Environment | Interfaith Center on Corporate Responsibility

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<strong>Company:</strong>
<p>Albertson's, Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Environment </p>
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<strong>Focus Area:</strong>
<p>Biodiversity, Commodities Sourcing/Deforestation, GHG Reduction and Targets </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>WHEREAS: </strong>Public reporting indicates that some portion of Albertsons’ avocados are sourced from illegally deforested land, harming local communities and biodiversity and posing reputational and regulatory risk to the Company.</p>
<p>Mexico accounts for nearly 90 percent of avocado shipments into the United States. For the past decade, over ten football fields of Mexican forests have been cleared daily for avocado orchards, most of which lack required permits. Without action, by 2050, land used for avocado production is predicted to increase by over 70 percent.</p>
<p>Over the past two decades, virtually all avocado-related deforestation in the states of Michoacán and Jalisco – the largest sources of avocados for the U.S. market – has violated Mexican federal law, which prohibits conversion of forested areas to agricultural production without government authorization. The additional crime of intentionally setting forest fires frequently facilitates deforestation in this region. </p>
<p>Mexico’s main avocado-growing regions are currently in a severe drought. Water used for avocado orchards is often obtained by illegally diverting streams, digging wells for irrigation, and replacing native forests with orchards, depleting water supplies for communities and making forests and farms more vulnerable to fires and disease. </p>
<p>The burning and deforestation associated with conversion also releases greenhouse gases, reduces carbon storage, increases floods and landslides, undercuts biodiversity and the replenishment of aquifers, and is destroying the Monarch Butterfly Biosphere Reserve, further imperiling the endangered species.</p>
<p>Albertsons states that it expects its vendors to “comply with all applicable environmental laws and regulations relevant to the vendor’s business practices.” Yet, Mexican government records indicate orchards containing illegally deforested land are supplying avocados to Albertsons, calling into question the sufficiency of Albertsons’ due diligence protocols for its avocado suppliers.</p>
<p>The state of Michoacán has established a certification program to help retailers and suppliers strengthen the sustainability of their avocado supply chains. Under this program, packinghouses are certified under a satellite-based monitoring system to ensure that suppliers do not include avocados from orchards on land deforested since 2018. The certification program also ensures that orchard owners are not currently facing penalties for environmental crimes, including unauthorized water use. </p>
<p>Because many major U.S. avocado packers have adopted this certification system, deforestation rates in the region are slowing and certification is becoming industry standard.</p>
<p>Albertsons, however, has not made a commitment to require its suppliers to use the Michoacán certification program, or any equivalent program, creating material reputational, brand, and supply chain risks for our company. Conducting an assessment of its due diligence policies, including use of certification systems, will help Albertsons reduce the likelihood of lawsuits associated with avocado deforestation and prevent greenwashing accusations, while protecting human rights and critical habitat.</p>
<p><strong>RESOLVED: </strong>Shareholders request that Albertsons assess and report on the effectiveness of its due diligence policies to ensure supplier compliance with local laws, and Albertsons’ own standards, in its avocado supply chain. </p>
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<p>[1] https://cri.org/reports/unholy-guacamole </p>
<p>[2] https://pubmed.ncbi.nlm.nih.gov/33126191 </p>
<p>[3] https://news.mongabay.com/2024/04/mexicos-avocado-industry-harms-monarch-butterflies-but-will-u-s-officials-act-commentary </p>
<p>[4] https://www.researchgate.net/publication/358551509  </p>
<p>[5] https://cri.org/reports/unholy-guacamole </p>
<p>[6] https://smn.conagua.gob.mx/es/climatologia/monitor-de-sequia/monitor-de-sequia-en-mexico  </p>
<p>[7] https://research.fs.usda.gov/pnw/forestplanthealth </p>
<p>[8] https://cri.org/reports/unholy-guacamole  </p>
<p>[9] https://www.mdpi.com/2673-7159/1/4/23 </p>
<p>[10] https://s29.q4cdn.com/239956855/files/doc_downloads/2024/FY24_Q2_VendorCOCandBE_fnl_Digital.pdf </p>
