Climate Change | Interfaith Center on Corporate Responsibility

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<strong>Company:</strong>
<p>NextEra Energy</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change </p>
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<strong>Focus Area:</strong>
<p>Climate Change, GHG Reduction and Targets </p>
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<strong>Status:</strong>
<p>Filed</p>
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<p><strong>Report on Business Alignment with the Paris Agreement </strong></p>
<p><strong>Whereas</strong>: Within the next 25 years, climate change could cut global GDP by up to 19 percent, posing macroeconomic risks that could meaningfully depress returns for long-term diversified investors.[1] Investors have increasingly asked companies to identify material climate risks in order to mitigate physical and transition risks and to capitalize on products and services that offer climate-related solutions.[2],[3]</p>
<p>Power companies, such as NextEra, are highly exposed to climate change-driven weather catastrophes through their extensive transmission and distribution assets. According to global experts, power companies also play a foundational role in mitigating climate impacts and transitioning to an economy aligned with limiting global temperature rise to 1.5 degrees Celsius (the Paris Agreement ambition).[4],[5],[6],[7]</p>
<p>In 2022, NextEra acknowledged the need to mitigate exposure to climate-related risks by adopting its Zero Emissions by 2045 greenhouse gas (GHG) reduction target (inclusive of 5-year interim targets) – which was substantially aligned with recommended power sector GHG emissions reductions needed to achieve the Paris Agreement ambition.[8],[9],[10]</p>
<p>By setting targets, NextEra not only modeled how leading companies mitigate climate risk but responded to the growing need among major clients, such as hyperscalers, to shrink emissions across their operations and supply chains.</p>
<p>Yet, in 2025, NextEra withdrew all of its interim targets and its overarching 2045 target. By withdrawing these targets, it risks failing to meet investor expectations for consistent and transparent oversight of its strategies. Further, this shift invites reputational risk and raises serious concerns for us about the company’s ability to execute on other strategic priorities. </p>
<p>NextEra’s decision is squarely at odds with trends in corporate climate commitments. In a review of 2024 CDP disclosures, PwC writes that, in contrast to recent headlines, companies increased their climate ambition at a rate of 37 percent, far outweighing those in retreat.[11] The Harvard Business Review draws an identical conclusion, noting that “companies with deep operational integration, value-creation alignment, and stable leadership have proven the most resilient [in keeping their commitments] despite shifting political environments.”[12] </p>
<p>As the world’s leading solar and wind developer with net generating capacity of 33 GW and 160+ wind projects in North America, we believe NextEra has a critical role to play in setting scientifically credible GHG emissions reduction targets – both to restore investor confidence and to build upon its leadership position in the renewables and storage industries.  </p>
<p><strong>RESOLVED</strong>: Shareholders request the company publish a report, at reasonable cost, within a reasonable time, and excluding confidential or proprietary information, describing if and how NextEra plans to reduce its total contribution to climate change and align its operations and investments with the Paris Agreement’s goal of maintaining global temperatures well below 2 degrees Celsius, and ideally, 1.5 degrees Celsius. </p>
<p>[1]https://www.nature.com/articles/s41586-024-07219-0   </p>
<p>[2]https://corpgov.law.harvard.edu/2019/10/15/institutional-investors-views-and-preferences-on-climate-risk-disclosure/</p>
<p>[3]https://www.icgn.org/sites/default/files/2023-11/ICGN%20Viewpoint%20on%20Reflecting%20climate%20change%20in%20financial%20statements.pdf</p>
<p>[4]https://climateactiontracker.org/publications/paris-aligned-benchmarks-power-sector/</p>
<p>[5]https://files.sciencebasedtargets.org/production/files/SBTi-Power-Sector-15C-guide-FINAL.pdf?dm=1734357615&_gl=1*50m99j*_gcl_au*MTgxNTc4MDk0Ny4xNzU4NTUxODYyLjEwMzYyOTg4MzUuMTc2MjQ2MzM1Mi4xNzYyNDYzMzUy*_ga*MTIyMDk0MDU1NS4xNzQ3NDE4NTE2*_ga_22VNHNTFT3*czE3NjM2NTM5MTYkbzQ3JGcwJHQxNzYzNjUzOTE2JGo2MCRsMCRoMTAwMzkzNTYxOQ..#page=7</p>
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<p>[6]https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2023/Jun/IRENA_World_energy_transitions_outlook_2023.pdf#page=46</p>
<p> </p>
<p>[7]https://www.wri.org/insights/climate-action-this-decade-sectoral-emissions</p>
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<p>[8]https://files.sciencebasedtargets.org/production/files/SBTi-Power-Sector-15C-guide-FINAL.pdf?dm=1734357615&_gl=1*50m99j*_gcl_au*MTgxNTc4MDk0Ny4xNzU4NTUxODYyLjEwMzYyOTg4MzUuMTc2MjQ2MzM1Mi4xNzYyNDYzMzUy*_ga*MTIyMDk0MDU1NS4xNzQ3NDE4NTE2*_ga_22VNHNTFT3*czE3NjM2NTM5MTYkbzQ3JGcwJHQxNzYzNjUzOTE2JGo2MCRsMCRoMTAwMzkzNTYxOQ..#page=7</p>
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<p>[9]https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2023/Jun/IRENA_World_energy_transitions_outlook_2023.pdf#page=46</p>
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<p>[10]https://www.wri.org/insights/climate-action-this-decade-sectoral-emissions</p>
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<p>[11]</p>
<p> https://www.pwc.com/us/en/services/esg/library/assets/pwc-sustainability-decarbonization-2025.pdf</p>
<p>[12]https://corpgov.law.harvard.edu/2025/05/03/corporate-climate-disclosures-and-practices-risk-emissions-and-targets/</p>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Andrea Ranger</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Trillium Asset Management Corporation</span></div>
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<strong>Company:</strong>
