AT&T Shareholders to Vote on Lobbying Disclosure Requirements

AT&T shareholders will vote at the company's April 27 proxy meeting on a series of stockholder proposals, including one requiring it to prepare annually a report on its lobbying efforts. The company is recommending "no" votes on the stockholder proposals, according to proxy Monday at the SEC. The statement said the lobbying report would require the company to disclose its policies and procedures for lobbying; any company payments for lobbying or grassroots lobbying communications, including amounts and recipients; and membership in and payments to tax-exempt organizations that write or endorse model legislation. The board said it gives the public and shareholders "ample transparency and accountability" via reports on its websites and reports filed with the federal government. Other shareholder items to be voted on are a change in proxy access requirements, a requirement the chairman be independent, and a reduction in the amount of shares necessary for stockholders to take action by written consent. Such shareholder efforts on lobbying are common and frequently get voted down (see 1706140023).