Institutional investors continue to press companies for disclosure of lobbying
Over 2013 shareholder resolutions seeking better disclosure of lobbying activities have been filed by more than 65 investors. Walden Asset Management, a division of Boston Trust & Investment Management, has joined this effort by asking more than 50 companies to annually report their lobbying activities both at federal and state level, including any related payments to trade associations.
The resolution filers believe that shareholders need better, more complete disclosure of how companies in which they invest use resources to affect both elections and legislation. Specifically, enhanced lobbying disclosure will enable shareholders to better evaluate whether a company’s lobbying expenditures and actions advance the company’s interests and do not present risks to company value. The resolution voted at Visa in early 2013 has received an encouraging 37% vote in favour.