<p>Alphabet, Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change </p>
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<strong>Focus Area:</strong>
<p>Climate Change, Data Centers, GHG Reduction and Targets </p>
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<strong>Status:</strong>
<p>Filed</p>
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<p><strong>Enhanced Disclosure  </strong></p>
<p> </p>
<p>Whereas: Climate change-driven impacts could erase trillions in global GDP by 2050, posing macroeconomic risks that may substantively depress returns for long-term diversified investors.[1],[2]</p>
<p> </p>
<p>Meanwhile, the rapid expansion of AI infrastructure is compounding these risks. Despite the promise of AI to unlock efficiencies and unparalleled innovation, data centers that power AI are highly energy-intensive. Because 60% of U.S. electricity comes from high-emitting sources, their growth is accelerating carbon pollution and greenhouse gas emissions (GHGs).[3]</p>
<p> </p>
<p>The U.S. Department of Energy forecasts that data centers will consume approximately 6.7 to 12% of the country’s electricity by 2028,[4] and projections for data center power draw are climbing. In December 2025, BloombergNEF raised its forecast for U. S. data center power demand – made only 7 months earlier – by 36%, from 78 to 106 GW.[5]</p>
<p> </p>
<p>Alphabet has been a recognized leader in addressing climate change and has set two important goals for 2030: matching 100% of its global electricity demand with 24/7 carbon-free energy and reducing its operational and value chain GHG emissions by 50% from a 2019 baseline. However, its carbon footprint is rapidly expanding. By 2024, Alphabet’s total emissions had increased by 51% over its 2019 baseline. </p>
<p>Alphabet identifies the growing demand for its digital services, including AI, as “putting pressure on the amount of power that [it] need[s],” and acknowledges facing challenges and complexities in meeting its climate commitments.[6]</p>
<p>Although the company continues to demonstrate leadership in developing clean energy, including geothermal and nuclear power, investors remain in the dark about the full scope, scale, and timelines of these projects and thus, the likelihood of Alphabet meeting its 2030 goals. Investors would benefit from enhanced disclosure, including, for example:</p>
<p> </p>

Contingency plans, including scenario analyses, that evaluate factors that could negatively impact the company’s emissions reduction progress.[7]
A stress test of Alphabet’s strategies for achieving its 2030 goals, assessing factors over which it has direct and indirect control.[8]
The company’s anticipated emissions pathways to 2030 compared with the Intergovernmental Panel on Climate Change’s low- and no-overshoot 1.5 degrees Celsius-aligned pathways.[9]
Estimated metric tons of carbon removal required to compensate for Alphabet’s residual emissions. 

<p> </p>
<p>By providing additional transparency on its decarbonization planning, Alphabet could assure investors that it is prepared to meet its climate goals, thereby mitigating climate-related risks and upholding its reputation as a climate leader.</p>
<p> </p>
<p><strong>Resolved: </strong>Shareholders request that Alphabet publish a report, at reasonable cost, within a reasonable time, and excluding confidential or proprietary information, explaining how it will meet the climate change-related commitments it has made on GHGs, given the massively growing energy demand from artificial intelligence and data centers that Alphabet is planning to build.</p>
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<p>[1] https://wedocs.unep.org/rest/api/core/bitstreams/651283eb-02f3-4b6c-ac85-3f4a8485d0aa/content</p>
<p>[2] https://www.esgdive.com/news/climate-related-financial-risk-to-more-than-triple-by-2050-lseg/803381/</p>
<p>[3] https://www.eia.gov/tools/faqs/faq.php?id=427&t=3</p>
<p>[4] https://www.energy.gov/articles/doe-releases-new-report-evaluating-increase-electricity-demand-data-centers</p>
<p>[5] https://about.bnef.com/insights/clean-energy/ai-and-the-power-grid-where-the-rubber-meets-the-road/</p>
<p>[6] https://abc.xyz/investor/events/event-details/2025/Alphabets-Data-Center-Energy-Strategy-Call–2025-8CMCLdf62b/default.aspx</p>
<p>[7] https://www.ball.com/getmedia/c40fe912-662a-4ce1-9cef-e1c3f96822a0/Ball-Climate-Transition-Plan-FINAL-March-2023.pdf#page=13</p>
<p>[8] https://www.ball.com/getmedia/c40fe912-662a-4ce1-9cef-e1c3f96822a0/Ball-Climate-Transition-Plan-FINAL-March-2023.pdf#page=58</p>
<p>[9] https://www.unepfi.org/themes/climate-change/recommendations-for-policy-makers-on-net-zero-action-aligning-commitments-with-science-based-no-low-overshoot-1-5-c-scenarios/</p>

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<strong>Company:</strong>
<p>Toll Brothers, Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change, Environment </p>
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<strong>Focus Area:</strong>
<p>Climate Change, Energy Efficiency, GHG Reduction and Targets, Sustainability Reporting, GHG Emphasis </p>
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<strong>Status:</strong>
<p>Withdrawn for Agreement</p>
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<h2>Resolution Text</h2>
<p><strong>WHEREAS:</strong>  The home building industry is carbon-intensive, with emissions concentrated in the upstream production of building materials and in the downstream energy use in homes, which accounts for about 20% of U.S. greenhouse gas (GHG) emissions.[1] To reduce the magnitude of these emissions, the residential sector is increasingly the focus of new, climate-related regulations that focus on low-carbon energy sources and energy efficiency. Home customers, too, are demanding more energy efficient homes to reduce energy costs, and investors continue to value companies with clear climate-related disclosures and low carbon transition plans. </p>
