The following Letter Type Y, or variations thereof, was submitted by individuals or entities.

Letter Type Y:

(1) Shareholders technically own corporations, so top executives have no right to treat shareholder assets as their own political slush funds. (2) If corporate political spending materially affects future profits (which is how CEOs justify such spending) then by any by any logical reading of the Securities Act of 1934, investors have a right to know what's being spent and how. (3) Finally, since corporations have a right under the First Amendment to spend what they want on politics, as the Supreme Court held in “Citizens United,” presumably their shareholders have a right under the First Amendment to know how their money is being spent on politics.

http://www.sec.gov/comments/4-637/4637-2764.htm