General Dynamics participates in the U.S. political process when it is in the best interests of its shareholders, businesses and employees to do so. Participation in this process ensures that the company's interests as a leading member of the defense and aerospace industries, as well as a large employer, are well represented.
The company makes contributions on a limited basis to 501(c)(4) organizations as well as to state and local candidates, where permissible and in accordance with all laws and regulations. On occasion, the company provides funding for organizations that function under Section 527 of the Internal Revenue Code.
2012 Corporate Political Contributions Summary
|501(c)(4) Contributions||$110,000 (3 organizations)|
|527 Contributions||$ 0|
|State & Local Contributions||$ 1,000|
|Total Corporate Contributions 2012||$111,000|
Process and Oversight
The company has a comprehensive oversight process to ensure that political contributions are made in a legal, ethical and transparent manner that best represents the interests of our shareholders.
Corporate political contributions are made pursuant to the company's Delegation of Authority, as established by the Board of Directors, which requires that all corporate political contributions be approved by the Senior Vice President, Planning and Development who oversees the company's government relations.
The company's Board of Directors receives annual briefings on prior-year corporate-wide political spending. In addition, each quarter we file a publicly available federal Lobbying Disclosure Act report that provides specific information on all General Dynamics lobbying activities. This report, which quantifies our lobbying expenditures for the quarter, describes the specific pieces of legislation that were the subject of our lobbying efforts and identifies the individuals who lobbied on behalf of our company, can be found at the U.S. House of Representatives Office of the Clerk website.
Employee Political Contributions
General Dynamics offers certain eligible employees (as determined by federal election laws) an opportunity to make political contributions through a company-sponsored Political Action Committee (PAC), called the General Dynamics Corporation Political Action Committee (GDC PAC). The General Dynamics employee PAC is organized and operated on a strictly voluntary, nonpartisan basis and is registered with the Federal Election Commission.
The PAC's political contributions are reported monthly to the Federal Election Commission. Detailed information about the PAC's donations can be accessed on the U.S. Federal Election Commission website.
PAC Process and Oversight
A committee of senior management employees administers the company's employee PAC. In conjunction with this committee's oversight, the PAC contributions are subject to a robust internal review process. PAC expenditures are reviewed to ensure they represent the best interests of the company, its employees and its shareholders. Additionally, internal financial controls exist to ensure company compliance with federally mandated contribution limits.
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