AB 2050

Bill Subjects

Abstract

Existing law, the General Corporation Law, provides for the regulation of corporations. Under existing law, every publicly traded domestic corporation is required to file annually a statement, on a form prescribed by the Secretary of State, that includes, among other things, the name of the independent auditor that prepared the most recent auditor's report on the corporation's annual financial statements and information about the board of directors. This bill would prohibit a domestic corporation from making any monetary contribution to any candidate for local or state office in this state or any other state. The bill would also require every domestic corporation making any monetary contribution in excess of $1,000 to any candidate for federal office or any statewide ballot, referendum, or initiative voted on in this state to make a specified disclosure to the Secretary of State within 10 days thereof. The bill would require the Secretary of State to make the disclosure public, including on its Internet Web site.