Public Policy Influence

Lobbying and Political Spending Disclosure and Alignment

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Corporate policy influence has substantial direct and indirect impacts on communities of color, including on issues relating to economic inequality, civil rights, and environmental justice. Longstanding shareholder demands for enhanced corporate transparency on political spending and lobbying took on new urgency in the wake of the January 6th insurrection of the U.S. Capitol, the dangerous attempt to overturn the results of the 2020 presidential election, and the subsequent wave of state-level legislation restricting voting access for communities of color.

Adopting policies to ensure that political donations do not advance voter suppression efforts is a clear way for corporations to take action to address the risks to themselves and the economy that arise from voter disenfranchisement and political destabilization. Corporate statements of support for racial equity and/or voting rights are undermined when companies continue to directly and indirectly fund policy and legislative efforts that harm the civil rights of communities of color and subvert democratic functioning.

Companies risk turbulence in the democratic system as well as reputational risk when they join with lobbyists and trade or social welfare associations known to be divisive or influential in ways that do not align with corporate values. For instance, the US Chamber of Commerce has historically been a powerful and well-funded association, spending $80 million on lobbying in 2020, while raising $215 million that year. The Chamber does not publicly disclose donors, so stakeholders have increasingly petitioned corporations to be more transparent in their lobbying expenditures. The Chamber has written to the House and Senate opposing the For the People Act, the bill intended to expand and protect voting access.

In addition to avoiding the exacerbation of systemic risk to investors, in order to avoid creating company-specific risks, shareholders should require that a company’s political spending and lobbying activity be aligned with its racial equity statements and corporate initiatives. Investors must insist that portfolio companies establish policies and reporting systems that minimize risk to reputation and brand by not only disclosing, but addressing possible missteps in corporate electioneering and political spending that contrast with its stated objectives.

In the 2023 season, Majority Action and SEIU are tracking corporate policy influence shareholder proposals that seek further disclosure of political and/or lobbying spending or reporting on alignment of such spending to corporate statements and policies.

  • HCA Healthcare, Inc. (NYSE: HCA), April 19, 2023, Stockholder Proposal Regarding Political Spending Disclosure, Item 5

  • International Business Machines Corporation (NYSE: IBM), April 25, 2023, Stockholder Proposal Requesting a Public Report on Lobbying Activities, Item 6

  • The Coca-Cola Company (NYSE: KO), April 25, 2023, Shareowner Proposal Requesting a Global Transparency Report, Item 6

  • The Coca-Cola Company (NYSE: KO), April 25, 2023, Shareowner Proposal Regarding Political Expenditures Values Alignment, Item 7

  • Wells Fargo & Company (NYSE: WFC), April 25, 2023, Shareholder Proposal – Climate Lobbying Report, Item 7

  • Wells Fargo & Company (NYSE: WFC), April 25, 2023, Shareholder Proposal – Report on Congruency of Political Spending, Item 6

  • Charter Communications, Inc. (NASDAQ: CHTR), April 25, 2023, Stockholder Proposal Regarding Lobbying Activities, Item 5

  • Goldman Sachs Group Inc. (The) (NYSE: GS), April 26, 2023, Shareholder Proposal Regarding a Report on Lobbying, Item 5

  • Cigna Corporation (NYSE: CI), April 26, 2023, Shareholder Proposal – Political Contributions Report, Item 7

  • Pfizer, Inc. (NYSE: PFE), April 27, 2023, Shareholder Proposal - Political Contributions Congruency Report, Item 9

  • Abbott Laboratories (NYSE: ABT), April 28, 2023, Shareholder Proposal on Lobbying Disclosure, Item 7

  • Eli Lilly and Company (NYSE LLY), May 1, 2023, Proposal to Publish an Annual Report Disclosing Lobbying Activities, Item 7

  • Eli Lilly and Company (NYSE LLY), May 1, 2023, Proposal to Disclose Lobbying Activities and Alignment with Public Policy Positions and Statements, Item 11

  • PepsiCo, Inc. (NASDAQ: PEP), May 3, 2023, Shareholder Proposal – Global Transparency Report, Item 6

