Thought Leaders Voice Their Concerns
Letter to the Editor: Companies and Campaign Disclosure

Letter to the Editor: Companies and Campaign Disclosure

Re “Companies Open Up on Giving in Politics,” by Eduardo Porter (Economic Scene column, June 10): According to Bradley A. Smith, a former Federal Election Commission chairman, corporations face “more campaign-finance disclosure than ever before.”But special-interest groups demand additional disclosures, like corporate expenditures to trade associations, whose political participation is already disclosed. As Mr. Porter

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Brad Smith, former FEC Commissioner

Brad Smith, former FEC Commissioner

“CPA’s ‘best practices’ reward corporations that further hamstring themselves with rules such as mandating a committee of outside directors to oversee political spending (including trade-association dues)…They would also insist that companies make financial disclosures in excess of those required by law, even if doing so would not be in the company’s interest…”      

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James R. Copland, Director of the Manhattan Institute’s Center for Legal Policy

James R. Copland, Director of the Manhattan Institute’s Center for Legal Policy

“Directors and institutional investors need to be cognizant of their fiduciary duties and resist the pressure applied by special-interest investors when such investors advocate for concerns that may not increase expected shareholder returns for all investors…Congress and regulators—including the SEC…need to rethink the degree to which the shareholder-proposal process facilitates market efficiency and capital formation.”

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