This is cool! CA bill gives stockholders say in political donations

[Starfury]

Talk about hitting them where it hurts! This bill needs to be pushed!

California bill gives stockholders say in political donations

By GREG LUCAS
San Francisco Chronicle
01-MAR-06

SACRAMENTO, Calif. -- Rekindling a political power struggle between unions and business interests, proposed legislation would require corporations to ask shareholders whether they approve of contributions made to California candidates or ballot measures.

The legislation _ backed by the California Labor Federation, AFL-CIO _ orders corporations to provide shareholders with a list of contributions made in California. Shareholders could then reject individual contributions and receive back their pro rata share.

"We're looking for fairness in how corporations and unions handle political donations," said state Sen. Joe Dunn, D-Garden Grove (Orange County), the bill's author.

(...)

Dunn's bill would require companies to present shareholders an annual list of contributions made to California candidates and ballot measures. The shareholder has two months to review the list and object to any _ or all _ contributions on it.

(...)

http://www.shns.com/shns/g_index2.cfm?action=detail&pk=DONATIONS-03-01-06

Edit: Here's an article from TPMCafe on this bill:

The bill, SB 1354, is sponsored by state Sen. Joe Dunn (D-Orange County), who argues, "We're looking for fairness in how corporations and unions handle political donations."

But the bill would also help shareholders end corporate secrecy over such political spending, which often conceals a host of other management misuse of shareholder money. As a report by the Center for Political Accountability detailed last year, political giving by companies like Enron, WorldCom, and Global Crossing "were part of a pattern of risky and sometimes illegal behavior that ultimately sank the companies and cost shareholders hundreds of billions of dollars." More transparency in political contributions by corporations would alert shareholders to companies that use political fixes to cover up fundamental problems in their business operations.

http://www.tpmcafe.com/node/27391

[swag]

1. Tasty.

First proxy votes, now this.

[demosincebirth]

2. Da gropenator will never sign it.

[NJmaverick]

3. Awesome bill! Great idea!

This is a concept we should be pushing nationally. It could tip the scales against those that sell out Country to the highest bidder!

[ljm2002]

4. Excellent strategy...

...exactly the kind of thing we need to do more of.

Let's hope it passes, and let's hope it is a model for other states.

Way to go, Cali!