By Cydney Posner

Here is an interesting new development, noted today in Corporate Counsel, in the wake of the Supreme Court's decision in Citizens United, which held that the government may not ban political spending by corporations in candidate elections: 25 "socially responsible" investors and investment funds have sponsored shareholder resolutions at Accenture, IBM, Pepsi and Pfizer -- all companies that sit on the Board of the U.S. Chamber of Commerce -- challenging the boards of those companies to review their policies and oversight of political expenditures, especially through trade associations. While the press release notes that all of these companies have good records on corporate governance and social responsibility, by remaining silent on the Chamber Board, the press release argues, they have effectively endorsed Chamber policies, many of which are contrary to the companies' own policies on climate change and sustainability, healthcare reform and other matters. According to the press release, the investors expect to file similar shareholder resolutions at many other companies.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as "Cooley"). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction, and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. When advising companies, our attorney-client relationship is with the company, not with any individual. This content may have been generated with the assistance of artificial intelligence (Al) in accordance with our Al Principles, may be considered Attorney Advertising and is subject to our legal notices.