AK HB343

Corporations may only make political expenditures after shareholders approve in advance the total amount and specific recipients (candidates, political parties, tax-exempt entities, or ballot questions) by majority vote at an annual or special meeting.

Corporations must notify shareholders within 48 hours of any political expenditure by electronic transmission to requesting shareholders and by posting on the corporation's website if one exists.

Annual corporate reports must include a list of all political expenditures made during the reporting period, including amount, recipient, date, and purpose.

Officers or directors who authorize political expenditures without shareholder approval violate fiduciary duty and are jointly and severally liable to shareholders for the expenditure amount.

The Attorney General may pursue remedies including injunctions, civil penalties up to three times the unauthorized expenditure amount (or $5,000 for other violations), rescission, and restitution; the Act takes effect October 1, 2016.