Professor J.W. Verret writes about the confluence of corporate governance and the recent SCOTUS decision in Citizens United, here, in connection with proposed federal legislation. An excerpt follows:
In short, this bill sought to hijack the securities laws to regulate campaign finance. Even worse, it sought to give Union and State Pension Funds a veto over corporate political spending. As such, my thesis today was simple: trying to achieve labor and campaign policy goals through the securities laws leaves ordinary investors, who hold shares through their 401(k)s, holding the tab for this politically motivated activity