Report shows more firms either reducing political activity or increasing disclosure of it
The biggest publicly traded companies are increasingly limiting their spending on elections and other political activity, a new report has found.
About 36 percent of the S&P 500, or 176 companies, have said they won’t engage in at least one form of spending on political activity, up from 32% a year ago and a quarter in 2015, The Wall Street Journal reports, citing the study.
Some 132 said they forego so-called independent expenditures, such as when companies fund ads or events supporting or opposing a candidate or party. That is up 10% over last year, and almost 60% from 2015. (Such spending can’t be coordinated with candidates or parties.)
Contributions to state candidates and party committees are prohibited at 107 companies, while 80 bar contributions to so-called 527 political organizations. Just 35 companies prohibit contributions to trade associations for influencing elections.
Ten companies in the index reported engaging in no corporate political spending, including Goldman Sachs Group Inc., International Business Machines Corp. and Schlumberger Ltd., The Journal reports.
More companies are also requiring senior managers or a committee of the company’s board to review or approve various kinds of political spending, the report found.
