An Act To Require Shareholder Consent for Corporate Political Contributions
Sec. 1. 13-C MRSA §305 is enacted to read:
§ 305. Political contributions
This bill requires a majority vote of a corporation's shareholders before the corporation makes a political contribution or expenditure and requires that once the contribution or expenditure has been made, the corporation posts notice of the contribution or expenditure on its website. This bill disallows a corporation that has over half of its shares owned by one or more institutional investors who cannot hold public office, such as a pension fund or a for-profit or nonprofit corporation, from making any political contributions or expenditures. This bill also allows a shareholder who disagrees with a corporation's political contribution or expenditure to receive from the corporation upon request a rebate of a percentage of the political contribution or expenditure equal to the percentage of ownership the shareholder has in the corporation.