TheCorporateCounsel.net

With election day just behind us (and hopefully election ads slowing down), it seemed fitting to share that the Center for Political Accountability (CPA) and the Carol and Lawrence Zicklin Center for Governance and Business Ethics at the Wharton School of the University of Pennsylvania just released the 2026 Index of Corporate Political Disclosure and Accountability. The index reviews political spending policies for S&P 500 companies and approximately 500 other Russell 1000 companies. As the press release notes, the index shows that leading U.S. public companies are “holding firm to transparency and accountability practices around their spending to influence elections.” Here are some other key findings highlighted in the press release:

TOP-TIER MILESTONES: 208 companies in the overall S&P 500 (more than 40 percent) placed in the first Index tier (scoring from 80 percent to 100 percent). This number increased slightly from 205 last year and is well more than double the 76 top-tier companies in 2015. Among core S&P 500 companies, those 308 that have been a constant in the Index since it began evaluating the S&P 500 in 2015, 164 companies – over 53 percent –placed in this year’s top tier. This compared to 160 last year and 56 in 2015.

TRENDSETTERS: The number of companies achieving Trendsetter status, scoring 90 percent or above for political disclosure and accountability, was 114. That’s a slight increase over last year’s record 112 and more than a fourfold increase from the 28 companies that received scores of 90 percent or higher in 2015.  Trendsetters comprise 23 percent of all S&P 500 companies evaluated. Among the core S&P 500 companies, there are 96 Trendsetters this year compared to 90 in 2025 and 22 in 2015.

AVERAGE SCORE: For all S&P 500 companies the average overall score for political disclosure and accountability is 60.6 percent (compared to 60.4 percent last year). The average score has climbed steadily since 39.8 percent in 2015. The average score for core S&P 500 companies is higher at 71.1 percent, compared to 70.6 percent last year and 43.2 percent in 2015.

BOARD OVERSIGHT: There are 348 companies in the S&P 500 (more than two-thirds) with general board oversight of company political spending, compared to 328 last year and 214 in 2015. The number of companies in the core S&P 500 with general board oversight rose from 239 last year to 247 now. It was 139 in 2015.

BOARD COMMITTEE REVIEW: 300 companies in the full S&P 500 have board committee review of direct political contributions and expenditures, compared to 291 last year and 168 in 2015. In the core S&P 500, there are 223 companies with board committee review, compared to 218 last year and 111 in 2015.

THIRD-PARTY GROUPS: There was a significant increase, to 272 full S&P 500 companies from 257 last year, for companies having board committee review of spending through third-party groups, including payments to trade associations and 501(c)(4) organizations. These recipient groups are not required to identify publicly their donors. In 2015, only 120 companies had this board committee review. Among core S&P 500 companies, 205 companies, compared to 202 last year and 80 in 2015, have board committee review of spending through third-party groups.

PROHIBIT SPENDING: Among S&P 500 companies, there were increases in three categories for prohibiting political spending in high-risk areas for corporations. Companies that prohibit spending on state and local candidates and parties increased from 166 last year to 178 this year, from 84 in 2015; companies that prohibit spending on 527 groups increased by two from 133 in 2025 to 135 now, from 65 in 2015; and companies that prohibit spending on ballot measures increased from 102 last year to 115 now from 50 in 2015.

– Meredith Ervine