l .);id. 5 (I - ,
l .).
I l 34. FEC FCC, l . S Fed. E ection Commn, E ectronica y
Fi ed Independent E penditures ( ), :// . / / l / _l; FCC, E ectioneering Communications Data ase (ECD) ( ), ://
ll . . / /.
35. Fed. E ection Commn, Contributions Received by Abraham Lincoln LeadershipPolitical Action Committee , ://q . . / -b / _ /C 357 5/;Contributions Received by Democracy Believers Political Action Committee , ://q .
. / -b / _ /C 3 3 /;Contributions Received by Freedom & Democracy Fund , ://q . . / -b / _ /C 4 7/.
3 . See C D l P j , G S D l ( ), ://l . / / x. l.
J P , M F P l l P O l ,37. L.A. imes (M . , ),:// l .l . / / / /b / - (C bl , b l
l b b l l, l l l .).
3 . Mutual Protection: Why Mutual Funds Should Embrace Disclosure o Corporate Political Contributions/Common Cause and Center or Political Accountability , ALI-ABA Courseof Study Materia s (D . 5).
B F. F & J C ll,3 . Hidden Rivers: How rade Associations ConceaCorporate Po itica Spending 1 ( ), :// . l l b l . /
? = /G D A / / 3 .
4 . Id. - ( l ll ll . I 4,
ll b j x l l l bb
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B C J| 33
l b l l . N q b l b b .).
S. R . N . 5- 4, 5 C ., S . 77, 77 U.S.C.C.A.N. 4 , 774 . WL 44 ( R b SEC l
b 3 U.S. l ll lll . F
S J , I l , N l l . T A b b . C
l b . T l b .).
J R. E , O B B b , C A b l ,4 . Securities and Exchange Commission News , (O . 5, 7 ), :// . . / /
/ 7 / 57 . .
B F. F & J C. R ,43. Company Political Activity Requires Director
Oversight , ALI-ABA Course of Study Materia s, 3 (D . 5). 44. Id. -3;see alsoV B ,Business Corporations and Stockholders Rights under the First Amendment , Ya e L. J. 35, 37 ( ) ( [ ] l
b l l l l l l
ll bl .);id. 3 -4 ( l l b b
J ll F ,45. Te Bad Man Goes to Washington: Te E ect o Political In uence on Corporate Duty , 75 Fordham L. Rev. 5 3, 3 ( ).
T l b l . H (L M4 . q b l l l b . S
A . : 5 5. (F); M . A . S . 3 . .
I M. M ll , H ll J. G & R b C. G , W l, G l & M47.Rethinking Board and Shareholder Engagement in 2008 (J ), ://bl .l .
. / / l / / / _ ll _ --j - . .
4 . Citizens United v. FEC , N . - 5, l 4 ( ).
A l S C l 4 ..FEC v. Massachusetts Citizens or Li e, Inc., 47 U.S. 3 , 57-5 ( )
( ). (T b l l l
ll
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34 | B C J
bl l l b
5 . Marsili v. Pacifc Gas & Elec. Co., 5 C l. A . 3 3 3, 3 (C l. C . A . 75)( z l l b b
b j l );Simon v. Sw. La. Elec. Membership Corp., 7 S . 757,75 -5 (L . C . A . 7 ) ( j l l b
l l ll l l l )
T W. J ,5 . People o Color, Women, and the Public Corporation: Corporate Hierarchy and Racial Justice , 7 St. Johns L. Rev. 55, 5 ( 5) ( ).
O l L M q b l l5 .x . Ssupra 4 .
R - 57-5 ,53. Citizens United v. FEC , N . - 5 (S . ,), :// . . / l_ / _
5%5BR %5D.
U B l l l l : ( ) 54. ; (b) l ; ( )
l , b , ; ( ) ( b b l ) x
l b ; ( ) l ; ( ) l
l b ( l P l l P , El R A , . 4 5 ( ), ://
. /A / / _ 4 _ _ . A , BP l ll l l .
C B l b bl 55.l l x . A M ll & P S , Association for Accountan
Business Affairs, aming the Corporation ( 5), . . / b /C . . ( [ ] l b b
l l l l .).
P l l P , El R A ,5 . supra 54, . 4 3 , 4 ,. ;see alsoEx l N P l l P , El R
( ), . 4 , :// . . . /AC S/ / / _ 4 _ _T C A . A l
x . I , j l l bl z l l x l . C3 , 374 ( ), :// . . . / / / / _ 4 _see alsoC A R l A ( 7), :// .b .
l / l 37. .
