Praxis co-files political lobbying resolution with Comcast

Shareholder advocacy |

Resolution calls for transparency and accountability on mass media giant’s political lobbying

In December 2015, Praxis Mutual Funds® joined with lead filer Friends Fiduciary to file a shareholder resolution asking Comcast, a large multinational mass media company, to prepare a report disclosing direct and indirect lobbying expenditures. The proposal calls for the report to be updated annually, presented to relevant oversight committees and posted on Comcast’s website.

As shareholders, Praxis encourages transparency and accountability in the use of corporate funds to influence legislation and regulation. Transparent reporting helps reveal whether company assets are being used for objectives contrary to Comcast’s long-term interests.

According to the Center for Responsive Politics, a nonprofit, nonpartisan group that researches the effects of money and lobbying on elections and public policy, Comcast spent $35.83 million on federal lobbying in 2013 and 2014 – more than any other U.S. company. This amount does not include lobbying expenditures in states because disclosure laws are uneven or absent. Additionally, Comcast does not disclose its memberships in or payments to trade associations.

Disclosure

As of Dec. 31, 2015, the Praxis Growth Index Fund has invested 0.94 percent of its assets in Comcast, the Praxis Value Index Fund has invested 0.66 percent of its assets in Comcast, and the Praxis Intermediate Income Fund has invested 0.13 percent of its assets in Comcast. Fund holdings are subject to change. To obtain holdings as of the most previous quarter, visit praxismutualfunds.com.

The Fund’s stewardship investing strategy could cause the fund to sell or avoid securities that may subsequently perform well, and the application of social screens may cause the fund to lag the performance of its index.