WHEREAS: Corporations frequently use their platforms to express support for humanitarian causes and human rights. Among the most fundamental of these rights are freedom of speech and freedom of religion, as recognized by the First Amendment to the U.S. Constitution and the Universal Declaration of Human Rights. Unfortunately, some companies support nonprofit organizations that actively undermine these freedoms, including through charitable support to nonprofits that influence public policy in ways that restrict free speech and religious liberty. Some of these nonprofits have been widely criticized for (1) partisan or ideological bias, (2) advocating for policies and legislation that may threaten religious freedom, free expression, and parental rights, and/or (3) encouraging companies to adopt controversial healthcare policies or marketing strategies that have led to significant brand damage. Several major brands have already taken steps to reevaluate their charitable giving practices and have distanced themselves from such organizations. However, AT&T continues to receive high plaudits from controversial charitable organizations such as the Human Rights Campaign, on whose Corporate Equality Index the company receives a perfect score. 1 Shareholder proposals regarding reporting on charitable contributions are generally considered appropriate (as noted in SEC precedent) when they concern the corporation’s general contributions. Such contributions are considered matters of corporate policy that are extraordinary in nature and beyond ordinary business operations. This need for transparency is especially relevant for AT&T, given that aside from the company’s Contributions Council2 and grants (approved by the AT&T Foundation Board), AT&T also doubles3 employee donations to eligible nonprofits, amplifying the Company’s philanthropic footprint. This is not merely a political point but an area of investor concern. AT&T is one of the most valuable financial brands in America, with its Brand Finance-estimated $52 billion brand value4 comprising roughly 28 percent of its $182 billion market cap.5 Given this fact, the scale of 1 https://www.hrc.org/resources/corporations/at-t-inc. 2 https://sustainability.att.com/ViewFile?fileGuid=e47f8fb4-3eeb-485e-9fe4-a45c8808a091 3 https://sustainability.att.com/priority-topics/community-engagement 4 https://brandirectory.com/reports/telecoms/2025 5 https://finance.yahoo.com/quote/T/ AT&T’s charitable activities, and the company’s recent laudable pivot6 toward political neutrality, shareholders deserve a consistent framework for understanding how these contributions uphold fiduciary responsibility. Transparent reporting will enhance shareholder trust and ensure that charitable giving continues to reflect the Company’s values and long-term interests.