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H.R. 877 Disclosure Of Corporate Charitable Contributions

To amend the Securities and Exchange Act of 1934 to require improved disclosure of corporate charitable contributions, and for other purposes. (Introduced in the House)
HR 887 IH
106th CONGRESS
1st Session
H. R. 887
To amend the Securities and Exchange Act of 1934 to require improved disclosure of corporate charitable contributions, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
March 1, 1999
Mr. GILLMOR (for himself, Mr. OXLEY, Mr. TOWNS, and Mr. COX) introduced the following bill; which was referred to the Committee on Commerce

A BILL
To amend the Securities and Exchange Act of 1934 to require improved disclosure of corporate charitable contributions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. DISCLOSURE OF CHARITABLE CONTRIBUTIONS.
Section 14 of the Securities and Exchange Act of 1934 (15 U.S.C. 78n) is amended by adding at the end thereof the following new subsection:
`(i) DISCLOSURE OF CHARITABLE CONTRIBUTIONS-
`(1) DISCLOSURES REQUIRED- The proxy statement or other documents accompanying any proxy, consent, or authorization solicited by or on behalf of the management of an issuer in respect of a security registered pursuant to Section 12 of this title, or a security issued by an investment company registered under the Investment Company Act of 1940, prior to any annual meeting of the holders of such security, or, if proxies, consents, or authorizations are not solicited by the management in respect of the annual meeting, the written information statement distributed in connection therewith, shall include a disclosure of contributions whose value exceeds such amount as may be designated by the Commission, consistent with the public interest and the protection of investors, that were made by the issuer during the issuer's previous year to any nonprofit organization of which a director, officer, or controlling person of the issuer, or a spouse thereof, was a director or trustee, including the name of the nonprofit organization and the value of the contribution. The Commission may, by such rules and regulations as it deems necessary or appropriate in the public interest, define the terms executive officer and controlling person.
`(2) ANNUAL STATEMENTS REQUIRED- Every issuer with a security registered pursuant to section 12 of this title, or a security issued by an investment company registered under the Investment Company Act of 1940, shall annually make available, in a format designated by the Commission, the total value of contributions made by the issuer to nonprofit organizations during its previous fiscal year, and, if the value of contributions to any organization exceeds such amount as may be designated by the Commission, consistent with the public interest and the protection of investors, the name of that organization and the value of contributions.'.