<p>Toll Brothers, a leading residential construction company operating across 24 states, has not set GHG reduction targets. It also fails to disclose its GHG emissions – information critical to determining the Company’s progress in reducing the full range of its GHG emissions and its exposure to climate-related risks including regulatory readiness and competitiveness with peers.  </p>
<p><strong>Rising State Regulations </strong></p>
<p>Municipal and state governments are increasingly adopting climate-related building regulations, including restrictions on gas appliances in new homes. Ten states where Toll Brothers operates have already enacted such measures either at the state or local level,[2] and over half of Toll Brothers’s 2024 home sales were made in these states.[3] Many states are also tightening their clean energy standards and emissions disclosure requirements.[4]</p>
<p>In its SEC filings, Toll Brothers acknowledges that climate-related regulations are a potential material risk factor,[5] yet, it fails to provide emissions disclosure to assist investors in evaluating the company’s climate transition progress. </p>
<p><strong>Competitors’ Disclosures Highlight Toll Brothers’s Disadvantage</strong></p>
<p>Toll Brothers’s lack of emissions disclosure also prevents investors from evaluating its performance against competitors. D.R. Horton reports operational emissions, while PulteGroup, Taylor Morrison Homes, and KB Home disclose both their operational and value chain emissions.[6] Additionally, while Toll Brothers states that it uses certain energy-efficient appliances and, in 2024 disclosed the average energy efficiency of 32% of its homes, those homes lagged the energy efficiency scores of peers including PulteGroup and KB Home.[7] The energy efficiency of the remaining two thirds of its home stock is unknown.</p>
<p>Toll Brothers’s lack of transparency denies investors the ability to adequately assess its climate-related risk and its ability to take advantage of market opportunities at a time when capital markets are increasingly demanding such information. By disclosing its emissions, Toll Brothers can remain competitive, mitigate regulatory risk, and provide investors with confidence that the Company is prepared to thrive in a low-carbon economy.</p>
<p><strong>BE IT RESOLVED: </strong> Shareholders request that Toll Brothers, at reasonable cost and omitting proprietary information, disclose its material greenhouse gas emissions.</p>
<p>[1] https://www.pnas.org/doi/10.1073/pnas.1922205117?utm_= </p>
<p>[2] https://buildingdecarb.org/zeb-ordinances </p>
<p>[3] https://otp.tools.investis.com/clients/us/toll_brothers_inc/SEC/sec-show.aspx?Type=html&FilingId=18061104&CIK=0000794170&Index=10000#TOL-20241031_HTM_ibb0e5d9e08b344da974e6be5142ea54d_13 </p>
<p>[4] https://ww2.arb.ca.gov/our-work/programs/california-corporate-greenhouse-gas-ghg-reporting-and-climate-related-financial/about </p>
<p>[5] https://otp.tools.investis.com/clients/us/toll_brothers_inc/SEC/sec-show.aspx?Type=html&FilingId=18061104&CIK=0000794170&Index=10000#TOL-20241031_HTM_ibb0e5d9e08b344da974e6be5142ea54d_13, p.16-17</p>
<p>[6] https://investor.drhorton.com/~/media/Files/D/D-R-Horton-IR/documents/fy23-dr-horton-inc-esg-report.pdf, p.79; https://s204.q4cdn.com/680895981/files/doc_downloads/2024/2024_Sustainability_Report_v-4.pdf, p.16; https://s27.q4cdn.com/448041563/files/doc_downloads/2025/07/9644-BMC-ESG-2024-051925-digital.pdf, p.51; https://s201.q4cdn.com/124745054/files/doc_downloads/2025/04/21/2024-Sustainability-Report_FINAL.pdf, p.53.</p>
<p>[7] https://www.pulte.com/energy-star-builder; https://investor.kbhome.com/environmental-social-and-governance-esg/environmental/default.aspx </p>

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<div class=”views-field views-field-nothing”><span class=”field-content”> Kelly Poole</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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<strong>Company:</strong>
<p>Southern Company</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change, Environment </p>
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<strong>Focus Area:</strong>
<p>GHG Reduction and Targets, Just Transition </p>
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<strong>Status:</strong>
<p>Filed</p>
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<p><strong>WHEREAS:</strong>  Southern Company (“Southern”) is pursuing one of the largest electric system expansions in its history.[1] In Georgia, where 80% of projected demand would serve artificial intelligence (AI) data centers,[2] Southern has proposed a $20 billion record-breaking system buildout.[3] Although this plan is designed primarily to serve data center demand, residential and small-business customers are still expected to face bill increases, and could shoulder even higher costs if the anticipated data-center load does not materialize.[4] </p>
<p>The durability of AI-related power demand is uncertain. Technology companies often submit power requests without secured financing or tenants, and many negotiate with multiple utilities simultaneously, leading to inflated forecasts.[5] The AI-driven data center boom is already showing signs of volatility. Last quarter, Southern reported that 14.3 gigawatts (GW) of data center projects were withdrawn, producing a net 6 GW decline in its power connection queue—an unprecedented reversal for a market that had been expanding rapidly.[6] </p>
<p>Even data centers that do get built may never use the massive power loads now assumed. Rapid innovation in chips, cooling, and ultra-efficient architecture is on track to materially shrink data center electricity demand in the future.[7]</p>
<p>Against this backdrop, investors are concerned that Southern is committing capital to infrastructure for demand that may never materialize. If data center customers shrink loads or withdraw from contracts, overbuilt assets could burden existing ratepayers and potentially shareholders. This risk is amplified by Southern’s plan to build new fossil-fuel generation which carries volatile fuel prices and decades-long cost obligations. </p>
