States consider requiring shareholder approval for political gifts

[Natural Citizen]

Lawmakers in at least four states are considering a back-door way to dampen corporate political spending: Require shareholders to approve it.

State legislators in Maine, Maryland, New York and New Jersey have introduced bills that demand that a majority of shareholders approve corporate gifts to political committees or candidates.

Continued - States consider requiring shareholder approval for political gifts (http://www.publicintegrity.org/2015/02/17/16757/states-consider-requiring-shareholder-approval-political-gifts)

[UWDude]

Hmm, that s an interesting turn of events, and seems to follow the spirit of the law. This could be interesting, but will probably be struck down.

[The Free Hornet]

Is it one share/one vote? What about non-voting shares? If per shareholder, I forsee a market of single-share holders with oddly pro-lobbyist leanings. With a mutual fund, are the fund managers voting like they do with everything else?

Can I sell my vote? That's a valid question in this context. Arguably, most stockholders already have.

[mosquitobite]

“Shareholders can be subsidizing speech they find abhorrent through their stock ownership,” said Ciara Torres-Spelliscy, a fellow at the Brennan Center for Justice, a think tank that supports campaign finance reform.

Torres-Spelliscy commended the shareholder approach, pointing to similar laws in the United Kingdom. But she said that if campaign finance activists want widespread change they will eventually need Delaware to pass a shareholder-approval law, as most corporations in the U.S. plant themselves there due to favorable tax laws.

Who do we got in Delaware?

If you get at all involved in politics, you'll soon learn the Chamber of Commerce is one of our main enemies to liberty.

[Chester Copperpot]

Is it one share/one vote? What about non-voting shares? If per shareholder, I forsee a market of single-share holders with oddly pro-lobbyist leanings. With a mutual fund, are the fund managers voting like they do with everything else?

Can I sell my vote? That's a valid question in this context. Arguably, most stockholders already have.

Dude youve hit upon a can of worms that you probably have no idea. Back in the day, most of these shares were owned by companies (or had power to vote) with very benign sounding names like "Kane & Co.", "Cede & Co." but meanwhile they were massive holding companies for shares for just about every major publicly traded entity.