As stockholders, we encourage transparency and accountability in the use of corporate funds to influence legislation and regulation. Nucor does not disclose its trade association memberships, or its payments used for lobbying. Nucor also does not disclose its membership in or payments to tax-exempt organizations that write and endorse model legislation, such as the Heartland Institute, a proponent of climate-change denial, and the American Legislative Exchange Council (ALEC), a proponent of numerous controversial pieces of model legislation. We are concerned that Nucor’s lack of trade association and ALEC disclosure presents reputational risks. Over 100 companies have publicly left ALEC, including 3M, Deere, Emerson Electric and International Paper.