Teamsters Demand Lobbying Transparency at FedEx
The Teamsters Union along with Investor Voice, a representative of the Equality Network Foundation, are sponsors of a shareholder proposal calling on FedEx to publicly disclose the corporation’s lobbying activity.
“I strongly urge all FedEx shareholders to join us in sending a strong demand for transparency and accountability at FedEx,” said Teamsters General Secretary-Treasurer Ken Hall.
Since 2010, FedEx has spent more than $106 million on federal lobbying, but information on state lobbying is not readily available for investors. FedEx had more than 120 lobbyists registered in at least 30 states in 2016.
FedEx stockholders also face a trade association blind spot. FedEx fails to disclose its trade association memberships and its trade association payments, nor does the company disclose the portions of these payments used for lobbying, and any additional payments beyond dues payments that can be used for lobbying. FedEx sits on the board of the U.S. Chamber of Commerce, which has spent more than $1 billion in in lobbying since 1998, yet the company’s funding level to the chamber remains secret. FedEx is also a member of the American Legislative Exchange Council (ALEC).
“We believe the lobbying activities of both the chamber and ALEC regarding labor, the environment, and other issues expose FedEx and its shareholders to reputational risks,” Hall said.