Attorney General No.
Secretary of State No.
Prohibits corporations, as defined, from making political contributions or expenditures for political activities except with shareholders’ prior informed consent by means of majority vote and reports to shareholders. Limits corporate political contributions and expenditures in any fiscal year to the same proportion as the percentage of shareholder votes that approved the expenditures. Imposes criminal penalties for violations by corporate officials and contribution recipients. Defines political activities as support or opposition of candidates, political parties, committees, issue advocacy or voter registration campaigns, ballot measures, or legislative causes. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: State enforcement costs potentially totaling a few hundred thousand dollars annually, partially offset by increased fine revenues.
Lance H. Olson
Failed to Qualify
Political Contributions and Expenditures by Corporations. Shareholder Consent Requirements. Limits and Penalties. Initiative Statute. California Initiative 1148 (2005).