16/04/2025
In a significant move towards corporate accountability, members of the Interfaith Center on Corporate Responsibility (ICCR) have filed 60 shareholder proposals for the 2025 proxy season. These proposals aim to enhance transparency and oversight of corporate political activities across various sectors.
What are the areas of focus?
The proposals are categorised into three main areas:
- Lobbying Transparency (32 proposals): Requesting detailed disclosures of lobbying expenditures and strategies.
- Political Election Spending (23 proposals): Seeking clarity on corporate contributions to political campaigns and related entities.
- Climate Policy Alignment (5 proposals): Asking companies to assess whether their lobbying efforts align with their stated climate goals.
They cover a wide range of sectors and companies, including Amazon, Bank of America, Coca-Cola Company, Goldman Sachs Group or Wells Fargo & Company.
The reasoning behind the proposals
Corporate lobbying and political spending have become key to shaping the legislative and regulatory landscape in the US. According to Open Secrets, in 2024, corporate lobbying spending exceeded $5.5 billion, with the pharmaceutical, technology, financial services, and oil and gas sectors among the biggest spenders. This is often done through direct lobbying or indirectly through third-party organisations such as the US Chamber of Commerce and the National Association of Manufacturers.
Investors are concerned that, if left unchecked, such political activities can encourage corruption, damage democratic structures, and, when they are not in line with a company’s stated mission and values, damage its reputation.
Progress and commitment
While some companies have challenged these proposals, leading to their omission from proxy ballots, many have engaged in constructive discussions with shareholders. For example, the company AbbVie responded positively by improving disclosure of their lobbying activities and withdrawing certain proposals following productive dialogue.
ICCR’s efforts underline the growing demand for corporate political responsibility. As shareholder support for such proposals continues to grow, companies are encouraged to align their political activities with their core values and to ensure that their lobbying efforts serve the public interest.
You can find more detailed information on these proposals here.