<p>As regulators increase their focus on affordability, Southern may find it harder to gain approval to charge existing customers for new projects. If regulators reject or limit cost recovery, shareholders may be forced to absorb the losses. That risk is particularly acute in Georgia, which ranks 35th nationally for energy affordability.[8] </p>
<p>These risks are compounded by Southern’s failure to require firm financial commitments from large-load customers before launching major infrastructure projects. Other utilities, recognizing the danger of overbuilding, have put safeguards in place. Dominion Energy in Virginia and AEP in Ohio both require binding commitments from all new data center customers.[9]</p>
<p>Southern, in contrast, undertakes project-by-project negotiations, and does not require safeguards such as long-term contracts, milestone payments, or minimum demand charges for all large-load customers. To date, only a small subset of Southern’s contracted large-load customers are subject to such accountability provisions.[10] Without stronger requirements, Southern risks building costly infrastructure for customers who may delay, downsize, or cancel projects—shifting costs onto ratepayers and, potentially, shareholders.</p>
<p><strong>BE IT RESOLVED:  </strong>Shareholders request that Southern issue a report disclosing if and how it is putting safeguards in place to avoid shifting costs of new infrastructure for data centers to residential customers and small businesses.</p>
<p>[1] https://www.southerncompany.com/sustainability/our-customers.html </p>
<p>[2] https://apnews.com/article/georgia-power-data-centers-d15f7793c6b79444908ca8a7b68f7ef1 </p>
<p>[3] https://cleanenergy.org/news/lame-duck-georgia-commission-could-lock-customers-into-high-cost-gas-plants-until-2075/ </p>
<p>[4] https://cleanenergy.org/news/lame-duck-georgia-commission-could-lock-customers-into-high-cost-gas-plants-until-2075/ </p>
<p>[5] https://www.latitudemedia.com/news/phantom-data-centers-are-flooding-the-load-queue/ </p>
<p>[6] https://www.utilitydive.com/news/georgia-power-large-load-data-centers/806300/ </p>
<p>[7] https://today.ucsd.edu/story/new-cooling-tech-could-curb-data-centers-rising-energy-demands </p>
<p>[8] https://alec.org/wp-content/uploads/2025/04/ALEC_EnergyAffordability2025.pdf, p.13</p>
<p>[9] https://www.datacenterdynamics.com/en/news/virginia-regulators-approve-new-rate-class-for-data-centers-and-other-large-loads/; https://www.utilitydive.com/news/Ohio-regulators-approve-aep-data-center-interconnection-rules/752690/ </p>
<p>[10] https://www.utilitydive.com/news/georgia-power-large-load-data-centers/806300/ </p>

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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>BJ's Wholesale</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change, Sustainability </p>
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<strong>Focus Area:</strong>
<p>Climate Change, GHG Reduction and Targets </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p>WHEREAS: Climate change-driven impacts could erase trillions in global GDP by 2050, posing</p>
<p>macroeconomic risks that may substantively depress returns for long-term diversified investors.[1],[2]</p>
<p>Without significant near-term action to mitigate greenhouse gas (GHG) emissions, climate change is predicted to drive severe and costly weather events for many decades.[3],[4] For companies like BJ’s that rely on a consistent supply of high-quality agricultural products, climate change can pose financial risk as droughts, floods, and heat waves increasingly challenge farmers and meat producers in its supply chain .[5],[6] </p>
<p> </p>
<p>In 2021, BJ’s identified its climate strategy, energy consumption, and operational and supply chain GHG emissions as material to its business and subsequently committed to set emissions reduction targets. It later narrowed the scope of its planned targets significantly from its full value chain to its operational emissions. However, in 2025, it abandoned its commitment and removed all sustainability-related disclosure from its website including all previous corporate responsibility reports.   </p>
<p> </p>
<p>This significant reversal raises concerns about company leadership’s execution on its commitments. Further, BJ’s actions are squarely at odds with trends in corporate climate commitments. In its review of 2024 CDP disclosures, PwC writes that, in contrast to recent headlines, companies increased their climate ambition at a rate of 37%, far outweighing those in retreat.[7] The Conference Board draws an identical conclusion, noting that “companies with deep operational integration, value-creation alignment, and stable leadership have proven the most resilient [in keeping their commitments] despite shifting political environments.”[8] </p>
<p> </p>
<p>Moreover, BJ’s industry peers such as Costco, ALDI, Kroger, and Albertson’s have set GHG emissions reduction targets and annually publish progress on sourcing clean energy, reducing refrigerant emissions, and minimizing food waste. BJ’s could do the same.  </p>
<p> </p>
<p>With 30% of the votes cast in favor of this same resolved clause in 2025, we believe it is incumbent upon the company to take concrete steps to respond to investor concerns. In addition, we believe the proposal provides ample flexibility such that board and management can fulfill their respective fiscal responsibilities while driving environmental improvements.  </p>
<p> </p>
<p>RESOLVED: Shareholders request BJ’s issue a report, above and beyond existing disclosures, describing if and how it could increase the scale, pace, and rigor of its GHG emissions reduction efforts. The report should be updated annually, prepared at reasonable cost, and omit proprietary information.</p>
<p>SUPPORTING STATEMENT: In determining relevant content for the report, we recommend, at management’s discretion, taking into consideration:</p>

Approaches used by advisory groups like the Science Based Targets initiative.
