Cite as: 558 U. S. ____ (2010)
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Opinion of STEVENS, J.
J., concurring), it respects their “dignity and choice,”
Cohen v. California, 403 U. S. 15, 24 (1971), and it facili
tates the value of “individual self-realization,” Redish, The
Value of Free Speech, 130 U. Pa. L. Rev. 591, 594 (1982).
Corporate speech, however, is derivative speech, speech by
proxy. A regulation such as BCRA §203 may affect the
way in which individuals disseminate certain messages
through the corporate form, but it does not prevent anyone
from speaking in his or her own voice. “Within the realm
of [campaign spending] generally,” corporate spending is
“furthest from the core of political expression.” Beaumont,
539 U. S., at 161, n. 8.
It is an interesting question “who” is even speaking
when a business corporation places an advertisement that
endorses or attacks a particular candidate. Presumably it
is not the customers or employees, who typically have no
say in such matters. It cannot realistically be said to be
the shareholders, who tend to be far removed from the
day-to-day decisions of the firm and whose political prefer
ences may be opaque to management. Perhaps the officers
or directors of the corporation have the best claim to be
the ones speaking, except their fiduciary duties generally
prohibit them from using corporate funds for personal
ends. Some individuals associated with the corporation
must make the decision to place the ad, but the idea that
these individuals are thereby fostering their self
expression or cultivating their critical faculties is fanciful.
It is entirely possible that the corporation’s electoral mes
sage will conflict with their personal convictions. Take
away the ability to use general treasury funds for some of
those ads, and no one’s autonomy, dignity, or political
equality has been impinged upon in the least.
Corporate expenditures are distinguishable from indi
vidual expenditures in this respect. I have taken the view
that a legislature may place reasonable restrictions on
individuals’ electioneering expenditures in the service of