Schwarzenegger signs off on shareholder protection

Gov. Arnold Schwarzenegger said in an interview Tuesday that he would support a ban on corporations using shareholder money for political purposes without the expressed written consent of company shareholders.

The ban on such use of corporate dollars is similar to the governor’s call to stop the use of public employee union dues without written permission from union members. That measure, Proposition 75, was endorsed by the governor at the Republican state party convention this weekend, and will be on the special election ballot in November.

“It’s not right to force people to do that,” he said when asked about the use of corporate money for political purposes without consent. “What’s good for the goose is good for the gander … I support anything [that prohibits political spending] where people are not asked. People must be asked.”

Supporters of the idea have already submitted a measure that would place those restrictions on corporate political activity to the attorney general’s office. The measure prohibits corporations from “making political contributions or expenditures for political activities except with shareholders