Describing strategies, initiatives, metrics, and milestones it could employ to reduce emissions.
The feasibility of setting targets for renewable energy, energy efficiency, and refrigerant emissions reduction and other measures deemed appropriate by management. 

<p> </p>
<p>[1] https://www.nber.org/system/files/working_papers/w32450/w32450.pdf</p>
<p>[2] https://www.esgdive.com/news/climate-related-financial-risk-to-more-than-triple-by-2050-lseg/803381/</p>
<p>[3] https://www.ipcc.ch/report/ar6/syr/resources/spm-headline-statements/</p>
<p>[4] https://www.undrr.org/gar/gar2025</p>
<p>[5] https://www.usatoday.com/story/news/nation/2025/06/20/climate-change-agriculture-food-supply/84284326007/</p>
<p>[6] https://www.sciencedirect.com/science/article/pii/S0048969724011860</p>
<p>[7] https://www.pwc.com/us/en/services/esg/library/assets/pwc-sustainability-decarbonization-2025.pdf</p>
<p>[8] https://corpgov.law.harvard.edu/2025/05/03/corporate-climate-disclosures-and-practices-risk-emissions-and-targets/</p>
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<strong>Company:</strong>
<p>Verizon Communications Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change </p>
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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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<p>Whereas: In Verizon’s 2023 Responsible Business Report, the Company’s Chairman and CEO stated, “running our business responsibly is the foundation of our strategy, driving long-term financial success.”1 The report cites governance and reporting as pillars of how the company manages and holds itself accountable for its responsible business strategy. The report also emphasizes that stakeholder engagement and reporting aligned with leading sustainability disclosure frameworks are key components of these pillars.2<br><br>Verizon recognizes the importance of addressing and reporting climate risks to its stakeholders. It reported Scope 3 emissions as a most frequently discussed topic in stakeholder engagement, and a third-party prioritization assessment identified climate change as a high- priority issue.3 In its 10-K, Verizon notes that climate change poses risks to its operations and supply chain.4<br><br>Despite acknowledging the importance of addressing climate risk, Verizon did not publish a sustainability report in 2025, as it had annually since 2004. In place of a full report, it created a single webpage with emissions data.5 This reduced disclosure occurred despite Verizon’s commitment to setting a net zero greenhouse gas (GHG) emissions target and statement that it is formulating a plan to reach net zero across its value chain.6<br><br>Verizon also fails to disclose implementation plans illustrating how it intends to reduce Scope 3 emissions, which comprise the majority of its GHG footprint, and reach current near-term emissions reduction targets, including a 40% reduction in Scope 3 value chain emissions by 2035.7<br><br>Without publishing an updated sustainability report and forward-looking climate strategies, Verizon fails to meet its self-acknowledged framework for the effective governance of issues that drive long-term value—including whether and how it will achieve climate goals critical to mitigating risk and addressing stakeholder expectations.<br><br>Competitors including AT&T, T-Mobile, Deutsche Telekom, and Vodafone disclose updated sustainability reports and climate transition plans that provide greater visibility into how they are integrating climate-related risks and opportunities into their strategic decision-making and include:<br><br>• Future actions to reduce value chain emissions;<br>• Specific governance policies to support climate transition;<br>• Expected emissions reductions and transition pathways associated with initiatives;<br>• Targets to scale up planned mitigation actions.<br><br><strong>RESOLVED</strong>: Shareholders request that the Board of Directors of Verizon issue a report on climate change, at reasonable cost and omitting proprietary information, describing how the board oversees material issues related to climate change, including whether and how Verizon is bringing operational and supply chain emissions into alignment with its existing climate-related goals, and disclosure of any metrics or policies that the board is monitoring.<br><br><strong>SUPPORTING STATEMENT: </strong>In developing these disclosures, the proponent recommends considering, at the board’s discretion:<br><br>• Forward-looking, quantitative strategies and key actions for achieving the Company’s climate goals;<br>• Guidance from advisory groups such as the Transition Plan Taskforce.</p>
<p>https://www.verizon.com/about/sites/default/files/Verizon-2023-ESG-Report.pdf, 5<br>2 https://www.verizon.com/about/sites/default/files/Verizon-2023-ESG-Report.pdf, 7-9<br>3 https://www.verizon.com/about/sites/default/files/Verizon-2023-ESG-Report.pdf, 9<br>4 https://quotes.quotemedia.com/data/downloadFiling?webmasterId=104600&ref=318909556&type=HTML&formType=10-K&formDescription=Annual+report+pursuant+to+Section+13+or+15%28d%29&dateFiled=2025-02-12&cik=0000732712, 15<br>5 https://www.verizon.com/about/investors/verizon-emissions-and-energy-data<br>6 https://sciencebasedtargets.org/target-dashboard; https://www.verizon.com/about/investors/verizon-emissions-and-energy-data<br>7 https://www.verizon.com/about/sites/default/files/Verizon-2023-ESG-Report.pdf, 41</p>

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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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<strong>Company:</strong>
<p>Skyworks Solutions</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change </p>
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<strong>Focus Area:</strong>
