California 2011-2012 Regular Session Status: In Committee

SB 982 — Corporations: political activities: shareholder disclosure.

Last action — Set, second hearing. Hearing canceled at the request of author.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2011-2012 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law, the General Corporation Law, provides for the regulation of corporations. Under existing law, the board of directors of a corporation is required, except as specified, to send an annual report to shareholders containing, among other things, a balance sheet as of the end of that fiscal year and an income statement and a statement of cashflows for that fiscal year. The Political Reform Act of 1974 provides for the regulation of political campaign financing, including the reporting and disclosure of campaign contributions and expenditures. Under the act, elected officers, candidates for elective office, and campaign committees are required to file periodic campaign statements that disclose specified information for specified reporting periods, including the amount of contributions received and the identities of donors. This bill would require a corporation, as defined, that has shareholders located in this state and that makes a contribution or expenditure, as defined, to, or in support of, or in opposition to, a candidate, ballot measure campaign, or a signature-gathering effort on behalf of a ballot measure, political party, or political action committee to issue a report on the political expenditures of the corporation in the previous fiscal year, as well as 24 hours prior to each political contribution during the fiscal year, by specified means, including posting the report on the corporation's Internet Web site, if any. This bill would provide for a civil cause of action for damages by specified shareholders against a corporation for willful or reckless violations of the bill's provisions and would specify a prevailing shareholder's remedies. The bill would require a corporation to maintain records that include copies of the reports on its political activities for 5 years, and to make copies of these reports available to the Secretary of State upon request. The bill would also state findings and declarations of the Legislature.

Bill Text

Action History

  1. Set, second hearing. Hearing canceled at the request of author.

  2. Set for hearing April 18.

  3. From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.

  4. Set, first hearing. Hearing canceled at the request of author.

  5. Set for hearing April 11.

  6. Referred to Coms. on B. & F.I. and JUD.

  7. From printer. May be acted upon on or after February 23.

  8. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Evans · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Evans

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

elections
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 982 do?
Existing law, the General Corporation Law, provides for the regulation of corporations. Under existing law, the board of directors of a corporation is required, except as specified, to send an annual report to shareholders containing, among other things, a balance sheet as of the end of that fiscal year and an income statement and a statement of cashflows for that fiscal year. The Political Reform Act of 1974 provides for the regulation of political campaign financing, including the reporting and disclosure of campaign contributions and expenditures. Under the act, elected officers, candidates for elective office, and campaign committees are required to file periodic campaign statements that disclose specified information for specified reporting periods, including the amount of contributions received and the identities of donors. This bill would require a corporation, as defined, that has shareholders located in this state and that makes a contribution or expenditure, as defined, to, or in support of, or in opposition to, a candidate, ballot measure campaign, or a signature-gathering effort on behalf of a ballot measure, political party, or political action committee to issue a report on the political expenditures of the corporation in the previous fiscal year, as well as 24 hours prior to each political contribution during the fiscal year, by specified means, including posting the report on the corporation's Internet Web site, if any. This bill would provide for a civil cause of action for damages by specified shareholders against a corporation for willful or reckless violations of the bill's provisions and would specify a prevailing shareholder's remedies. The bill would require a corporation to maintain records that include copies of the reports on its political activities for 5 years, and to make copies of these reports available to the Secretary of State upon request. The bill would also state findings and declarations of the Legislature.
Who sponsors SB 982?
SB 982 is sponsored by Evans.
What is the current status of SB 982?
This bill died with 2011-2012 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 982?
Track SB 982 free on One Click Politics — get push/email alerts when it moves.

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