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B C J| 35
A l W l , P l C C H C L b57. Te Political Parties, Elections and Re erendums Bill D , (J . 7, ), :// .
l . / /l b/ / / - . .
H D ,5 . he Funding of Po itica Parties in the United Kingdom: heGovernments Proposa s for Legis ation in Repsonse to the Fifth Report of theCommittee on Standards in Pu ic Life 1999-2000, :// . . l-
. . / / 44/44 3/44 3- . .
5 . Committee on Standards in Pu ic Life, he Funding of Po itica Partiesin the United Kingdom, ( ), :// . . l- . . /
/ 4 /4 57/ l - / l - . .
. Id. .
P l l P , El R A ,. supra 54;see alsoE ectoraCommission, Guidance to Companies: Po itica Donations and Lending ( 7),
:// . l l . . /__ / / l l_l / 4/ 37 3/C -G -F l _ 777 - 443__E__N__S__W__. .
T l l l . T l. , 7 l l . S Department for Busin
Enterprise Regu atory Reform, Government Response to Consu tation onthe Companies Act 2006 Accounting and Reporting Regu ations ( 7), :// .b . . / l / l 4 4 . .
C A ,3. supra 5 ;see alsoC A : Ex l N ( ),:// . . . / / / / _ 4 _ . .
P l l P , El R A ,4. supra 54.
C A ,5. supra 5 , 3 .
T C (I R U P l l D Ex.R l 7, S I 7 N . 4 (J l 5, 7), :/
. . / / 7/ _ 7 4 _ _ .
7. See e.g., A Z ,Directors Report: Business Review: Corporate Governance: Other Matters , :// . z - l . / 7/b _ /
_ . ( A Z US l l
$3 , 45 ( $4 , 75) l l l
.); N l G ,Directors Report or the Year Ended 31 March 2007 (M ,7), :// . l . / l / 7/ _ _ / _l ( N l G USA b l
$ , (5 , ) . N l G USA l l
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3 | B C J
l b l l b , $ 4 ,7 (7 , ) / 7.).
S K , BAE A F D US P l l C.Financia imes, A , ( BAE, B ,
l b US l l , b l b El G M F C PAC O C G $ .3 M
C C , N.Y. imes, A 7 (M 4, 7).
P H , B B S : P B l C l I. heimes, (M 3 , ), ://b . l . . / l/b / _
/ l 4 53 . .
P R l , L b R D ,7 . ories Still Get Corporate Millions (J ,), :// .l . . / . ? = & =3 (T C
l .74 ll l j [ ] L b ll ,5
R D ,Party Funding , La our Research 11 (O . 3), :// .l . . / b/ l /l 3 . (C , , 44 CP 45, L b P - 3 l l .).
L E. Kl ,7 . On the Brink o Re orm: Political Party Funding in Britain, 3 Case W. Res. J. Int L. , 3 ( ).
7 . Committee on Standards in Pu ic Life, supra 5 ( 47, C G , 3 , GLC L , , M G
L b P .). 73. Id . 5 , 5 7 ( l. ).
P R l , L b R D ,74. ory Donations ake a Dive (N . , ),:// .l . . / . ? = & =33 .
75. See supra 7 .
7 . See T C - G , Annual Report and Accounts 2008 , 3 ( ), :// .- . /C /PDF /A l_R _ . (I b 47 , ( 7: 4 , 3) C - P
M l P -D ,77. British Party Funding 1913-87 , Par iamentary Affairs, A l , (l 5 , : G W H l& C l H l , l W , R I , H
, P & O, U B , All L , l H , Pl , W bC l G l l , R l, G R l Ex , S All , W ll
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B C J| 37
H b , G l A , N ll, H F , B , BG l El , Gl x H l , R ll R , R l I , U , H l ).
7 . See l supra 77 5 , . B B El l C b
b - , l B A ,45 l . El l C ,Register o Donations to Political Parties ( ),
:// . l l . . / l - / l
F x l , l A Z 7 . l l ; l l
l l ; l l x ; x [ ] $ A Z , AstraZeneca Notice O Annual General Meeting 2009 and Shareholders Circular , ( ), :// . z . /_ 3 7 / /
/ / -AGM/AZ_N M_EN. . O l l b .See e.g., 3 G PLC, N A l G l M 7,
( 7), :// .3 . / /AGM_-_ _ _AGM_ 7. ( q l l b , b ); B l B , Annual General Meeting
2009 and Separate Class Meeting o Pre erence Shareholders , 4 ( ), :// .b l b . /bb / / / / / . ( q b 5, ).
