SUPPORTING STATEMENT
Full disclosure of Abbott’s lobbying activities and expenditures is needed to assess whether Abbott’s lobbying is consistent with its expressed goals and stockholder interests. Abbott spent $50,200,000 from 2010 – 2022 on federal lobbying. This does not include state lobbying, where Abbott lobbies and spent $1,191,095 on lobbying in California from 2010 – 2022.
Companies can give unlimited amounts to third party groups that spend millions on lobbying and undisclosed grassroots activity.1 Unlike many of its peers, Abbott fails to disclose its payments to trade associations and social welfare groups (SWGs), or the amounts used for lobbying, to stockholders. Abbott discloses membership in the Business Roundtable (BRT), National Association of Manufacturers and US Chamber Commerce, which have spent over $2.3 billion on federal lobbying since 1998. Abbott’s disclosure leaves out trade associations that lobby like the Alliance for Competitive Taxation and Consumer Technology Association, and all SWGs, such as Caregivers Voice United, which has received money from Abbott and backed a secret letter campaign in Oregon.2
Abbott’s lack of disclosure presents reputational risk when its lobbying contradicts company public positions. For example, Abbott is committed to responsible infant formula marketing, yet its trade associations have lobbied globally against strengthening breastfeeding protection laws.3 Abbott believes in addressing climate change, yet the BRT lobbied against the Inflation Reduction Act4 and the Chamber reportedly has been a “central actor” in dissuading climate legislation over a two-decade period.5 And while Abbott does not belong to the controversial American Legislative Exchange Council, which is attacking “woke” investing,6 it is represented by the Chamber, which sits on its Private Enterprise Advisory Council.7 Abbott should expand its lobbying disclosure.