Darn those shareholders – don’t they know what’s good for them?

Proxy results keep rolling in, and shareholders keep voting against proposals to force more disclosure of corporate political activity, despite the continued assurances by dedicated “reformers” that “shareholders are demanding this information” and that “shareholders will benefit.” The latest results of the proxy season, keep refuting those contentions. Here are the latest proxy vote totals, with the percentage voting in favor of various proposals to limit corporate political activity:

  • Bank of America: 4.6% in favor (proposal to prohibit political spending).
  • Bank of America: 36.6% in favor (proposal to require more disclosure).
  • Danaher Corp: 32.8% in favor (disclosure).
  • Motorola: 21.7% in favor (disclosure).
  • Entergy Corp.: 20.4% in favor (disclosure).
  • Verizon: 25.8% in favor (disclosure).
  • UPS: 10.9% in favor (disclosure).

This brings the record of such proposals this year to 0 wins and 26 losses. The reformers say that the SEC should pass rules dictating such corporate behavior, and they argue that shareholders want this done. Contrary to what the reformers say, we’re starting to feel pretty sure that shareholders don’t really want this.

See the complete rundown here.



  1. […] disclosure such as this has been “loudly demanded by investors.” Of course, this is patently false, as shareholder votes on enacting increased disclosure have never passed. In fact, only two […]

The Center for Competitive Politics is now the Institute for Free Speech.