<p>[11] https://cri.org/reports/unholy-guacamole<br>[12] www.forestavo.com; https://www.nytimes.com/2025/10/09/world/americas/mexico-avocados-deforestation.html  </p>
<p>[13] https://www.nytimes.com/2025/10/09/world/americas/mexico-avocado-stop-deforestation-plan.html</p>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Lyndsay Fritz</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Amalgamated Bank</span></div>
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<strong>Company:</strong>
<p>Ulta Beauty Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Environment </p>
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<strong>Focus Area:</strong>
<p>Plastics Pollution </p>
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<strong>Status:</strong>
<p>Withdrawn for Agreement</p>
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<p><strong>WHEREAS</strong>: Ulta Beauty (ULTA) sells private brand cosmetics in plastic packaging, contributing to the 120 billion units of plastic packaging waste generated by the beauty industry every year.1<br><br>Only 9% of plastic waste globally is recycled.2 An estimated 11 million tons of plastic pollution is released into the ocean annually, killing over 1 million marine animals a year.3 A 2025 Pew Charitable Trust study found that, without ambitious cuts in plastic production, plastic pollution will more than double by 2040. A 2025 Duke University study estimates that plastic use in the United States results in up to $1.109 trillion in social costs a year, including the costs of landfilling, pollution clean-up and impacts on marine ecosystems and on human health.4<br><br>Seven states have adopted extended producer responsibility laws that make producers responsible for post-consumer packaging waste management, and bills were introduced for similar regulations in eight additional states in 2025.5 A 2020 Pew Study estimated that industry could face financial risk of $100 billion annually should producer responsibility and virgin plastic taxes become widespread.6<br><br>Sustainable packaging is also important to customers. ULTA discloses in its 10K that its success depends in large part on its ability to “anticipate, gauge, and react to changing consumer preferences (including relating to sustainability of product sources and packaging…) in a timely manner.”7<br><br>Peers are taking stronger action to respond to these regulatory and market access risks. L’Oreal discloses its plastic footprint, a goal to reduce its use of plastic for packaging, and progress against the goal. L’Oreal also discloses how much of its plastic packaging is recyclable versus reusable. Aveda uses 80% recycled content in its HDPE bottles and is piloting paper-based alternatives to plastic sachets.8,9<br><br>Despite the business risks and broad societal consequences associated with plastic pollution, ULTA does not report its plastic footprint and has not set goals for reducing its plastic use. ULTA discloses a goal for 50% of consumer-level packaging by weight to be recyclable, refillable or made from recycled or bio‑sourced materials by 2025. However, it is not clear whether this goal will impact its use of plastic.</p>
<p><strong>RESOLVED</strong>: Shareholders request that Ulta Beauty issue a report within one year, at reasonable cost and omitting proprietary and privileged information, assessing if and how the Company can increase the scale, pace, and rigor of its sustainable packaging efforts beyond existing disclosure, including by reducing its plastic use.<br><br>Supporting Statement: Proponents defer to management on the content of the report, but suggest that indicators meaningful to shareholders may include:</p>
<p>● Annual disclosure of metrics related to the company’s plastic use, such total plastic packaging use.<br>● Quantitative, time-bound goals for reducing plastic use.</p>
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<p>1 https://www.forbes.com/sites/oliviaobryon/2022/10/27/why-is-eliminating-plastics-from-beauty-products-so-critical-superzero-founder-explains/<br>2https://www.science.org/doi/10.1126/sciadv.1700782<br>3 https://www.un.org/pl/node/71013<br>4 https://nicholasinstitute.duke.edu/sites/default/files/publications/the-social-cost-of-plastic-united-states.pdf<br>5 https://www.proskauer.com/alert/the-2025-guide-to-epr-packaging-compliance<br>6 https://www.pew.org/en/research-and-analysis/articles/2020/07/23/breaking-the-plastic-wave-top-findings<br>7 https://www.ulta.com/investor/sec-filings/annual-reports/content/0001558370-25-003810/0001558370-25-003810.pdf<br>8 https://www.aveda.com/carbon-neutrality-green-initiatives<br>9 https://www.aveda.com/living-aveda-article-sample-sachet</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>Apple Computer, Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Environment, Sustainability </p>