BP PLC,. Notice o BP Annual General Meeting 2007 , ( 7), :// .b . /l /b _ / l b lb /S AGING/ _ /IC_SHMV 7_BP_
_ 7. .
B A b ,. Annual General Meeting 2009 , 5 ( ), :// .b . // / __3 . / P W bL /DO57YMK7/$FILE/ MD7QJMDX
? l (A A l G l M A l 5, C EU l l
x bj EU l l ll l l x
.).
N b W G PLC,. Notice o Annual General Meeting 2007 , ( 7),:// . . . / 7. (I l [ ] P C
b l , bl l, x l , ll l l MP , MEP T / 7 llL b l D , 3, C ,3 3 [ ] l , .).
I V PLC,3. Report and Accounts 2008 , 44 ( ), . . . . / /B /? I = 443;see also PLC,Regulatory News , 3 / / , ://
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3 | B C J
. l . / l / / / ? = 4 47 R 3 573X& = _(D , G b 45, 3 ( 7 - 4 , )
l l : L b P 3, 4 ; L b l D5, 5 ; C P 5,7 ; S L b P 5 ; S N
, ; F G l ,3 7; Pl C 45 ; , .).C l I PLC,4. Letter rom the Chairman and Notice o 2008 Annual General Meeting , ( ), :// . l . / /AGM . ;see alsoC lI PLC, C l I l : R l A l G l M( ), :// . l . / /R l % % AGM% . ; R W , C l S R l Pl D , he O ser(J l , ), :// . . . /b / /j l/ / l -
l l- - .
B A ,5. 2008/09 Annual Report and Accounts , 57 ( ), :// .b . / / l b l/ /b _ / /BA_AR_
HMV G PLC,. Annual Report and Accounts 2009 , 4 ( ), :// .. / l / 3 /HMV_ l . .
B b G PLC,7. Annual Report 2008/09 , 57 ( ), :// .bl l ./b b - /B b _ - _A lR . .
Gl x S Kl ,. Political Contributions Policy , ( ), :// . . / b /- /P l -P l l-C b . .
C b PLC,. Annual Report & Accounts 2008 , 55 ( ), :// b .. . /~/ /F l /C/ b - - / / b _ _. x.
. See S Y P A ,South Yorkshire Pension Fund Corporate Governance Policy: Voting Guidelines , 3 ( 5), :// . . . /
b _ bj . ? = 3 7& l b ( l ll l l l l .); L B B xl P F ,Statement o Investment
Principles , 35 ( ), :// . . . /A /B xl / / /S. . ( [ ] [ l
L B S P F ,Statement o Investment Principles , :// . . . /CH H l . x? = 7 & = (W ll
l l b l ll .).
. See supra 7 ;supra .
. See W M l P F ,Corporate Governance Proxy Voting Activity , -( 4), :// . l . / / 4_ 4. .
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B C J| 3
B W b , U L MP P P ,3. he imes (J l , 4):// . l . . / l / ,, - 3 3, . l.
4. Id.
5. See BAA PLC, Annual Report 2004/05 , 47 ( 5), :// . . ///B CP l/S % F l /BAAA lR 4- 5. (BAA l
l . T [ l l 5 M 5 ll
l ...).
P R l , C P l l A b l ,. New Companies Bring Political Disclosure to Nearly Hal o rendsetting S&P 100 , :// . l l b l .
x. ? = /G D A / / 3 .
C P l l A b l ,7. About Us, :// . l l b l . /. ? =4 (W l
CPA l l l l l .).
P R l ,. Inter aith Center on Corporate Responsibility, Religious Investors OpenCampaign to Press Drug Companies to Disclose Political Spending (D . , 4), :// . . / / _ l / 4/ _ b 4. .
S G , C C ,. Mutual Protection: Why Mutual Funds Should Embrace Disclosure o Corporate Political Contributions ( 5), :// . .
/ / /%7BFB3C 7E -CDD -4DF - BE-BD44 3 5%7D/MU UAL%FUND% REPOR % - 5- 5.PDF.
N C F ,. Shareholder Resolutions & Corporate Engagement 2003- 2009 , ( ), :// . . / l / l _
l.
I l b ll . AGM, l b ll l b l l .
. Citizens United v. FEC , N . - 5, l 54 ( ).
T l 3.
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4 | B C J
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At New York University School o Law