The New York State Common Retirement Fund (NYSCRF) has urged shareholders of Airbnb, Inc. to vote in favor of Proposal No. 5, which calls for the disclosure of the company's political spending. The proposal is set to be voted on at Airbnb's Annual Meeting on June 5, 2024. NYSCRF, which is relying on an exemption for this solicitation, highlights the risks associated with undisclosed political contributions, including legal, reputational, and financial risks. Despite Airbnb's political contributions totaling at least $2.4 million since 2010, the company has not provided shareholders with a detailed account of these expenditures. The lack of transparency prevents investors from assessing the alignment of such spending with Airbnb's business strategy and corporate priorities. The NYSCRF argues that disclosure...Show More

The New York State Common Retirement Fund (NYSCRF) has urged shareholders of Airbnb, Inc. to vote in favor of Proposal No. 5, which calls for the disclosure of the company's political spending. The proposal is set to be voted on at Airbnb's Annual Meeting on June 5, 2024. NYSCRF, which is relying on an exemption for this solicitation, highlights the risks associated with undisclosed political contributions, including legal, reputational, and financial risks. Despite Airbnb's political contributions totaling at least $2.4 million since 2010, the company has not provided shareholders with a detailed account of these expenditures. The lack of transparency prevents investors from assessing the alignment of such spending with Airbnb's business strategy and corporate priorities. The NYSCRF argues that disclosure is a widely adopted best practice that does not limit political spending but allows shareholders to evaluate whether it enhances or diminishes shareholder value. The proposal also notes that Airbnb's peers, such as Intuit Inc., PayPal Holdings, Inc., and ServiceNow, Inc., have substantially higher disclosure scores according to the Center for Political Accountability-Zicklin Index. Airbnb's current score is 10.0%, significantly below the S&P 500 average of 58.3%. The NYSCRF criticizes Airbnb for failing to engage with the Fund on the proposal and for not acknowledging its receipt, suggesting that this lack of engagement is a disservice to investors. The Fund's call for support of the proposal is part of a broader push for increased transparency and accountability in corporate political spending.