August 24, 2013
The details of how management decides to spend corporate money are largely legitimate trade secrets. However, political spending and issue advertising cannot be trade secrets unless they are illegal.
A potential investor in a public company needs to be able to evaluate management's long term strategy. And many of us feel that if you need to jawbone or lobby your way around a public policy issue that your business plan is deficient.
Investors of conscience have a legitimate need to know what public policies are supported by management.
I urge the Securities and Exchange Commission to issue a rule requiring publicly traded corporations to publicly disclose all their political spending. Without delay.