Bill proposed in Oklahoma would give shareholders control over corporate political contributions
by Randy Ellis
Oklahoma corporations would be required to obtain approval from a majority of shareholders before making political contributions under a new law proposed by state Rep. David Perryman.
Current Oklahoma law prohibits corporate political contributions, but Perrryman said he believes a successful constitutional challenge to that law could be made based on the 2010 U.S. Supreme Court decision in the case of Citizens United vs. the Federal Election Commission.
The Supreme Court ruled in that case that corporations have a First Amendment right to free speech that prohibits the government from restricting independent political expenditures by nonprofit corporations.
“The same constitutionality question would exist on a federal election as well as a state election,” said Perryman, D-Chickasha.