Failing to pass the bills, a letter-writing campaign asked the SEC to develop rules requiring more disclosure. After Obama's reelection, SEC officials announced they are indeed designing a disclosure rule for corporate political expenditures.
The SEC's mission is a difficult one as it needs to determine when and how much to disclose without undermining the value of a company's value of the investor's stock.
The SEC would start by requiring an initial rule of thumb that items will not be considered if they do not represent at least 3% of a company's value. Exception to the rule of thumb would be if the items hide potential larger risk, therefore meeting the agency's test of "qualitative materiality".
An example of this larger risk was the Target Corp. They contributed to Minnesota Forward, a political action group promoting economic growth in the state. Even though Target nor Minnesota Forward endorsed the opposition to gay marriage, one of the supported candidates did. Nevertheless, a boycott of Target stores was organized by gay marriage activists, and Target apologized for their contribution.
We will need to watch the SEC to see if these rule changes are passed.
In my view, any money from union dues, stockholders investment, taxes, contributions, and donations should include a opt-in/opt-out option indicating how my money should be used for political expenditures.
NYC Wins When Everyone Can Vote!
Michael H. Drucker
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