MN HF2662

Corporations making political contributions or expenditures exceeding $10,000 per calendar year must obtain shareholder approval by majority vote before proceeding.

Corporations must notify shareholders at least quarterly in writing about all political contributions and expenditures, including the date, amount, candidate or ballot measure supported or opposed, and names of corporate officers involved.

Corporations must provide copies of shareholder notifications to the Campaign Finance and Public Disclosure Board and maintain them on the corporation's website for at least one year.

The Campaign Finance and Public Disclosure Board must conduct annual random audits of corporate compliance with shareholder notification requirements and report results to the legislature by June 30 each year.

Violations are subject to penalties provided under Minnesota Statutes section 211B.15, subdivision 7; effective date is June 1, 2014.