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<strong>Focus Area:</strong>
<p>Right to Repair / eWaste </p>
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<strong>Status:</strong>
<p>Withdrawn for Agreement</p>
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<p><strong>WHEREAS</strong>: Electronic waste, or waste from electrical and electronic equipment (e-waste), totaled over 62 billion kg in 2022 and is one of the fastest growing solid waste streams in the world.1 E-waste contains hazardous materials such as mercury, lead and brominated flame retardants, and reports suggest that only 22.3% of e-waste is recycled.2<br><br>The World Economic Forum states that extending the life of electronics is the single most important way to combat e-waste.3 An effective method for increasing the life of electronics and reducing e-waste is by making it easier for consumers to get them repaired to increase products’ usable lifespan.<br><br>In many ways, Apple Inc. is a leader in reducing the environmental impact of its products. However, some of its products cannot be easily repaired. For example, Apple’s AirPods receive a 0 out of 10 repair score from online repair community iFixit because they are almost impossible to repair.4,5 This gap exposes the company to regulatory risk because, under the European Union’s Batteries Regulation law, either consumers and/or independent repair shops will have to be able to remove batteries from electronic products by 2027.6 <br><br>Right to Repair laws also increase regulatory risk for Apple. Eight US states have passed Right to Repair laws for consumer electronics, including California’s Right to Repair Act, which requires manufacturers of electronics to provide consumers and independent repair shops with the parts, tools and documentation needed to fix their own electronics.7, 8<br><br>Failure to make some of its products repairable is also inconsistent with Apple’s brand image as a responsible company, exposing it to reputational risks and risk of market access loss. Research indicates that consumers increasingly want to be able to repair their electronics and support giving independent repair shops the ability to do so rather than restricting repair to the original manufacturer or approved providers.9 If Apple does not redesign products that are not easily repairable, customers may shift purchasing preferences to more easily repairable alternatives.10,11,12<br><br>RESOLVED: Shareholders request that the Board prepare a report, at reasonable cost and omitting proprietary information, on whether any of its products have an outsized contribution to e-waste or related financial risks, including regulatory and/or reputational risks for the company and, if so, to recommend steps the company can take to reduce these impacts or risks.</p>
<p>1 https://www.who.int/news-room/fact-sheets/detail/electronic-waste-(e-waste)<br>2https://api.globalewaste.org/publications/file/297/Global-E-waste-Monitor-2024.pdf<br>3https://www.weforum.org/agenda/2021/07/repair-not-recycle-tackle-ewaste-circular-economy-smartphones<br>4 https://www.ifixit.com/Device/AirPods_4<br>5 https://www.vox.com/2023/9/16/23875582/apple-airpod-repair-battery-right-to-repair-act<br>6 https://environment.ec.europa.eu/news/new-law-more-sustainable-circular-and-safe-batteries-enters-force-2023-08-17_en<br>7 https://pirg.org/media-center/release-right-to-repair-passes-overwhelmingly-in-texas/<br>8 https://pirg.org/updates/right-to-repair-now-law-in-texas/<br>9 https://www.themanufacturer.com/articles/high-repair-costs-contributing-to-global-e-waste-crisis-new-report-finds/<br>10 https://www.ifixit.com/News/35377/which-wireless-earbuds-are-the-least-evil<br>11 https://www.theguardian.com/technology/2024/apr/11/fairphone-fairbuds-review-ethically-made-earbuds-with-replaceable-batteries<br>12 https://www.soundguys.com/how-long-do-airpods-last-55442/</p>

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<strong>Company:</strong>
<p>Whirlpool Corporation</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Environment </p>
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<strong>Focus Area:</strong>
<p>Right to Repair / eWaste </p>
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<strong>Status:</strong>
<p>Withdrawn for Agreement</p>
