This paper develops a model of the agency problems over corporate political activity created by the separation of ownership and control. The model countenances two different types of managers: a political manager who accrues personal rents through the participation in politics and an apolitical manager who wishes to avoid political engagement. Both types of managers may face agency problems with respect to their boards and shareholders. Political managers may put the firm at risk for backlash, boycotts, and political retaliation. Apolitical managers may under perform by leaving profitable political interventions on the table. To address such agency problems, boards may adopt procedures and institutions to enhance their control and oversight of corporate political activity. The model addresses precisely the conditions under which a board would want to intervene in managerial decisions on political activities.