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."
It asks for an annual report disclosing, among other things, "Payments by Comcast used for (a) direct or indirect lobbying or (b) grassroots lobbying communications" and information on "Comcast's membership in and payments to any tax-exempt organization that writes and endorses model legislation."
The Friends Fiduciary proposal pressures Comcast to disclose more of its state-level lobbying activity.
"[O]ur Board believes that the requirements in this proposal are burdensome and an unproductive use of our resources and are not in the best interests of our shareholders," Comcast said in a rebuttal included in its proxy statement.