  • Coterra Energy Inc. (NYSE: CTRA), May 4, 2023, Shareholder proposal regarding a report on corporate climate lobbying, Item 7

  • DTE Energy Company (NYSE: DTE), May 4, 2023, Shareholder Proposal- Lobbying Report, Item 7

  • AbbVie Inc. (NYSE: ABBV), May 5, 2023, Stockholder Proposal on Lobbying, Notice of 2023 Annual Meeting

  • AbbVie Inc. (NYSE: ABBV), May 5, 2023, Stockholder Proposal on Political Spending, Notice of 2023 Annual Meeting

  • Stryker Corporation (NYSE: SYK), May 10, 2023, Shareholder Proposal — Political Disclosure, Item 5

  • Verizon Communications Inc. (NYSE: VZ), May 10, 2023, Shareholder Proposal: Prohibit Political Contributions, Item 6

  • JPMorgan Chase & Co. (NYSE: JPM), May 16, 2023, Shareholder Proposal - Report Analyzing the Congruence of the Company's Political and Electioneering Expenditures, Item 11

  • The Wendy's Company (NASDAQ: WEN), May 16, 2023, Stockholder Proposal Requesting a Report on Lobbying Activities and Expenditures, Item 7

  • Northrop Grumman Corporation (NYSE: NOC), May 17, 2023, Shareholder Proposal to Annually Conduct an Evaluation and Issue a Report Describing the Alignment of the Company’s Political Activities with Its Human Rights Policy, Item 6

  • Altria Group, Inc. (NYSE: MO), May 18, 2023, Shareholder Proposal – Report on Congruence of Political and Lobbying Expenditures with Company Values and Policies, Item 5

  • Yum! Brands, Inc. (NYSE: YUM), May 18, 2023, Shareholder Proposal Regarding Issuance of Annual Report on Lobbying, Item 6

  • Merck & Company Inc. (NYSE: MRK), May 23, 2023, Stockholder Proposal Requesting That We Publish an Annual Lobbying Report, Item 7

  • NiSource, Inc. (NYSE: NI), May 23, 2023, Stockholder Proposal Requesting That We Publish an Annual Lobbying Report, Item 7

  • The Travelers Companies, Inc. (NYSE: TRV), May 24, 2023, Shareholder Proposal Relating to Third-Party Political Contributions, Item 10

  • Amazon.com, Inc (NASDAQ: AMZN), May 24, 2023, Shareholder Proposal Requesting Additional Reporting on Climate Lobbying, Item 12

  • McDonald's Corporation (NYSE: MCD), May 25, 2023, Shareholder Proposal- Annual Report on Lobbying Activities, Item 9

  • Meta Platforms, Inc. (NASDAQ: FB), May 31, 2023, Shareholder Proposal Regarding Report on Lobbying Disclosures, Item 6

  • Meta Platforms, Inc. (NASDAQ: FB), May 31, 2023, Shareholder Proposal Regarding Report on Framework to Assess Company Lobbying Alignment with Climate Goals, Item 8

  • UnitedHealth Group (NYSE: UNH), June 5, 2023, Shareholder Proposal Requiring a Political Contributions Congruency Report, Item 6

  • Alphabet Inc. (NASDAQ: GOOGL), June 2, 2023, Stockholder Proposal Regarding a Lobbying Report, Item 6

  • Alphabet Inc. (NASDAQ: GOOGL), June 2, 2023, Stockholder Proposal Regarding a Climate Lobbying Report, Item 8

  • Comcast Corp. (NASDAQ: CMCSA), June 7, 2023, Shareholder Proposal to Report on Political Contributions and Company Values Alignment, Item 10

  • Caterpillar Inc. (NYSE: CAT), June 14, 2023, Shareholder Proposal - Report on Corporate Climate Lobbying in Line with Paris Agreement, Item 6

  • Caterpillar Inc. (NYSE: CAT), June 14, 2023, Shareholder Proposal - Lobbying Disclosure, Item 7

  • Mastercard Incorporated (NYSE: MA), June 27, 2023, Stockholder proposal requesting lobbying disclosure, Item 8