Bill Text: NJ S2689 | 2012-2013 | Regular Session | Introduced
Bill Title: Requires disclosure of information about contributions and expenditures for candidates for elective public office, or for public questions, by publicly traded corporations doing business in State.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-04-15 - Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee [S2689 Detail]
Download: New_Jersey-2012-S2689-Introduced.html
Sponsored by:
Senator LINDA R. GREENSTEIN
District 14 (Mercer and Middlesex)
SYNOPSIS
Requires disclosure of information about contributions and expenditures for candidates for elective public office, or for public questions, by publicly traded corporations doing business in State.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the disclosure of certain contributions and expenditures by publicly traded corporations doing business in this State, and supplementing P.L.1973, c.83 (C.19:44A-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The Legislature finds and declares:
a. The recent decision by the United States Supreme Court in the case of Citizens United v. Federal Election Commission has expanded the ability of publicly traded corporations to make expenditures and contributions to influence the electoral process in this country; and
b. Under current practice, a publicly traded corporation can make such contributions and expenditures, but are not required to provide easily-accessible information about those contributions and expenditures to the shareholders of the corporation; and
c. There is a critical need for publicly traded corporations doing business in this State to disclose the purposes for which money from such business entities is being used to influence support for or opposition to public questions and candidates for elective public office in this State, any other state, the District of Columbia, or any United States territory, or in federal elections; and
d. The purpose of P.L. , c. (C. )(pending before the Legislature as this bill) is to enable residents of New Jersey who are shareholders in publicly traded corporations doing business in this State to know if, or how, these corporations are using the assets thereof to influence elections in this State, any other state, the District of Columbia, any United States territory, or for federal office.
2. a. Each publicly traded corporation doing business in this State shall disclose detailed information about any contribution of money or other thing of value, and any expenditure made, to support or oppose directly or indirectly:
(1) the candidacy of a person for nomination for election or for election to elective public office in this State, any other state, the District of Columbia, or any United States territory;
(2) the candidacy of a person for nomination for election or for election to any federal public office; or
(3) a public question in this State, or any other state, the District of Columbia, or any United States territory.
The Election Law Enforcement Commission shall promulgate regulations with regard to the contributions and expenditures that shall be reported pursuant to this section.
b. The information required by subsection a. of this section shall be available in the following forms.
(1) If a corporation makes contributions and expenditures that are $10,000 or greater, in the aggregate, during any calendar year, information about those contributions and expenditures shall be available on a special, dedicated section of the Internet site of the corporation that is linked to its home or starting page. Such information shall be available to any member of the public and updated on a quarterly basis.
(2) If a corporation makes contributions and expenditures that are less than $10,000, in the aggregate, during any calendar year, information about those contributions and expenditures shall be maintained in a searchable form by the corporation and available only to any person who is a shareholder of the corporation, pursuant to subsection d. of this section.
(3) Information about all contributions and expenditures made by the corporation during any calendar year shall be available as a searchable appendix to the annual report filed by the corporation pursuant to applicable federal and state law.
c. Each corporation shall provide, at a minimum:
(1) the date each contribution or expenditure was made;
(2) the name and mailing address of each recipient of a contribution or an expenditure;
(3) the amount of each contribution or expenditure; and
(4) a description of the purpose for which the contribution or expenditure was made.
d. (1) Any officer or employee of the corporation upon whom process could be served under State and federal civil procedure rules shall be responsible for providing the information required by paragraph (2) of section b. of this section. Only a person who is a shareholder of the corporation, a New Jersey resident who can provide proof of identity and a mailing address, and who can document ownership of one or more securities issued by the corporation may request or have access to such information.
(2) The Secretary of State shall develop a form and make it available on the Internet site of the Department of State that enables such a requestor to request information about contributions and expenditures made pursuant to paragraph (2) of subsection b. of this section by that corporation. The corporation shall provide such information within 10 business days after the filing of the request.
e. As used in this section, "publicly traded corporation" or "corporation" means any corporation which:
(1) has one or more classes of securities registered pursuant to section 12 of the "Securities Exchange Act of 1934," (15 U.S.C. s. 78l);
(2) is an issuer subject to section 15(d) of the "Securities Exchange Act of 1934," (15 U.S.C. s. 780); or
(3) has one or more classes of securities traded in any open market in any foreign jurisdiction or regulated pursuant to a statute of any foreign jurisdiction which is substantially similar to either or both of the aforementioned statutes.
3. This act shall take effect on January 1 following the date of enactment.
STATEMENT
This bill requires each publicly traded corporation doing business in this State to disclose detailed information about any contribution of money or other thing of value made to, and any expenditure made to support or oppose, directly or indirectly:
1) the candidacy of a person for nomination for election or for election to elective public office in this State, any other state, the District of Columbia, or any United States territory;
2) the candidacy of a person for nomination for election or for election to any federal public office; or
3) a public question in this State, or any other state, the District of Columbia, or any United States territory.
The Election Law Enforcement Commission is to promulgate regulations with regard to the contributions and expenditures that must be reported pursuant to this section.
The information required by the bill is to be available in the following forms.
1) If a corporation makes contributions and expenditures that are $10,000 or greater, in the aggregate, during any calendar year, information about those contributions and expenditures must be available to any member of the public on a special, dedicated section of the Internet site of the corporation that is linked to its home or starting page.
2) If a corporation makes contributions and expenditures that are less than $10,000, in the aggregate, during any calendar year, information about those contributions and expenditures must be maintained in a searchable form by the corporation and provided or made available only to any person who is a shareholder of the corporation.
3) Information about all contributions and expenditures made by a corporation during a calendar year must be available as a searchable appendix to the annual report filed by the corporation pursuant to applicable federal and state law.
Under the bill, each corporation must provide, at a minimum:
1) the date each contribution or expenditure was made;
2) the name and mailing address of each recipient of a contribution or an expenditure;
3) the amount of each contribution or expenditure; and
4) a description of the purpose for which the contribution or expenditure was made.
The bill provides that any officer or employee of the corporation upon whom process could be served under State and federal civil procedure rules would be responsible for providing information to qualified requestors who request information about contributions and expenditures made by the corporation that are less than $10,000 during any calendar year. Only a person who is a shareholder of the corporation, a New Jersey resident who can provide proof of identity and a mailing address, and who can document ownership of one or more securities issued by the corporation may request or have access to such information. The Secretary of State is to develop a form and make it available on the Internet site of the Department of State that enables such a requestor to request information about these campaign-related contributions and expenditures made by that corporation.
