The Court also rejected the claim that the statute was "necessitated by governmental interests of the highest order". Massachusetts had argued that the statute was necessary for two reasons: first, that the State had a compelling interest in maintaining the role of the individual in the electoral process and that corporate speech would diminish this; and secondly, to protect shareholders of the corporations whose views might differ from those of the corporate management. The majority asserted that neither of these justifications was apparent in the statute. Furthermore, the decision found that there was insufficient evidence that the law was necessary to satisfy the compelling state interest test. As to the latter claim, the Court held that the statute was both underinclusive and overinclusive in regards to shareholders interests.