A sordid chapter in Ohio’s political and corporate history came to a close as former Republican House Speaker Larry Householder and former state GOP chairman Matt Borges were convicted last Thursday, March 9, in federal court on racketeering-conspiracy charges.
“FirstEnergy is the poster child of the risks and damage a company faces from ill-considered political spending,” said Bruce Freed, president of the Center for Political Accountability.
Action range from full disclosure to bans on corporate money in politics.
‘Interplay between government institutions and businesses engaging in both policy and politics is rightfully being scrutinized in ways not seen for generations,’ says IBM’s Christopher Padilla.
At least 10 major corporations made substantial donations “directly or indirectly” to the re-election campaign of Gov. Ron DeSantis, with three of them giving more than $2 million and are now touting their promotion of Black History Month.
The 2024 election cycle will likely see record campaign spending and companies will find themselves ever more intensely scrutinized for the way they engage in politics.
Companies such as Amazon, Disney and Walmart funded Florida governor who has imposed curbs on teaching about race in school.
According to a new survey and related report from The Conference Board, 78% of US companies characterized the current political environment as “extremely challenging” or “very challenging” for companies—and 20% more described the environment as merely “challenging.” That totals 98%.
Consumers’ Research, bolstered by millions in donations and the Republican takeover of the House, targets Wall Street’s evaluation of climate risks.
In the USA, political spending and corporate lobbying are well-established as legitimate business activities that give companies the means to have their interest heard by politicians and governments. At the same time, it is an area that – when not managed appropriately – can expose these companies to heightened business, reputational and legal risks.