Major corporations, in the wake of the Jan. 6 insurrection, said they would rethink their political spending, especially for politicians who perpetuated voter fraud myths, but at the same time, they are fighting tooth and nail to block shareholder proposals that would require them to disclose and elaborate on their reasoning behind such contributions, according to the Washington Post.

JPMorgan is one such company: While its CEO, Jamie Dimon, pledged to freeze its political contributions and overall rethink how it approaches them in the future, when his company became aware of a shareholder resolution that would require the company to justify how its political contributions fit within its stated commitment to corporate social responsibility, it asked the Securities and Exchange Commission (SEC) to stop the resolution. The bank argued that it already discloses its political spending, and that it was too early to consider such a move.

BlackRock, Fidelity Investments, Vanguard Group, Bank of New York Mellon and State Street are all facing similar shareholder resolutions and, with the exception of Vanguard, all are standing in opposition to them. The Post noted that, similarly, while the Business Roundtable, a coalition of influential CEOs, released a statement saying that corporations must benefit all stakeholders, it also lobbied the SEC to make it harder for shareholders to weigh in on management decisions. This move was in line with other ways behavior has not matched stated intentions since the statement was released.

The fight to keep shareholders from forcing new transparency requirements may be a lot more difficult now that the Democrats control both the White House and Congress, especially as advocates put rising pressure on the SEC to enact such a rule, said the Post.