One CEO’s political spending in the current midterm election cycle is more than five times the outlay by any other current or recent boss of an S&P 500 company, according to our analysis of processed Federal Election Commission data as of Oct. 31.
S&P 500 chief executive officers have opened up their wallets for this month’s midterm elections, and none more than Reed Hastings.
At No. 2 is Steven Roth at Vornado Realty VNO, -0.83%, a real estate investment trust based in New York. He contributed a total of about $608,000 of his money to Republican groups. “It is striking that he has given so much more than the people lower down on that list. In the super PAC era, CEOs are able to cut very large checks to groups that favor their preferred candidates, and it looks like he has not been afraid to do that.”
“At the same time, business leaders are also weighing the risk of isolating part of their consumer base. If their political giving is entirely supporting one party or the other, they could risk alienating customers who align with the other party.” His organization is focused on political spending that uses corporate funds, rather than an executive’s personal money. The center has been warning that companies face much greater scrutiny nowadays on their election-related spending, so they should have strong governance policies for such outlays.
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