{"id":23764,"date":"2025-12-02T10:27:00","date_gmt":"2025-12-02T09:27:00","guid":{"rendered":"https:\/\/www.labrador-transparency.com\/?p=23764"},"modified":"2026-06-05T05:48:26","modified_gmt":"2026-06-05T04:48:26","slug":"board-oversight-of-political-activities","status":"publish","type":"post","link":"https:\/\/www.labrador-transparency.com\/en\/blog\/board-oversight-of-political-activities\/","title":{"rendered":"Board Oversight of Political Activities"},"content":{"rendered":"\t\t
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During the 2025 proxy season, the number of <\/span>political spending\/lobbying proposals <\/b>were down but <\/span>average support for those that went to a vote increased notably<\/b>, with several resolutions receiving majority support<\/span>2<\/sup><\/span>. As a result, companies are <\/span>altering their governance practices and improving <\/b>disclosures to address shareholder concerns.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\t\taverage support for political spending\/lobbying proposals\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\u201cFOR\u201d votes on corporate political activities\u2019s shareholder resolution, increasing from 26.2% in 2024.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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This Thought Piece highlights examples of how companies incorporated discussions of political contributions and political or public policy activities across their proxy statements in 2025.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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  1. Corporate Political Spending: What Are the Real Risks?<\/a>, Posted by Bruce Freed and Jeanne Hanna, Center for Political Accountability, to the Harvard Law School Forum on Corporate Governance, August 3, 2025.<\/li>
  2. 2025 Proxy Season Review: Rule 14a-8 Shareholder Proposals<\/a>, Posted by Rodgin Cohen and June Hu, Sullivan & Cromwell, to the Harvard Law School Forum on Corporate Governance, August 19, 2025.<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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    Evolving disclosure practices<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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    Companies have moved well beyond mere mention of prohibited political contributions or political activities in the descriptions of their Codes of Ethics or including related policies among their list of key governance documents.<\/span><\/p>

    Many companies now <\/span>list their political contribution and activity policies and\/or board oversight of the company\u2019s political activities <\/b>among their governance or sustainability highlights in their <\/span>proxy summary or governance sections<\/b>. Some are even highlighting the importance of political and public policy experience in the <\/span>board skills descriptions<\/b>.<\/span><\/p>

    Shareholder engagement sections <\/b>often highlight these topics as <\/span>key focus areas for investors<\/b>, particularly in the year(s) following a shareholder proposal, and speak to the adoption of a related policy or improved disclosures as actions taken in response to shareholder feedback.<\/span><\/p>

    Oversight of political contributions and public policy engagement is increasingly <\/span>included among the enumerated areas of board oversight <\/b>(alongside other widely discussed topics such as cybersecurity, sustainability, and management succession). In addition, responsibility for such areas have been assigned to <\/span>specific board committees <\/b>\u2013 ranging from audit committees, governance committees, sustainability committees \u2013 and some companies have even <\/span>started to rename committees <\/b>to include Public Policy to demonstrate the importance of such oversight. As a result, delegation of such responsibilities also appears in the <\/span>risk oversight infographic and committee descriptions<\/b>.<\/span><\/p>

    Finally, in a <\/span>direct effort to be responsive to shareholder concerns<\/b>, many companies now include a <\/span>standalone section <\/b>dedicated to their political activities. Some are solely focused on increased <\/span>transparency <\/b>of the company\u2019s reporting on political spending and lobbying activities, while others also include an <\/span>expanded discussion of board oversight <\/b>with increased detail on board approach and philosophy, how the board is involved, and frequency of reporting to the board.<\/span><\/p>

