Ameriprise Financial | Lobbying Expenditures Disclosure at Ameriprise Financial

Status
Withdrawn
AGM date
Previous AGM date
Resolution details
Lead filer
Boston Common Asset Management
Resolution ask
Report on or disclose
ESG theme
  • Governance
ESG sub-theme
  • Lobbying / political engagement
Type of vote
Shareholder proposal
Filer type
Shareholder
Company HQ country
United States
Resolved clause
RESOLVED, the shareholders of Ameriprise Financial (ÒAmeripriseÓ) request the preparation of a report, updated annually, disclosing:
1. Company policy and procedures governing lobbying, both direct and indirect, and grassroots lobbying communications.
2. Payments by Ameriprise used for (a) direct or indirect lobbying or (b) grassroots lobbying communications, in each case including the amount of the payment and the recipient.
3. AmeripriseÕs membership in and payments to any tax-exempt organization that writes and endorses model legislation.
4. Description of managementÕs and the BoardÕs decision-making process and oversight for making payments described in sections 2 and 3 above.
For purposes of this proposal, a Ògrassroots lobbying communicationÓ is a communication directed to the general public that (a) refers to specific legislation or regulation, (b) reflects a view on the legislation or regulation and (c) encourages the recipient of the communication to take action with respect to the legislation or regulation. ÒIndirect lobbyingÓ is lobbying engaged in by a trade association or other organization of which Ameriprise is a member.
Both Òdirect and indirect lobbyingÓ and Ògrassroots lobbying communicationsÓ include efforts at the local, state and federal levels.
The report shall be presented to the Nominating and Governance Committee and posted on AmeripriseÕs website.
Supporting statement
SUPPORTING STATEMENT
Full disclosure of AmeripriseÕs lobbying activities and expenditures is needed to assess whether AmeripriseÕs lobbying is consistent with its expressed goals and shareholdersÕ interests. Ameriprise spent
$22,420,000 from 2010 Ð 2022 on federal lobbying. This does not include state lobbying, where Ameriprise also lobbies but disclosure is uneven or absent.
Companies can give unlimited amounts to third party groups that spend millions on lobbying and undisclosed grassroots activity. These groups may be spending Òat least double whatÕs publicly reported.Ó1 Ameriprise fails to disclose its memberships in or payments to trade associations and social welfare groups, or the amounts used for lobbying, to shareholders. Ameriprise reportedly2 belongs to the Business Roundtable, Securities Industry and Financial Markets Association and US Chamber of Commerce, which together spent $108,090,000 on federal lobbying for 2022.
AmeripriseÕs lack of disclosure presents reputational risks when its lobbying contradicts company public positions. For example, Ameriprise publicly supports addressing climate change, yet the Business Roundtable opposed the Inflation Reduction Act and its historic investments in climate action3 and the Chamber reportedly has been a Òcentral actorÓ in dissuading climate legislation over a two-decade period.4 And while Ameriprise does not belong to or support the American Legislative Exchange Council, which is attacking ÒwokeÓ investing,5 it is represented by its trade association, with the Chamber sitting on its Private Enterprise Advisory Council.6
Reputational damage stemming from these misalignments could harm shareholder value. Ameriprise should expand its lobbying disclosure.
1 https://theintercept.com/2019/08/06/business-group-spending-on-lobbying-in-washington-is-at-least-double-whats-publicly-reported/Ê
2 https://financemap.org/financialgroup/Ameriprise-Financial-7134430Ê
3 https://www.theguardian.com/environment/2022/aug/19/top-us-business-lobby-group-climate-action-business-roundtableÊ
4 https://www.washingtonpost.com/politics/2023/08/02/climate-group-pushes-big-tech-exit-nations-largest-business-lobby/
5 https://www.wbur.org/hereandnow/2023/03/22/esg-investing-fossil-fuelsÊ
6 https://ohiocapitaljournal.com/2023/09/06/coming-soon-in-ohio-alec-releases-new-raft-of-model-legislation/Ê

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