Meanwhile, investor efforts to require political spending disclosures at individual companies were halted on many occasions by large asset managers like BlackRock and Vanguard, which have regularly used their immense shareholder voting power to shield companies from transparency.
Now with a new SEC chairman, transparency advocates see an opportunity for progress.
“People want to know who companies are bankrolling,” said U.S. Rep. Andy Levin (D-Mich.). H.R. 1, the democracy reform package passed by House Democrats earlier this month, includes a bill from Levin to repeal the Republican measure blocking the SEC from requiring companies to disclose their political spending.
Author(s): Julia Rock
Publication Date: 10 March 2021
Publication Site: Daily Poster
COLUMBUS, Ohio—FirstEnergy Corp. has agreed to regularly open its books to the public about its political spending, under an agreement the scandal-ridden utility has reached with a New York State public pension fund.
Under the deal with the New York State Common Retirement Fund, FirstEnergy has agreed to post comprehensive reports on its website twice per year through May 2024 detailing all its spending on any candidates, political parties, and ballot measures in any state. The agreement was released Monday by New York State Comptroller Thomas P. DiNapoli, the pension’s trustee.
Author(s): Jeremy Pelzer
Publication Date: 22 February 2021
Publication Site: cleveland.com