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    Examples<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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    If you are considering adding or expanding your disclosures on this front, the following examples can provide guidance on the various approaches others are taking in response to (or to try to prevent) increased shareholder activism.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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    ADM 2025 Proxy Statement and Annual Report (page 4, 28)<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Highlights the board\u2019s oversight of key issues, including political activities and also includes a standalone discussion of the board\u2019s role in overseeing political activities immediately following the discussion of the board\u2019s role in risk oversight<\/span><\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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    Boeing 2025 Proxy Statement (pages 5, 24, 29-30, 32, 35)<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Includes board oversight of political advocacy and related reporting as part of its governance highlights in the proxy summary; mentions the robust disclosures in its Political Advocacy Report among recent activities informed by shareholder feedback; allocates oversight responsibility to the Governance and Public Policy Committee; and includes a standalone discussion of political advocacy governance<\/span><\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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    Centene 2025 Proxy Statement (pages 15, 45, 51, 57, 58)<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Includes thumbnail photo and reference to Political Activity Report in introductory pages; highlights political contribution disclosures as part of its governance practices in the corporate governance section of the proxy statement; assigns responsibility for oversight to the Governance Committee; and includes oversight of government relations and political activity in a tabular presentation of Selected Areas of Oversight<\/span><\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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    Eli Lilly 2025 Proxy Statement (pages I, 6, 35, 38)<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Highlights board oversight of political activities in the Frequently Referenced Topics callout in the table of contents as well as in an infographic in the proxy summary; discusses as a key area of responsibility included in board oversight overview followed by an expanded discussion of political activity as part of the section entitled \u201cKey Areas of Oversight by the Board and Its Committees\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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    General Motors 2025 Proxy Statement (pages 7, 24, 26, 31, 85, 94)<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Highlights oversight of political contribution and lobbying under \u201cAccountability\u201d in the governance highlights; in addition to Governance and Corporate Responsibility Committee oversight, highlights public policy related matters in the recent activities and key focus areas in the committee description; includes in the risk oversight infographic as well as discussing board oversight of political contributions and lobbying expenditures under \u201cOversight of Other Stewardship Topics\u201d; and references the availability of the political engagement overview report and other related disclosure on the company\u2019s website<\/span><\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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    Global Payment Inc. 2025 Proxy Statement (pages TOC, 12, 14, 50-51)<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Highlights actions taken in response to prior year shareholder proposal on political spending disclosure (even though did not receive majority support)<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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    IQVIA 2025 Proxy Statement (LID letter plus pages 7, 42-43, 47, 54, 78)\n<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Highlights the new publication of an annual Political Spend Report and public disclosure of the Political Activity Policy in the Message from the Lead Independent Director and sustainability highlights throughout the proxy statement, including the summary of board responsiveness to governance feedback under shareholder engagement and as key achievements of the CEO and the General Counsel supporting their performance-based executive compensation payouts<\/span><\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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    Lockheed Martin 2025 Proxy Statement (pages iv, 3, 12, 16, 19, 21, 22, 31)\n<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Highlights political and public policy activities in the table of contents and as part of the board\u2019s rigorous oversight of risk management in the corporate governance highlights; includes oversight of political spending as a responsibility of, and key focus area for, the Nominating and Corporate Governance Committee; mentions lobbying and political spending among investor priorities in Stockholder Engagement; in addition to the risk oversight infographic, includes a section on political activities as an area of emerging risk focus for the board and a focus area in the Human Rights Policy; also includes political risks under the discussion of sustainability experience as a core competency in the board skills discussion<\/span><\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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    Public Service Enterprise Group 2025 Proxy Statement (pages 2, 4, 23, 26, 32)<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Highlights multi-year top recognition by CPA-Zicklin Index at the outset of its proxy summary; mentions annual review and disclosure of political contributions as a governance best practice; assigns oversight of sustainability efforts and initiatives, activities and disclosures related to political participation activities and expenses to the Governance, Nominating and Sustainability Committee; includes an expanded discussion of Oversight of Political Contributions and Engagement Activities as well as Transparent Political Contributions (with infographic) under \u201cOur Governance Priorities\u201d<\/span><\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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    Xcel Energy 2025 Proxy Statement (pages 5, 8, 9, 12, 14, 28, 29)<\/a><\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Highlights long-tenured political contribution policy and reporting under Operate with Integrity in the company highlights included in the proxy summary; lists the policy among corporate governance documents and in the summary of governance practices; describes the GCN responsibility for reviewing the policy, lobbying expenditures, contributions, and key lobbying activity; and discusses as part of sustainability oversight, including a dedicated section on Political Contributions, Lobbying and Government Communications<\/span><\/i><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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    Given their potential impact on long-term shareholder value, investors \u200bare increasingly seeking to hold companies accountable for their oversight of political contributions and public policy engagement. In this Proxy Trends piece, we examined 2025 political and public policy disclosures, offering guidance on approaches for 2026.<\/p>\n","protected":false},"author":19,"featured_media":19068,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[64],"tags":[],"class_list":["post-23764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-proxy-reporting"],"acf":[],"yoast_head":"\nBoard Oversight of Political Activities<\/title>\n<meta name=\"robots\" content=\"index, nofollow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.labrador-transparency.com\/en\/blog\/board-oversight-of-political-activities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Board Oversight of Political Activities\" \/>\n<meta property=\"og:description\" content=\"Given their potential impact on long-term shareholder value, investors \u200bare increasingly seeking to hold companies accountable for their oversight of political contributions and public policy engagement. 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