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	<title>The Harvard Law School Forum on Corporate Governance</title>
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	<title>Shareholder Activism Focused on Political Spending and Lobbying &#8211; The Harvard Law School Forum on Corporate Governance</title>
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		<title>Shareholder Activism Focused on Political Spending and Lobbying</title>
		<link>https://corpgov.law.harvard.edu/2012/06/10/shareholder-activism-focused-on-political-spending-and-lobbying/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=shareholder-activism-focused-on-political-spending-and-lobbying</link>
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		<pubDate>Sun, 10 Jun 2012 19:52:26 +0000</pubDate>
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				<category><![CDATA[Academic Research]]></category>
		<category><![CDATA[Corporate Elections & Voting]]></category>
		<category><![CDATA[Securities Regulation]]></category>
		<category><![CDATA[Lobbying]]></category>
		<category><![CDATA[Manhattan Institute]]></category>
		<category><![CDATA[Political spending]]></category>
		<category><![CDATA[Proxy season]]></category>
		<category><![CDATA[Shareholder activism]]></category>
		<category><![CDATA[Shareholder proposals]]></category>

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		<description><![CDATA[The 2012 shareholder meeting cycle, in which publicly traded U.S. companies convene to consider corporate business, is reaching an end. One hundred fifty of the 200 largest American companies (by revenues) as ranked by Fortune magazine have held their annual meetings as of May 29, and most of the remainder will do so by the [&#8230;]]]></description>
				<content:encoded><![CDATA[<hgroup><em>Posted by James R. Copland, Manhattan Institute, on Sunday, June 10, 2012 </em><div class='e_n' style='background:#F8F8F8;padding:10px;margin-top:5px;margin-bottom:10px;text-indent:2.5em;'><strong style='margin-left:-2.5em;'>Editor's Note: </strong> <p style="margin:0; display:inline;"><a href="http://www.manhattan-institute.org/html/copland.htm" target="_blank">James R. Copland</a> is director of the Manhattan Institute&#8217;s Center for Legal Policy. This post is based on a memorandum from the <a href="http://www.proxymonitor.org/Default.aspx" target="_blank">Proxy Monitor</a> project; that memo is available <a href="http://www.proxymonitor.org/Forms/2012Finding3.aspx" target="_blank">here</a>. Work from the Program on Corporate Governance about corporate political spending includes <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1670085" target="_blank">Corporate Political Speech: Who Decides?</a> by Lucian Bebchuk and Robert Jackson, discussed on the Forum <a href="http://blogs.law.harvard.edu/corpgov/2010/09/08/corporate-political-speech-who-decides/">here</a>. A committee of law professors co-chaired by Bebchuk and Jackson submitted a rulemaking petition to the SEC concerning corporate political spending; that petition is discussed <a href="http://blogs.law.harvard.edu/corpgov/2011/08/04/toward-sec-rules-on-disclosure-of-political-spending/">here</a>.</p>
</div></hgroup><p>The 2012 shareholder meeting cycle, in which publicly traded U.S. companies convene to consider corporate business, is reaching an end. One hundred fifty of the 200 largest American companies (by revenues) as ranked by <em>Fortune</em> magazine have held their annual meetings as of May 29, and most of the remainder will do so by the end of June.</p>
<p>2012’s annual meetings have been notable for various shareholder protests, organized by labor unions and their allies in the “Occupy” movement, at <a name="1b"></a>various large companies, particularly in the financial sector. <a href="http://blogs.law.harvard.edu/corpgov/2012/06/10/shareholder-activism-focused-on-political-spending-and-lobbying/#1">[1]</a><a name="2b"></a> This year, as discussed in earlier findings and reports, <a href="http://blogs.law.harvard.edu/corpgov/2012/06/10/shareholder-activism-focused-on-political-spending-and-lobbying/#2">[2]</a> activists who attempt to influence corporate management through the shareholder voting process have focused their efforts on proposals to increase disclosure of or to limit companies’ political spending and other political activities, as well as proposals to separate companies’ chief executive and chairman positions. Activists have also targeted certain companies’ executive <a name="3b"></a>compensation packages, now subject to advisory shareholder votes at all public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. <a href="http://blogs.law.harvard.edu/corpgov/2012/06/10/shareholder-activism-focused-on-political-spending-and-lobbying/#3">[3]</a></p>
<p> <a href="https://corpgov.law.harvard.edu/2012/06/10/shareholder-activism-focused-on-political-spending-and-lobbying/#more-29593" class="more-link"><span aria-label="Continue reading Shareholder Activism Focused on Political Spending and Lobbying">(more&hellip;)</span></a></p>
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