Unchecked corporate cash in the form of political donations and lobbying expenditures has the power to exert undue influence over public policy and regulatory systems and threaten our democracy. Yet in spite of this power, most S&P 500 companies lack a formal system of lobbying oversight and don’t fully disclose how monies are being spent, particularly through third-party organizations like trade associations. Investors are concerned that lobbying expenditures may inadvertently be diverted to groups advancing agendas contrary to the stated missions of companies, setting up potential conflicts of interest and exposing companies to reputational risk.
Sigh. Mayer and ICCR are working both sides of their levitating, shaking bed of anti-First Amendment, anti-Citizens United paranoia with Mayer seeking political intervention on one side and ICCR haranguing corporate shareholders with proxy resolutions on the other. In the meantime, the Republic remains a bastion of the freedoms that conjure 24-hour night terrors for the author and the so-called “religiously motivated” shareholder activists.
The “dark money” bogeymen searched for under those quivering bedsprings share the last name Koch, and we just can’t have libertarian billionaires expressing free speech in the U.S. political system, according to Mayer, ICCR and a raft of other opponents that are hypocritically funded by progressive billionaires bearing names like George Soros, Bill Gates, Tom Steyer, Warren Buffett and Eric Schmidt – all noted by George Melloan in his review of Mayer’s book in the Wall Street Journal: (more…)