Comcast may be harming its reputation by failing to reveal all of its lobbying activities, including its involvement in trade associations and lobbying at the state level, a group of shareholders says in a proposal that asks for more lobbying disclosures.
Comcast’s disclosures for its lobbying of state governments “are often cursory or non-existent,” and Comcast’s failure to disclose its involvement in trade associations means that “investors have neither an accurate picture of the company’s total lobbying expenditures nor an understanding of its priorities, interests, or potential risks from memberships,” the proposal said. “Comcast’s lack of transparency around its lobbying poses risks to its already troubled reputation, which is concerning in a highly regulated industry, especially given the rise of public Internet alternatives.”
The proposal is on the ballot for Comcast’s June 5 annual shareholder meeting and was filed by Friends Fiduciary, which “invest[s] based on Quaker values” and says it “actively screen[s] companies for social responsibility.” Friends Fiduciary and other investors who joined the proposal collectively hold “over 1 million shares of Comcast stock,” they said.
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