Foot Locker, Inc. | Interfaith Center on Corporate Responsibility

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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>Foot Locker, Inc.</p>
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<strong>Year:</strong>
<p>2025 </p>
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<strong>Issue Area:</strong>
<p>Corporate Governance </p>
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<strong>Focus Area:</strong>
<p>Shareholder Rights </p>
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<strong>Status:</strong>
<p>Challenged</p>
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<h2>Resolution Text</h2>
<p class=”p1″>Shareholders ask our Board of Directors to take the steps necessary to amend the appropriate company governing documents to give the owners of a combined 10% of our outstanding common stock the power to call a special shareholder meeting or the owners of the lowest percentage of shareholders, as governed by state law, the power to call a special shareholder meeting. This includes that all the requirements for shareholders to call a special shareholder meeting be included in the bylaws.</p>
<p class=”p1″>A shareholder right to call for a special shareholder meeting, as called for in this proposal, can help make shareholder engagement meaningful. A shareholder right to call for a special shareholder meeting will help ensure that the Foot Locker Board and management engages with shareholders in good faith because shareholders will have a viable Plan B by calling for a special shareholder meeting.</p>
<p class=”p3″>Companies like to claim that shareholders have multiple means to communicate with management but in most cases these means are as effective as mailing a letter to the CEO.</p>
<p class=”p3″>Since a special shareholder meeting can be called to replace a director, adoption of this proposal could foster better performance by our directors.</p>
<p class=”p5″>With the widespread use of online shareholder meetings it is much easier for management to conduct a special shareholder meeting for important issues and Foot Locker bylaws thus need to be updated accordingly.</p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> John Chevedden</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Chevedden Corporate Governance</span></div>
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<strong>Focus Area:</strong>
<p>GHG Reduction and Targets </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p class><strong>WHEREAS:</strong>  The Intergovernmental Panel on Climate Change reports that immediate and sustained reductions in greenhouse gas (“GHG”) emissions are required to align with the Paris Agreement, which seeks to achieve net zero emissions by 2050 and limit the worst consequences of climate change. Each 1°C temperature increase may reduce global GDP by as much as 12%, contributing to physical and systemic risks for companies and investors. [1] In response to material climate risk, shareholders, including over 600 investors in the Climate Action 100+ coalition, continue to seek clear and consistent climate goals from companies.</p>
<p class>Foot Locker Inc, a global athletic footwear and apparel retailer, is significantly exposed to climate-related risks.[2] As disclosed in its 10-K filing, growing consumer emphasis on sustainability has led the company to acknowledge that falling short on environmental standards could damage its brand reputation. Moreover, the Company warns that climate change-driven extreme weather events “could create delays, and inefficiencies in our supply chain,”[3] particularly in its key manufacturing countries including China, Bangladesh, and Vietnam.[4]</p>
<p class>While Foot Locker has taken some steps to reduce its GHG emissions, including installing LED lighting and increasing zero-emission electricity usage, the company lacks GHG reduction targets for its enterprise-wide operations and value chain, which comprises the largest source of the Company’s GHG emissions.[5] The absence of these targets is especially concerning given that Foot Locker previously announced a net zero commitment and interim targets[6] but rescinded this commitment in its latest sustainability report.[7]</p>
<p class>Foot Locker lags behind its major peers, including Puma, Under Armour, New Balance, Nike, Adidas, and VF Corporation. These companies have set emission reduction targets in line with the Science-Based Targets initiative and disclosed plans to achieve these reductions.[8] Foot Locker’s failure to adopt operational or value chain targets exposes the company to competitive risks, including the potential for loss of customer loyalty, eroded brand reputation, and higher long-term operating costs compared to peers.</p>
<p class>By setting GHG emissions reduction targets and demonstrating progress to shareholders, Foot Locker can assure investors that the Company is taking the necessary steps to address the growing risks associated with climate change.</p>
<p class><strong>BE IT RESOLVED: </strong>Shareholders request that Foot Locker adopt a goal for reducing its enterprise-wide greenhouse gas emissions in line with the Paris Agreement.</p>
<p class><strong>SUPPORTING STATEMENT: </strong>Proponents suggest, at Board discretion, that the goal of reducing greenhouse gas emissions is informed by credible third parties such as the Intergovernmental Panel on Climate Change reports and the Science Based Targets initiative.</p>
<p class>[1]  https://www.weforum.org/agenda/2024/06/nature-climate-news-global-warming-hurricanes/</p>
<p class>[2] https://investors.footlocker-inc.com/node/21641/html#item1a, p.13, 14</p>
<p class>[3] https://investors.footlocker-inc.com/node/18901/html#Item1ARiskFactors_632314, p.12</p>
<p class>[4] https://www.mckinsey.com/industries/retail/our-insights/sustainable-style-how-fashion-can-afford-and-accelerate-decarbonization</p>
<p class>[5] https://investors.footlocker-inc.com/static-files/6a51d02e-eef5-4b42-9ed6-7728df9dcfe4, p.42, 41</p>
<p class>[6] https://investors.footlocker-inc.com/news-releases/news-release-details/foot-locker-inc-announces-ambition-achieve-net-zero-greenhouse#:~:text=(NYSE%3A%20FL)%2C%20the,worst%20impacts%20of%20climate%20change.</p>
<p class>[7] https://investors.footlocker-inc.com/static-files/6a51d02e-eef5-4b42-9ed6-7728df9dcfe4, p.40</p>
<p class>[8] https://sciencebasedtargets.org/companies-taking-action</p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Giovanna Eichner</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Green Century Capital Management, Inc.</span></div>
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<div class=”views-field views-field-nothing”><span class=”field-content”> David Shugar</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>As You Sow</span></div>
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Right of Shareholders to Call Special Meetings