Bill > S463

This bill aims to enhance corporate accountability for political spending. It defines a "corporation" as a for-profit corporation incorporated under Massachusetts law, and introduces several new requirements for such corporations: 1) Corporations must obtain shareholder approval by a majority vote before using corporate funds for independent expenditures, contributions, gifts, transfers, or disbursements to influence the success or defeat of candidates, political parties, or ballot questions in state or federal elections. The shareholders' authorization must specify the total amount, recipient, and purpose of the spending. 2) Corporations making such political expenditures must provide notice to shareholders within 48 hours and include the details in their quarterly and annual reports. 3) Corporate officers or directors who authorize non-compliant political spending can be held personally liable to the corporation. Their belief that the spending was in the corporation's best interest does not constitute a reasonable belief under the law. 4) The Secretary of the Commonwealth may revoke a corporation's charter or license to do business in Massachusetts if the corporation or its managers/directors have violated campaign finance or election laws. The bill aims to increase transparency and shareholder oversight of corporate political activity in Massachusetts.

Government Affairs

https://malegislature.gov/Bills/192/S463