<p>GHG Reduction and Targets </p>
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<p><strong>Whereas</strong>: Climate change poses macroeconomic risks that can depress returns for long-term diversified investors. Studies project warming to cost the global economy over $38 trillion annually by 2049.1<br><br>Climate change exacerbates enterprise risks. One-third of global semiconductor production will be reliant on materials threatened by climate disruption by 2035, rising to 58% by 2050 without action.2 Skyworks’10-K acknowledges that its manufacturers rely on adequate supplies of raw materials at competitive costs.3 Further, manufacturers may suffer “destruction to their facilities, particularly since some of them are located in areas prone to natural disasters… and other impacts of climate change.”4<br><br>Skyworks also notes that climate change leads to new government regulations and customer standards concerning environmental matters that “may result in increases in costs of operations for us relative to our competitors.”5<br><br>Although Skyworks set targets and outlined strategies to reduce its operational greenhouse gas (GHG) emissions, these actions do not address the majority of emissions from across the company’s value chain. Peers disclosing more complete GHG emissions inventories demonstrate that value chain emissions may account for 89-99% of a semiconductor company’s climate footprint.6<br><br>NXP, Qualcomm, Murata Manufacturing, and Applied Materials set targets verified by the Science Based Targets initiative (SBTi) value chain emissions.7 NXP, Analog Devices, Intel, Murata Manufacturing and Advanced Micro Devices disclose or intend to disclose climate transition plans with forward-looking strategies to reduce value chain emissions, including engaging suppliers, increasing product efficiency, and joining industry-wide initiatives.8</p>
<p>Continuing to lag peers may lead Skyworks to fall short of the climate mitigation policies of major customers. Apple accounted for 67% of Skyworks’ net revenue in 2025 and aspires to be carbon neutral across its supply chain by 2030.9<br><br>Without proactively addressing the largest sources of GHG emissions, Skyworks risks exacerbating its exposure to the transition, competitive, and regulatory risks associated with the shift to a low carbon economy. Additional actions would clarify whether and how Skyworks is addressing enterprise risks and protecting the company’s shareholders from related macroeconomic costs.<br><br><strong>RESOLVED</strong>: Shareholders request Skyworks issue a report, above and beyond existing disclosures, describing whether and how it could increase the scale, pace, and rigor of its GHG emissions reduction efforts. The report should be updated annually, prepared at reasonable cost, and omit proprietary information.<br><br><strong>Supporting Statement</strong>: In determining relevant content for the report, proponents recommend, at the board and management’s discretion:<br>• Adopting GHG emission reduction targets for the company’s value chain emissions;<br>• Developing a transition plan demonstrating how the Company plans to reduce value chain emissions, while considering criteria developed by credible third parties such as the SBTi, Transition Plan Taskforce, and CDP.  </p>
<p>1 https://epic.uchicago.edu/news/climate-change-may-cost-38-trillion-a-year-by-2049-study-says/<br>2 https://www.pwc.com/gx/en/news-room/press-releases/2025/climate-risks-to-semiconductor-supply.html<br>3 https://investors.skyworksinc.com/static-files/faf80c29-a694-4f82-b863-e9110374c219, 17<br>4 https://investors.skyworksinc.com/static-files/faf80c29-a694-4f82-b863-e9110374c219, 16<br>5 https://investors.skyworksinc.com/static-files/faf80c29-a694-4f82-b863-e9110374c219, 22<br>6 https://www.nxp.com/company/about-nxp/sustainability/environment-health-and-safety/emissions:EMISSIONS; https://www.analog.com/media/en/company-csr/2024-esg-report.pdf, 39; https://www.appliedmaterials.com/content/dam/site/company/csr/doc/2024_impact_report.pdf.coredownload.inline.pdf, 61<br>7 https://sciencebasedtargets.org/target-dashboard<br>8 https://www.nxp.com/docs/en/supporting-information/Corporate-Sustainability-Report-2024.pdf; https://www.analog.com/media/en/company-csr/2024-esg-report.pdf; https://www.intel.com/content/dam/www/central-libraries/us/en/documents/2023-11/climate-transition-action-plan-2023.pdf; https://www.amd.com/content/dam/amd/en/documents/corporate/cr/climate-transition-plan.pdf; https://corporate.murata.com/-/media/corporate/ir/library/murata-value-report/2025_e/murata-value-report-2025-all-for-viewing-e.ashx?la=en-us&cvid=20251104090627000000<br>9 https://www.apple.com/environment/pdf/Apple_Environmental_Progress_Report_2025.pdf</p>

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<strong>Company:</strong>
<p>Tractor Supply Company</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change </p>
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<strong>Focus Area:</strong>
<p>GHG Reduction and Targets, Renewable Energy / Energy Efficiency </p>
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<strong>Status:</strong>
<p>Filed</p>
