Ensuring greater lobbying oversight and disclosure at FedEx.
Vote occurred September 27, 2021.
Open Secrets estimates that $3.5 billion is spent on federal lobbying each year, with over 10,000 registered lobbyists influencing public policy.1 88% of that spending is from business.2
Why it's relevant
Estimates suggest FedEx spends over $10 million on lobbying each year,3 including over $142 million across the past decade.4 FedEx is on the board of organizations like the Chamber of Commerce and the Business Roundtable, which have spent billions in recent decades on lobbying.5
The proposal asks FedEx to report on its direct and indirect lobbying, including how the management and board oversee the lobbying process.6
At Engine No. 1, we believe we need greater transparency and oversight of the way corporations attempt to influence the political process, including through lobbying. As more investors began to recognize the importance of greater transparency and oversight, this proposal passed at the seventh attempt, with support jumping from 27% to 62%.7
Proposal passed with 62% support.