AT&T Commits to Political Spending Transparency for  Shareholders and Customers

As You Sow withdraws shareholder resolution after AT&T commits to reporting on congruence between political giving and the company’s priorities.

FOR IMMEDIATE RELEASE

MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609

BERKELEY, CALIFORNIA—APRIL 4, 2023—AT&T, a trusted telecommunications brand providing phone and internet service to millions of Americans, made an important commitment to greater transparency of its political activities for the benefit of shareholders, customers, and all stakeholders as part of a shareholder resolution withdrawal agreement with As You Sow.

AT&T has committed to try a new approach to political spending transparency. The company will make public aggregated information that will provide investors assurance it is managing its intentional political engagement and monitoring activity on other priorities on which it doesn’t engage politically. These metrics will convey the extent to which its political contributions align with the company’s stated political engagement priorities, as well as its key priorities identified in the company’s annual Sustainability Summary.

Investors have been asking that companies show that they are strategically managing the complexity associated with being involved in the political process. They seek assurance that companies understand the risks they are taking in supporting certain politicians, and that the companies are also able to identify the benefits they are receiving for these risks. 

“This agreement assures that AT&T will provide shareholders with increased transparency on political spending,” said As You Sow’s CEO Andrew Behar. “It is important that shareholders see the congruence between corporate goals and how capital is spent. Political spending should be no different than any capital expenditure, an ROI is critical to see if the expenditure resulted in impact aligned with corporate priorities.”

AT&T states its priorities and goals in its “Political Engagement Report” and annual “Sustainability Summary.” Issues important to its customers and its employees shape those priorities, including expanding access for underserved and remote communities, using technology to help find climate solutions, and opportunities for meaningful employment.

Many companies are facing increased scrutiny from shareholders, the media, and consumers about perceived misalignment between corporate values and political spending and lobbying activities. More than 295 shareholder resolutions have been filed at companies asking for greater transparency on political spending over the past three years.

“Our political system is complex and nuanced, and it is challenging for companies to navigate within a highly polarized political environment,” said Meredith Benton, workplace equity program manager at As You Sow and founder of the consultancy Whistle Stop Capital. “No legislator will vote with a company 100% of the time — that’s not the expectation. But a company is expected to have a process in place to identify and respond if a legislator is consistently voting against its goals.”

Investors believe that AT&T’s increased disclosure will allow for a better understanding of the company’s practices and oversight — as well as allow for greater nuance and additional data in broader conversations about how our democracy works, what it means for companies, investors, and American citizens.

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As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.

Whistle Stop Capital is a consultancy that supports asset owners and advisors in assessing and addressing material social and environmental exposures within investment portfolios. On behalf of clients, it researches, analyzes, and speaks with hundreds of companies a year on a range of sustainability and human rights-related topics.