[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 275 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 275

 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

                            January 8, 2003

Mr. Gillmor (for himself and Mr. Tiberi) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 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. SHORT TITLE.

     This Act may be cited as the `` Corporate Charitable Disclosure 
Act of 2003''.

SEC. 2. 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.--
                    ``(A) Substantial contributions to insider-
                affiliated charities.--The statements or documents 
                described in subparagraph (B) shall include--
                            ``(i) a disclosure of contributions whose 
                        value exceeds the designated amount 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; and
                            ``(ii) the name of such nonprofit 
                        organization and the value of the contribution.
                    ``(B) Statements and documents covered.--The 
                requirements of subparagraph (A) apply to--
                            ``(i) 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
                            ``(ii) 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.
            ``(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 the designated 
        amount, the name of that organization and the value of 
        contributions.
            ``(3) Definitions.--For purposes of this subsection--
                    ``(A) the term `designated amount' means such 
                amount as may be designated by the Commission by rule, 
                consistent with the public interest and the protection 
                of investors for purposes of this subsection; and
                    ``(B) the Commission may, by such rules as it deems 
                necessary or appropriate in the public interest, define 
                the terms executive officer and controlling person.''.
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