Lobbying Expenditures Disclosure | Interfaith Center on Corporate Responsibility

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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>NVIDIA</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Lobbying & Political Contributions </p>
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<strong>Focus Area:</strong>
<p>Lobbying </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>RESOLVED</strong>, stockholders of NVIDIA request the preparation of a report, updated and published annually, omitting any proprietary data and produced at reasonable cost, disclosing:<br><br>Payments by NVIDIA used for direct or indirect lobbying, in each indirect case including the amount of the payment and the recipient.<br><br>For purposes of this proposal, payments used for direct lobbying are the annual aggregate amounts reported at the federal and state levels, broken out by federal and individual state. Payments used for indirect lobbying are payments to trade associations or social welfare groups that are used for lobbying as defined by tax law. Both direct and indirect lobbying include efforts at the state and federal levels.<br><br><strong>Supporting Statement</strong><br>As long-term stockholders of NVIDIA, 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, stockholders. Currently, stockholders 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<br><br>NVIDIA spent $3,460,000 on federal lobbying for the first three quarters of 2025. This does not include state lobbying, where NVIDIA also lobbies. NVIDIA lists support of four trade associations for 2025 yet fails to disclose the amounts of its payments to those groups used for lobbying. Similarly, it fails to disclose the amount of its payments to social welfare groups used for lobbying.<br><br>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 stockholders, 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, and Amazon and Walmart, which provide full state lobbying reports. Among our company’s peers, Cisco, Intel, Qualcomm and Salesforce each provide an annual report of their trade association payments used for lobbying to stockholders. Companies are required to report this information at the federal and state levels, so it is not overly burdensome to provide it to stockholders.<br><br>We urge NVIDIA to expand its lobbying disclosure.</p>
<p>1.https://www.ncsl.org/ethics/how-states-define-lobbying -and-lobbyist .  <br>2 https://www.citizen.org/news/despite -company -claims-eli-NVIDIA-fails-to-disclose-its-state-lobbying -spending -for-half-the-country/.  </p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Marcela Pinilla</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Zevin Asset Management</span></div>
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