January 18, 2012
The influence of corporate money on our electoral processundermines Democracy, as well as spends my money against my wishes. As a owner of stocks via 401K and other avenues, I invest in business, not politics. Use of Corporate money without expressed alignment of my political beliefs is a violation of my ownership.
I am appalled that, because of the Supreme Court's ruling in Citizens United v. Federal Election Commission, publicly traded corporations can spend investor's money on political activity in secret. This is my money.
I am writing to urge the Securities and Exchange Commission to issue a rule requiring publicly traded corporations to publicly disclose all their political spending immediately.
Both shareholders and the public must be fully informed as to how much the corporation spends on politics and which candidates are being promoted or attacked. Disclosures should be posted promptly on the SEC's web site.
Further, I encourage the SEC to require all publicly traded corporations to require a vote of all stockholders, each owner given equal weight, for each expenditure approving each position taken. This includes owners in 401K and mutual funds, each owner 1 vote. Further, proxy votes are disallowed. A simple majority of 51.5% must cast a positive vote based on total owners (not percentage ownership) in order to approve each and every expenditure. Anything less is not in keeping with democracy.
The proper action is to understand that corporations are not people and do not have constituional rights. The come under the rule of law which should protect individuals from political influence in their government.
Thank you for considering my comment.
Matthew Tolford
VA