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OK HB1056
Bill
Status
2/2/2015
Primary Sponsor
David Perryman
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AI Summary
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Prohibits corporations from spending resources on political campaigns and candidates unless shareholders have previously voted by majority to authorize such political spending that reflects shareholder preferences.
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Prohibits corporations from making any political expenditures or contributions if a majority of company shares are owned by large institutional investors that cannot take political positions, including state and local pension funds, mutual funds, insurance companies, foundations, churches, and universities.
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Requires all corporate political expenditures or contributions to be posted on the company website within 48 hours.
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Grants shareholders the right to request a pro rata rebate for the portion of their investment spent on political expenditures and contributions with which they disagree.
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Effective date: November 1, 2015.
Legislative Description
Corporations; creating the Shareholder's Bill of Rights Act; prohibiting corporations from spending certain funds; effective date.
Business and Economic Development
Last Action
Second Reading referred to Business, Labor, and Retirement Laws
2/3/2015