Corporate-Gifts Bill Advances in Congress

A Congressman’s effort to require corporations to tell their shareholders how much money they give to charities each year — and to name the largest recipients — has taken a step toward becoming law.

Rep. Paul E. Gillmor, an Ohio Republican, introduced the measure, known as H.R. 887. It has been approved by the House Commerce Subcommittee on Finance & Hazardous Materials.

Further action on the bill is unlikely until next year, but Representative Gillmor has pledged to continue to pursue the matter.

Said Christopher Slagle, Representative Gillmor’s press secretary: “The issue will stay on the table and hopefully we’ll be able to pick it up and move it next year if it doesn’t continue through before Congress adjourns this year.”

The bill is similar to legislation Mr. Gillmor introduced last Congress, although he revised it slightly in response to concerns raised by companies.

A report issued by the Securities and Exchange Commission this summer indicated that public companies would be capable of disclosing details such as the ones Mr. Gillmor is seeking about their charitable giving. But the report was unclear as to whether investors needed to know the information, and what exactly the cost and benefits of such disclosure would be (The Chronicle, July 29).