Resolved, shareholders of Lowe's Companies, Inc. ("Lowe's" or "Company") request the preparation of a report to shareholders, updated annually, disclosing: Company policy and procedures governing lobbying, both direct and indirect, and grassroots lobbying communications. Payments by Lowe's used for (a) direct or indirect lobbying or (b) grassroots lobbying communications, in each case including the amount of the payment and the recipient. A description of management and Board decision-making processes and oversight for making payments described in section 2 above, as well as a description of actions taken by the Company when lobbying efforts of trade associations and social welfare groups, which the Company pays, contradicts the Company's public position. 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 communication recipient to take action with respect to the legislation or regulation. "Indirect lobbying" is lobbying engaged in by a trade association or other organization of which Lowe's 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 Nominating and Governance Committee and posted on the company website. Supporting Statement Full disclosure of Lowe's lobbying activities and expenditures is needed to assess whether Lowe's lobbying is consistent with its expressed goals and in shareholders' best interests. Lowe's spent $4,740,000 from 2021 ? 2023 on federal lobbying. That amount does not include state lobbying, where Lowe's also lobbies, but disclosure is uneven or absent. For example, Lowe's spent $220,035 on lobbying in California from 2021 ? 2023. Companies can give unlimited amounts to third-party groups that spend millions on lobbying and undisclosed grassroots activity.1 Lowe's fails to disclose its individual payments to trade associations and social welfare groups or the individual amounts used for lobbying, to shareholders. Lowe's belongs to the Business Roundtable and US Chamber of Commerce, which together spent over $89 million on federal lobbying for 2023. Lowe's disclosure critically leaves out its memberships and payments to social welfare groups, like the Reforming America's Taxes Equitably (RATE) Coalition. Lowe's lack of disclosure presents reputational risks when its lobbying contradicts the Company's public positions. For example, Lowe's supports addressing climate change. However, the Business Roundtable filed an amicus brief opposing the Securities and Exchange Commission climate risk disclosure rules,2 and the Chamber opposed the Paris Climate Accord. Lowe's believes in giving back to communities, yet the RATE Coalition lobbied against raising taxes for health care, education, and safety net programs.3 Reputational damage stemming from these misalignments could harm shareholder value. Lowe's should expand its lobbying disclosure.