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<p><strong>RESOLVED</strong>: Shareholders request that Tractor Supply issue a report, at reasonable expense and excluding proprietary information, containing targets for measurably reducing its greenhouse gas (GHG) emissions and tracking progress annually toward those targets.<br><br><strong>Supporting Statement</strong>: Proponent recommends, at board and management discretion, that the report includes:<br>• Adopting science-based greenhouse gas emission reduction targets, taking into consideration criteria used by advisory groups like the Science Based Targets initiative (SBTi);<br>• Adopting supporting targets for renewable energy, energy efficiency, supply chain engagement, fleet electrification, or other measures deemed appropriate by management;<br>• Developing a transition plan demonstrating how the Company plans to meet its goals, while considering criteria used by advisory groups such as the Transition Plan Taskforce and CDP.<br><br><strong>Whereas</strong>: Economic losses from natural disasters attributed to climate change were nearly $750 billion over the last five years. Studies expect 2°C of warming to cost over $38 trillion annually by 2049. Climate change mitigation is critical to address investment risks and avert systemic economic losses.<br><br>Tractor Supply recognizes the risks climate change poses to its business in its 10-K, stating, “the long-term impacts of climate change, whether involving physical risks… or transition risks… are expected to be widespread and unpredictable” and, consequently, it may experience “interruption to operations, increased costs, or losses.”<br><br>Tractor Supply further acknowledges that legislative and regulatory responses to climate change may materially affect profitability. Policies addressing gas-powered lawn equipment have been adopted in 27 states. These include Texas, Florida, and Michigan, states in which Tractor Supply has a relatively high concentration of stores.<br><br>Tractor Supply adopted operational GHG reduction targets in 2021. In 2024, it withdrew these targets and has not set new targets.<br><br>Tractor Supply’s operational GHG emissions have increased 30% since 2022. The company has a goal of continued store expansions to 3,200 locations in the U.S. by 2030, which can significantly increase its absolute GHG emissions.<br><br>Over 11,700 companies have set or committed to setting targets with the SBTi, and the number of companies setting near-term targets nearly doubled between December 2023 and the end of Q2 2025. While Tractor Supply publishes a renewable energy strategy and holds itself “accountable to deliver meaningful reductions in our carbon footprint,” competitors including The Home Depot and Lowe’s have disclosed reports with GHG targets and plans to achieve them across their value chain. These plans detail near- and medium-term actions and targets to engage suppliers and increase product efficiency, emissions reduction scenarios, and climate strategy uncertainties.<br><br>To provide investors with clarity on whether and how current actions protect long-term shareholder value, Tractor Supply should take additional steps to address transition and regulatory risks associated with the global shift to a low-carbon economy. Proponents believe these steps should include setting emissions reduction targets.</p>

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<p>Wolverine World Wide, Inc.</p>
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<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change </p>
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<p><strong>Whereas</strong>: Climate change poses macroeconomic risks that can depress returns for long-term diversified investors. Studies expect warming of 2°C to cost over $38 trillion annually by 2049.1<br><br>In its 10-K, Wolverine Worldwide, Inc. (Wolverine) acknowledges that climate change “could have a long-term adverse impact on the Company’s business and results of operation by increasing… ‘Unseasonable or extreme weather conditions’” and “the cost of certain raw materials.”2 Climate change will also produce more intense and frequent extreme weather in Wolverine’s critical manufacturing countries.3<br><br>While Wolverine has adopted initiatives to reduce energy consumption and waste, the Company has yet to set climate-related targets.4 Wolverine has disclosed its 2023 Scope 1 and 2 greenhouse gas (GHG) emissions inventory and made progress collecting 2024 data. It will report 2025 Scope 1 and 2 emissions in 2026 in compliance with California legislation.5 Wolverine notes that “as data quality improves and risks become clearer, [the Company] will use these insights to guide decision-making and develop appropriate emission reduction targets,” including “whether and how to set future goals for reducing emissions.”6<br><br>Given the continuing enterprise and macroeconomic risks of climate change, Wolverine should not defer action but instead establish goals concurrent with improved data gathering.<br><br>Wolverine lags peers in mitigation efforts. Competitors Crocs, Deckers Outdoor Corp., VF Corp., Puma, lululemon and Adidas have set Science-Based Targets initiative (SBTi) verified emissions reduction targets and supporting goals for products, materials, employee travel, suppliers, and renewable energy.7 Many of these peers refine their emissions inventories while pursuing climate goals.<br><br>Wolverine recognizes that “operating results could be adversely affected if it is unable to maintain its brands’ positive image,” especially while operating in competitive industries and markets.8 Wolverine aims to appeal to outdoor consumers and “[share] the simple power of being outside.”9 The Company’s failure to keep pace with competitors and signal forward-looking ambitions to address climate change misaligns this brand image with its customer base.<br><br>To appropriately respond to climate-related risks and opportunities, protect shareholders from macroeconomic risks, and remain competitive in its market, the proponent believes Wolverine should take additional action.<br><br><strong>RESOLVED</strong>: Shareholders request that Wolverine report, at reasonable cost and omitting proprietary information, any new policies or practices that that will increase its ambitions and goals to reduce its impact on climate change, above and beyond existing efforts.<br><br><strong>SUPPORTING STATEMENT:</strong> Proponents recommend, at board and management discretion:<br><br>• Adopting GHG reduction targets or goals for renewable energy, energy efficiency, fleet electrification, supply chain engagement, or other measures;<br>• Taking into consideration criteria of advisory groups like SBTi;<br>• Developing a transition plan demonstrating how the Company plans to meet any goals, while considering criteria used by advisory groups such as the Transition Plan Taskforce and CDP.</p>
