Campaign finance transparency win

Transparent Win for Political Disclosures

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U.S. Steel Corp. today becomes the latest corporation to agree to disclose its spending on candidates, political parties, ballot measures and other political activities. Ten other companies, including McGraw Hill Financial Inc. and Eastman Chemical Co., have adopted similar disclosure standards since the start of 2015.

A shareholder movement for corporate disclosure has been increasingly active since Citizens United was decided in 2010. The average percentage of shareholders voting for disclosure has roughly doubled, from 20 percent to 40 percent, since 2005. "The activist shareholders got a shot in the arm from Citizen United," said Ken Gross, a Washington attorney who advises corporations on election law. "It was one of the unintended consequences of the case."  

The Center for Political Accountability, which promotes disclosure, has joined with the University of Pennsylvania Wharton School's Zicklin Center for Business Ethics Research to produce an annual index ranking companies based on their disclosure policies. But not everyone is pleased at the attention. The Chamber of Commerce, Business Roundtable and the National Association of Manufacturers have typically relied on anonymous donations to fund their activities. Now, some of those donations are being revealed in corporate annual reports.

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http://www.bloombergview.com/articles/2015-03-23/battle-for-corporate-political-disclosure-gets-a-win