Attorney General No.

11-0097

Secretary of State No.

1568

Description

Prohibits corporations and other business entities from making contributions or expenditures for political activities without shareholders' prior informed approval. Reduces the total amount of any contribution or expenditure approved by the percentage of shares not voted for approval. Defines political activities to include those related to candidates, ballot measures, issue advocacy, political parties, committees, voter registration, or any other political or legislative causes. Imposes criminal penalties for violations against persons spending, consenting to, or receiving prohibited contributions or expenditures. Requires detailed reporting to shareholders. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Increased annual state enforcement costs of potentially several hundred thousand dollars, partially offset by increased fine revenues.

Proponents

Thomas A. Willis c/o James C. Harrison (510) 346-6200

Date

2-7-2012

Document Type

Initiative

Qualified

Failed to Qualify

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