<p>1 https://www.nature.com/articles/s41586-024-07219-0<br>2 https://www.wolverineworldwide.com/wp-content/uploads/2025/03/2024-WWW-Annual-Report.pdf, 15<br>3 https://www.wolverineworldwide.com/wp-content/uploads/2025/10/2024WWW-Global-Impact-Report_2.pdf, 35; https://wmo.int/news/media-centre/climate-change-and-extreme-weather-impacts-hit-asia-hard<br>4 https://www.wolverineworldwide.com/wp-content/uploads/2025/10/2024WWW-Global-Impact-Report_2.pdf, 72<br>5 https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202320240SB253<br>6 https://www.wolverineworldwide.com/wp-content/uploads/2025/10/2024WWW-Global-Impact-Report_2.pdf, 70, 72.<br>7 https://sciencebasedtargets.org/target-dashboard<br>8 https://www.wolverineworldwide.com/wp-content/uploads/2025/03/2024-WWW-Annual-Report.pdf, 10, 15<br>9 https://www.wolverineworldwide.com/wp-content/uploads/2025/03/2024-WWW-Annual-Report.pdf, 5</p>

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<p>Harley-Davidson Inc.</p>
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<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change, Environment </p>
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<p>Climate Change </p>
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<p>WHEREAS: Studies expect climate change to cost the global economy over $38 trillion annually by 2049.1 Mitigation is critical to address investment risks and avert systemic economic losses.<br> </p>
<p>In its 10-K, Harley-Davidson (Harley) recognizes that climate change poses enterprise risks that may “disrupt the production and supply of component parts… Supply disruptions would raise market rates and jeopardize the continuity of motorcycle production.”2<br> </p>
<p>Harley further acknowledges that regulatory responses to climate change may materially affect profitability.3 Standards to restrict motorcycle pollutants in the EU, Harley’s second largest market, have been in place since 1999 and continually strengthened since.4 The UK and EU passed legislation to end fossil fuel car sales by 2035 and 2030, respectively. Harley notes that concern about climate change could lead to similar legislation for internal combustion engines.5<br> </p>
<p>Harley adopted a goal to achieve net zero carbon emissions by 2050.6 The Company committed to setting greenhouse gas (GHG) reduction targets with the Science Based Targets initiative (SBTi) in 2022 and affirmed interim goals to reduce Scope 1 and 2 GHG emissions and energy intensity in its 2023 ESG Data Book.7 Nevertheless, Harley has not published comprehensive sustainability disclosures outlining progress and plans to achieve its goals since 2023 and recently removed its commitment to set SBTi targets.<br> </p>
<p>The GHG emissions from use of sold products comprised the majority of Harley’s 2023 GHG footprint.8 Without an updated sustainability report or plan to address the emissions of its most emissions-intensive products, investors are unable to assess whether and how Harley is progressing toward its climate goals.</p>
<p>Competitors including Honda, Yamaha, Kawasaki, and Suzuki disclose forward-looking, quantitative reports describing actions they will take to align their operations and value chains with their targets, including:<br><br>• Improving production efficiency, electrifying equipment, and increasing renewable energy sources in operations;<br>• Advancing research and development capacity for electric vehicles (EV) and EV infrastructure;<br>• Setting targets for EV sales and vehicle fuel economy;<br>• Engaging in advocacy to promote clean energy and increase renewable adoption supporting EV use;<br>• Participating in consortiums to develop EV standards and infrastructure.</p>
<p>RESOLVED: Shareholders request that Harley issue a climate transition plan, above and beyond existing disclosure, describing if and how the company intends to achieve its climate-related goals. The plan should be published at reasonable expense, omit proprietary information, and detail any progress or plan updates on an annual basis.</p>
<p>SUPPORTING STATEMENT: In developing these disclosures, the proponent recommends considering, at management’s discretion:<br><br>• Forward-looking, quantitative strategies, and key actions, for achieving the Company’s climate goals;<br>• Guidance by advisory groups such as the Transition Plan Taskforce.</p>
<p> </p>
<p>1 https://epic.uchicago.edu/news/climate-change-may-cost-38-trillion-a-year-by-2049-study-says/<br>2 https://d18rn0p25nwr6d.cloudfront.net/CIK-0000793952/486ec4c6-2c2e-4e76-9b46-7172872055e1.pdf, 22<br>3 https://d18rn0p25nwr6d.cloudfront.net/CIK-0000793952/486ec4c6-2c2e-4e76-9b46-7172872055e1.pdf, 22<br>4 https://www.aecc.eu/legislation/motorcycles-and-mopeds/<br>5 https://d18rn0p25nwr6d.cloudfront.net/CIK-0000793952/486ec4c6-2c2e-4e76-9b46-7172872055e1.pdf, 22<br>6 https://s201.q4cdn.com/697889289/files/doc_governance/2025/Mar/06/ENGLISH-Environmental-Energy-Policy-1-e19d87.pdf<br>7 https://s201.q4cdn.com/697889289/files/doc_governance/2024/Dec/19/2023-HOG-ESG-Data-Appendix-d63b63.pdf, 17<br>8 Harley-Davidson, Inc. 2024 Corporate Questionnaire Response</p>

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Set GHG Reduction Targets Aligned with Paris Agreement