The US Supreme Court’s controversial 2010 ruling in Citizens United v. Federal Election Commission sparked active debate about corporate political spending. The court struck down restrictions on corporate political expenditures, holding that companies have a First Amendment right to make such contributions. Some argue that Citizens United resulted in insufficient safeguards. Indeed, on Nov. 18, 2019, US Securities and Exchange Commission (SEC) Commissioner Robert Jackson wrote to Carolyn Maloney, chair of the House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, citing a need for increased disclosure and accountability by public companies on “how [they] spend investor money on politics.”

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This article first appeared in Director Advisory.