Corporate Governance and Campaign Finance: Citizens United v. FEC (The Role [or Non-Role] of Delaware)

by J. Robert Brown, for The Race to the Bottom, February 9, 2010.

We are discussing Citizens United v. Federal Election Commission No. 08–205,  Jan. 21, 2010, the Supreme Court‘s recent decision on campaign finance.

While Congress cannot abridge the right of corporations to expend funds on electioneering communications, states apparently can.  As the majority opined:

  • Shareholder objections raised through the procedures of corporate democracy, see Bellottisupra, at 794, and n. 34, can be more effective today because modern technology makes disclosures rapid and informative. A campaign finance system that pairs corporate independent expenditures with effective disclosure has not existed before today. . . .  With the advent of the Internet, prompt disclosure of expenditures can provide shareholders and citizens with the information needed to hold corporations and elected officials accountable for their positions and supporters…(continue reading)
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