FoodPolitical donations from 15 of the largest US food...

Political donations from 15 of the largest US food and beverage makers plunge

-

spot_img


Contributions from PACs, employees and family members associated with the United States’ largest food and beverage companies to political causes have plunged to a multi-year low this election season, with donations dropping nearly by half so far compared to 2020, according to a Food Dive analysis of OpenSecrets data.

These entities tied to 15 of the biggest U.S. food and beverage firms by market capitalization donated to trade organizations, PACs and political bodies — including presidential and congressional candidates and party groups — $4.5 million as of Sept. 22 compared to $8.2 million for the 24-month election period four years ago.

Barring a significant uptick during the final weeks of this year, contributions will be the lowest for a presidential election cycle since $3.9 million in 2008 as businesses pull back in an increasingly divisive political environment.

“The atmosphere is so bitter and harsh right now and so divided, there’s nothing [for companies to] gain by getting involved in politics,” said Juda Engelmayer, CEO of HeraldPR, a New York City-based public relations firm. “By giving little and saying little, they end up staying out of trouble.”

Political donations related to top 15 U.S. food and beverage companies at 55% of 2020 election cycle

Chart includes only presidential election cycles; 2024 cycle data as of Sept 22, 2024

The data showed the decline in contributions is nearly even by party. Donations to Democrats declined 46% to $1.8 million, while those collected by Republicans dropped about 42% to $1.5 million. 

Donations to both parties exclude political contributions that do not go directly to explicit partisan activity, such as candidates or parties. Other spending might end up being partisan, but it is indirect. This explains why donations to Democrats and Republicans collectively are less than the total figure given to political causes.

Contributions come from a company’s PACs, its individual members, employees, or owners, and their immediate family members. Under federal law, companies cannot contribute to candidates and party committees. Twenty-nine states and Washington, D.C., allow corporations to contribute to state and local candidates, according to the latest data provided by MultiState, a government relations firm.

Political donations tied to top 15 U.S. food and beverage companies so far have plunged

Chart includes only presidential elect periods; 2024 cycle data as of Sept. 22

The largest percentage decline among groups tied to the major food and beverage companies is Hormel Foods. The Spam manufacturer’s donations fell 99% to $3,725 during the current election cycle. Campbell Soup followed with a decline of 80% to $23,785.

Coca-Cola, Keurig Dr Pepper, Conagra Brands, General Mills, Hershey, Kellanova, Mondelēz International and PepsiCo all reported a drop in contributions between 45% and 64%. Monster Energy, part of Monster Beverage, was the lone business to report an uptick in donations, nearly tripling to $101,732. Corona brewer Constellation Brands was roughly unchanged at $417,238 compared to 2020.

While factors including a heated political climate are responsible for the broader decline, some of the shortfall is likely attributed to a slightly shorter period during the 2024 election cycle, with data covering only until Sept. 22. The donation numbers for the election four years ago cover the full 24-month period ended Dec. 31, 2020.

Playing the long game

With contributions tied to businesses down significantly, Kamala Harris and Donald Trump have seen fewer dollars flow into their election coffers. Harris has received $322,261 so far, half the amount of Joe Biden during the last presidential cycle. Trump’s donations have fallen 76% to $66,476 during the same period.  

Top U.S. food companies donated half as much to Democratic presidential candidates so far in 2024 cycle

2024 election cycle data as of Sept 22, 2024

Political academics suggest that even a small monetary contribution can bring benefits. By donating to a presidential or congressional race, companies can increase the likelihood that they’ll have a seat at the table later on if something happens that affects their businesses.

The opportunity to meet with an official or their staff could be crucial in getting a regulation or piece of legislation that might help their competitors and hurt their business or industry get watered down or quashed altogether — saving them billions of dollars in the process. 

“Politics is about relationships,” said Jon Schaff, a political science professor at Northern State University in Aberdeen, South Dakota. “A way to facilitate maintaining that relationship is to put a little money behind it.”

Food Dive reached out to several companies for comment. Many did not respond. In most cases, those who did directed Food Dive to their corporate websites where their positions in politics were outlined. Businesses that did not respond also had websites that provided additional insight.

Conagra Brands, which makes Slim Jim meat snacks and Healthy Choice meals, noted that “political participation at all levels of government is important to our business and our country and as such encourages voluntary participation by its employees in public policy debates impacting the food manufacturing sector.”

General Mills stated that it sometimes contributes to candidates and organizations. The cereal and pet food manufacturer keeps a list of its political contributions and updates it twice a year on its website. It also has a PAC run by employees that uses donated funds to make political contributions to federal, and in limited cases, state political candidates.

“As a corporate citizen, we occasionally support the legislative process by contributing prudently to state and local candidates and political organizations, when such contributions are permitted by federal, state and local law,” General Mills said. “We recognize the importance of accountability and transparency for our political contributions.”



Source link

Latest news

LVMH Acquires Minority Stake in Our Legacy

Our Legacy says it’s attracted and rebuffed several approaches from would-be investors as the label—Swedish fashion’s standard-bearer for...

Net Revenue Decreased 3.6 Percent

Olaplex missed Wall Street’s sales forecast in the third quarter ended Sept. 30 as investments in marketing have...

Research links self-efficacy to better diabetes management in adolescents

Self-efficacy involves one's belief in their...

Middle East crisis live: Israeli airstrike kills 10 in Gaza City school; Lebanese troops and UN peacekeepers hit by Israeli forces | Israel

Israeli airstrike kills 10 Palestinians in school sheltering displaced people in Gaza city - medicsAn Israeli airstrike has...
spot_img

Can mid-level healthcare providers compensate for physician shortages in rural India?

A recent paper published in the National Medical Journal of India has emphasised the need to introduce a...

Must read

LVMH Acquires Minority Stake in Our Legacy

Our Legacy says it’s attracted and rebuffed several...

Net Revenue Decreased 3.6 Percent

Olaplex missed Wall Street’s sales forecast in the...
spot_img

You might also likeRELATED
Recommended to you