Corporate Political Contributions and Expenditures. Stockholder Consent Requirement. Unlawful Receipt. Initiative Statute.

Prohibits corporations with stockholders from making any contribution or expenditure regarding any elective office, ballot measure, or for issue advocacy, unless the contribution or expenditure was approved by written stockholder resolution stating the recipient, amount, purpose and time period that the contribution or expenditure is authorized. Prohibits corporate officers from consenting to contributions or expenditures prohibited by this section, and prohibits candidates, political committees or other person from knowingly receiving contributions or expenditures prohibited by this section. Summary of estimate by the Legislative Analyst and Director of Finance of fiscal impact on state and local governments: State enforcement costs potentially totaling a few hundred thousand dollars annually, partially offset by increased fine revenues