As long-term shareholders of Morgan Stanley, we support transparency and accountability in corporate lobbying. Companies and investors may benefit if lobbying leads to improved policies, reduced regulation or taxation, or government contracts or subsidies. However, lobbying activities also entail costs and risks for a corporation ? and, by extension, shareholders. Currently, shareholders must search federal and state lobbying databases to assemble a picture of a company?s lobbying activity. And state disclosure requirements vary widely, [1] with an analysis of one company?s disclosures finding that 25 out of 48 states did not disclose amounts spent. [2] Morgan Stanley spent $5,050,000 on federal lobbying for 2024. This does not include state lobbying, where Morgan Stanley also lobbies. Morgan Stanley lists support of 13 trade associations, yet fails to disclose the amounts of its payments to those groups used for lobbying. And Morgan Stanley?s disclosure omits its memberships in and payments to social welfare groups, such as the Alliance for Competitive Taxation. The International Corporate Governance Network's policy on lobbying recommends that a company commit to public disclosure of its lobbying activities and any direct or indirect expenditures beyond a de minimis level (e.g., a contribution of $10,000 or less). Many companies already provide annual lobbying reports to shareholders, including Cardinal Health, Exxon, Procter & Gamble and Xcel Energy, which report on their federal and state lobbying and indirect lobbying through trade associations and social welfare groups, Amazon and Walmart, which provide full state lobbying reports, and American Express, Ameriprise Financial and US Bancorp, which provide an annual report of trade association payments used for lobbying. Companies are required to report this information at the federal and state levels, so it is not overly burdensome to provide it to shareholders. Annual reporting increases accountability, performance, and company value for shareholders, including diversified shareholders. We urge Morgan Stanley to expand its lobbying disclosure. [1] https://www.ncsl.org/ethics/how-states-define-lobbying-and-lobbyist . [2] https://www.citizen.org/news/despite-company-claims-eli-lilly-fails-to-disclose-its-state-lobbying-spending-for-half-the-country/ .