The S.E.C. would thus do well to adopt rules that will shed light on the political spending by public companies. Such rules are long overdue. In future elections, individuals holding shares in public companies should not be left in the dark on whether and how their money is spent on politics.
Lucian A. Bebchuk, the director of the Program on Corporate Governance at Harvard Law School, has a piece in Dealbook arguing that public companies can currently keep their political spending hidden from shareholders, and that there is enormous support from law professors, and “a substantial number of senators and members of the House of Representatives” to create new rules that would require public companies to disclose information about their political spending. There was so much money flying around during the last election that having this sort of transparency would certainly be a good thing. I mean, look at what happened after we learned about the kind of donations Chick-Fil-A made.