Bill > H537

This bill, titled the "Massachusetts Corporate Accountability Act 2 of 2015," aims to increase transparency and accountability for corporate political spending. It introduces new reporting requirements for corporations that engage in "political activity," which is broadly defined to include contributions, expenditures, independent expenditures, and electioneering communications, but excludes lobbying and internal communications to shareholders or employees. Corporations not already defined as political committees must file a written report with their shareholders and the Office of Campaign and Political Finance (OCPF) on designated filing dates, detailing the date, amount, and purpose of their political activities, as well as identifying any candidates mentioned in independent expenditures or electioneering communications. These reports must be signed electronically, subject to perjury penalties, and posted on the corporation's website. Corporations already defined as political committees must share their OCPS filings with shareholders. Additionally, the bill mandates that any corporation or association making campaign contributions or expenditures exceeding $5,000 must obtain specific authorization from a majority of its board of directors or executive committee, with violations punishable by fines and potential imprisonment.