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Magaziner Calls for Greater Disclosure on Corporation Campaign Contributions

Published
State Treasurer Seth Magaziner is calling on federal regulators to require all publicly traded corporation to disclose their political contributions....

State Treasurer Seth Magaziner is calling on federal regulators to require all publicly traded corporation to disclose their political contributions.

Magaziner makes the request in a letter written with four other state treasurers to the US Securities and Exchange Commission.

In their letter, the treasures say far too many companies can hide their political contributions from public view. They say the SEC needs to adopt a comprehensive approach to bring more sunlight to corporate campaign contributions.

"As State Treasurers we have an obligation to make sure public funds are invested responsibly and accountably," the treasurers write to SEC secretary Brent J. Fields. "The last election underscored a persistent flaw in our investment system – anonymous corporate political spending.  As elected officials representing funds with assets under management totaling more than $300 billion, we call on the Commission to stand up for shareholders by embracing disclosure for all publicly traded corporations."

Magaziner was joined in the letter by his counterparts from North Carolina, Vermont, Washington, and Oregon.

In their letter, the treasurers cite a trend "toward greater accountability" on political spending and say that a uniform response by the SEC would support that.

Magaziner Calls for Greater Disclosure on Corporation Campaign Contributions
Magaziner Calls for Greater Disclosure on Corporation Campaign Contributions