ADVANCED MICRO DEVICES, INC. | Lobbying Expenditures Disclosure at ADVANCED MICRO DEVICES, INC.

Status
Withdrawn
AGM date
Previous AGM date
Resolution details
Company ticker
AMD
Lead filer
Resolution ask
Report on or disclose
ESG theme
  • Governance
ESG sub-theme
  • Lobbying / political engagement
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Technology
Company HQ country
United States
Resolved clause
Resolved: Stockholders request Advanced Micro Devices (AMD or Company) prepare a report, updated annually, disclosing: Company policy and procedures governing direct and indirect lobbying and grassroots lobbying communications. Payments by AMD used for (a) direct or indirect lobbying or (b) grassroots lobbying communications, in each case including the amount of the payment and the recipient. AMD's membership in and payments to any tax-exempt organization that writes and endorses model legislation. Description of management's decision-making process and the Board?s oversight for making payments described in sections 2 and 3 above. For purposes of this proposal, a "grassroots lobbying communication" 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 concerning the legislation or regulation. "Indirect lobbying" is lobbying by a trade association or other organization of which AMD is a member. Both "direct and indirect lobbying" and "grassroots lobbying communications" include efforts at the local, state, and federal levels. The report shall be presented to the Audit Committee and posted on AMD's website.
Supporting statement
Resolved: Stockholders request Advanced Micro Devices (AMD or Company) prepare a report, updated annually, disclosing: Company policy and procedures governing direct and indirect lobbying and grassroots lobbying communications. Payments by AMD used for (a) direct or indirect lobbying or (b) grassroots lobbying communications, in each case including the amount of the payment and the recipient. AMD's membership in and payments to any tax-exempt organization that writes and endorses model legislation. Description of management's decision-making process and the Board?s oversight for making payments described in sections 2 and 3 above. For purposes of this proposal, a "grassroots lobbying communication" 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 concerning the legislation or regulation. "Indirect lobbying" is lobbying by a trade association or other organization of which AMD is a member. Both "direct and indirect lobbying" and "grassroots lobbying communications" include efforts at the local, state, and federal levels. The report shall be presented to the Audit Committee and posted on AMD's website. Supporting Statement Full disclosure of AMD?s lobbying activities and expenditures is needed to assess whether AMD?s lobbying is consistent with its expressed goals and stockholders? interests. AMD spent $18,690,000 from 2018 ? 2023 on federal lobbying. This does not include state lobbying, where AMD also lobbies but disclosure is uneven or absent. For example, AMD spent $262,500 on lobbying in California from 2021 ? 2023. AMD also lobbies abroad, spending between ?10,000 ? 24,999 on lobbying in Europe for 2023. Companies can give unlimited amounts to third party groups that spend millions on lobbying and undisclosed grassroots activity.1 Unlike many of its peers, AMD fails to disclose its memberships in or payments to trade associations and social welfare groups, or the amounts used for lobbying, to stockholders. AMD is a member of the Business Roundtable, which has spent over $400 million on federal lobbying since 1998, and also the Semiconductor Industry Association, Silicon Valley Leadership Group, Silicon Valley Tax Directors Group and US-China Business Council. AMD? lack of disclosure presents reputational risk when its lobbying contradicts company public positions. For example, AMD publicly supports addressing climate change, yet the Business Roundtable filed an amicus brief opposing the Securities and Exchange Commission climate risk disclosure rules 2 and previously opposed the Inflation Reduction Act.3 And while AMD has previously drawn scrutiny for paying zero federal taxes,4 the Business Roundtable has lobbied against a new minimum corporate tax5 and the Silicon Valley Tax Directors Group has drawn negative attention lobbying against implementation of public country-by-country tax reporting in Australia.6 1  https://theintercept.com/2019/08/06/business-group-spending-on-lobbying-in-washington-is-at-least-double-whats-publicly-reported/ 2  https://www.eenews.net/articles/investors-question-business-roundtables-climate-rule-battle/. 3  https://www.theguardian.com/environment/2022/aug/19/top-us-business-lobby-group-climate-action-business-roundtable. 4 https://itep.org/55-profitable-corporations-zero-corporate-tax/. 5  https://www.washingtonpost.com/business/2023/08/14/biden-corporate-tax/. 6  https://www.taxnotes.com/featured-news/pillar-2-concerns-persist-amid-australias-draft-intangibles-rule/2023/06/28/7gxkk

DISCLAIMER: By including a shareholder resolution or management proposal in this database, neither the PRI nor the sponsor of the resolution or proposal is seeking authority to act as proxy for any shareholder; shareholders should vote their proxies in accordance with their own policies and requirements.

Any voting recommendations set forth in the descriptions of the resolutions and management proposals included in this database are made by the sponsors of those resolutions and proposals, and do not represent the views of the PRI.

Information on the shareholder resolutions, management proposals and votes in this database have been obtained from sources that are believed to be reliable, but the PRI does not represent that it is accurate, complete, or up-to-date, including information relating to resolutions and management proposals, other signatories’ vote pre-declarations (including voting rationales), or the current status of a resolution or proposal. You should consult companies’ proxy statements for complete information on all matters to be voted on at a meeting.