Fuller disclosure of MasterCard’s lobbying activities and expenditures is needed to assess whether MasterCard’s lobbying is
consistent with its expressed goals and stockholder interests. MasterCard spent $51 million from 2010-2023 on federal lobbying. This does not include state lobbying, where MasterCard also lobbies. And MasterCard lobbies abroad, spending between €800,000 - 899,999 on lobbying in Europe for 2023. MasterCard’s lobbying over swipe fees continues to attract media scrutiny.1
Companies can give unlimited amounts to third party groups that spend millions on lobbying.2 MasterCard fails to disclose its payments to trade associations and social welfare groups, or the amounts used for lobbying, to stockholders. MasterCard does provide incomplete disclosure, giving a percent of an unknown amount of dues above $25,000 spent on lobbying for its trade association and social welfare group memberships. This critically leaves out the actual amounts of MasterCard’s payments being spent on lobbying. MasterCard belongs to the Business Roundtable and US Chamber Commerce, which together have spent over $2.3 billion on federal lobbying since 1998, and supports social welfare groups like the Future of Privacy Forum and State Government Affairs Council.
MasterCard’s lack of disclosure presents reputational risk when its lobbying contradicts company public positions. MasterCard supports addressing climate change, yet the Business Roundtable filed an amicus brief opposing the Securities and Exchange Commission climate risk disclosure rules3 and the Chamber opposed the Paris climate accord.
Fuller disclosure of lobbying policies, expenditures, and decision-making processes would allow shareholders to evaluate the risks created by MasterCard’s lobbying activities. Improved MasterCard lobbying spending disclosure will protect the reputation of MasterCard and preserve shareholder value.