As long-term shareholders of Goldman, 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 create costs and can create risks for a corporation ? and by extension, shareholders. Currently, shareholders must search the federal and 50 state lobbying databases to assemble a picture of a company?s lobbying. And state disclosure requirements vary widely, [1] with an analysis of one company?s disclosures finding 25 out of 48 states did not disclose amounts spent. [2] Goldman spent $2,740,000 on federal lobbying for 2024. This does not include state lobbying, where Goldman also lobbies. Goldman fails to list its trade associations, nor any amounts of its payments to trade associations used for lobbying. Similarly, it fails to disclose the amount of its payments to social welfare groups used for lobbying. The International Corporate Governance Network policy on lobbying recommends a company commit to public disclosure of its lobbying activities and any direct or indirect expenditure beyond a de minimis level (e.g., a contribution equal to or less than $10,000). 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. We urge Goldman 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/ .