Corporations to Disclose Political Contributions

By GottaLaff

This sounds like a good idea, and yet I'm skeptical. Gee, why would I feel that way about corporations making promises about anything transparency?

A total of 51 corporations, the most recent being the consumer products giant Procter & Gamble, have agreed to adopt a new political disclosure resolution that has been promoted by shareholder activist groups. [...]

The resolution, which has been brought before corporate boards since 2002, requires corporations to disclose publicly when corporate funds are used for political purposes, whether on the state or federal level. Under the law, corporations are not allowed to make donations to federal candidates directly from their corporate treasury. But there are many other ways they can pour money into politics, which is what the disclosure policy covers.

The agreement requires disclosure of payments from corporations to trade associations –- groups like the Chamber of Commerce and National Association of Manufacturers — that lobby and make political contributions. Disclosure would also be required for corporate donations to so-called 527 and other independent political advocacy groups, including both the Republican and Democratic Governor’s Associations, which are organized as 527s. And the resolution covers corporate donations to state house and judicial races in states where such contributions from corporations are allowed.

Those agreeing to the resolution include American Express, Avon, Bristol-Myers Squibb, Chevron, Coca-Cola, Colgate-Palmolive, eBay, E.I. DuPont, General Dynamics, General Electric, General Motors, Home Depot, Hewlett-Packard, Intel, McDonald’s, Merck, PepsiCo, Pfizer, Target, United Parcel Service, Verizon and Xerox. A total of the 35 of the 51 companies agreeing to the resolution are S&P 100 companies, which represent some of the nation’s largest publicly traded companies. [...]

One area not covered by the agreement is contributions by corporate executives and employees to political action committees, since this money does not come from the corporate treasury but from the individuals themselves.

I bet we can already guess which company donates to which candidate. Hmmm, I don't see ExxonMobil or Halliburton on that list.