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<p><strong>WHEREAS</strong>: Electronic waste, or waste from electrical and electronic equipment (e-waste), totaled over 62 billion kg in 2022 and is one of the fastest growing solid waste streams in the world.1 E-waste contains hazardous materials such as mercury, lead and brominated flame retardants, and reports suggest that only 22.3% of e-waste is recycled.2<br><br>An effective method to lengthen products’ usable lifespans is to increase consumer access to repair. However, the ability of consumers to repair Whirlpool’s products may be location dependent. Those residing in rural areas may be further from the original equipment manufacturer (OEM) or its preferred repair providers. As a result, rural consumers in particular may be challenged to find technicians, experience longer wait times, or face higher service fees.<br><br>Whirlpool recognizes the importance of repair in its sustainability report, stating that it is working to make access to documentation, tools, diagnostics, service parts and firmware widely available.3 However, gaps in Whirlpools’ implementation of this policy may increase the generation of e-waste and expose the company to additional risks.<br><br>• Legal and regulatory risks: Right to Repair laws driven by these environmental concerns have been enacted in certain US states, including California and Minnesota, require that OEMs selling electronics, including home appliances, provide consumers and independent repair shops with the parts, tools and documentation needed to fix them. 4,5,6 Right to Repair laws have also been introduced in all remaining US states and similar regulations are being considered in Canada.7,8<br>• Reputational risks: The barriers that exist for consumers to readily repair the company’s appliances are inconsistent with Whirlpool’s brand image as an environmentally responsible company, exposing it to reputational risks and risk of market access loss.</p>
<p><strong>RESOLVED</strong>: Shareholders request that the Board prepare a report, at reasonable cost and omitting proprietary information, on if and how it can better support its customers in minimizing e-waste from Whirlpool products.</p>
<p>1 https://www.who.int/news-room/fact-sheets/detail/electronic-waste-(e-waste)<br>2https://api.globalewaste.org/publications/file/297/Global-E-waste-Monitor-2024.pdf<br>3 https://sr.whirlpoolcorp.com/Whirlpool_2024_SR.pdf<br>4 https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202320240SB244<br>5 https://www.revisor.mn.gov/bills/93/2023/0/SF/1598/versions/latest/<br>6 https://www.ag.state.mn.us/Consumer/Publications/RightToRepair.asp<br>7 https://pirg.org/media-center/release-all-50-states-now-have-filed-right-to-repair-legislation-over-last-8-years/<br>8 https://ised-isde.canada.ca/site/ised/en/right-repair-consultation-document</p>

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<strong>Company:</strong>
<p>PepsiCo, Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Environment, Food Justice </p>
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<strong>Focus Area:</strong>
<p>Biodiversity </p>
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<strong>Status:</strong>
<p>Filed</p>
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<p><strong>WHEREAS</strong>: PepsiCo depends on reliable agricultural and transportation systems to manufacture and distribute all its products. The Company sources approximately 50 ingredients from over 60 countries to manufacture its products in 690 company-owned and third-party manufacturing facilities around the world.1<br><br>Increasing disruption of natural systems from climate change and other human activity is reducing the reliability of agricultural production and increasingly impacting supply chains. Severe weather events, drought, and wildfires caused over $21B of crop losses in the US in 2023.2 Transport networks have also been disrupted, with wildfires, hurricanes, and floods shutting down key North American and Asian shipping systems in 2024.3 A report by Bloomberg NEF documents impacts on ten companies totaling $83 billion linked to failures to properly manage their nature-related risks.4<br><br>PepsiCo acknowledges its dependence on natural systems:<br><br>Our business is inextricably linked to the health of the ecosystems that support the growth of crops that ultimately end up in our foods and drinks… Without a consistent supply of agricultural crops and ingredients, we wouldn’t be able to make our foods and drinks and meet the needs of our customers and consumers.5<br><br>Investors and regulators increasingly recognize the materiality of nature and biodiversity risks.<br><br>• Investors with nearly $30T in assets under management are participating in Nature Action 100, an initiative seeking greater management of corporate nature impacts and risks.6<br>• Over 700 organizations representing $9T in market capitalization and $22T in assets under management have adopted the assessment and disclosure recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD).7<br>• In November 2025, the International Sustainability Standards Board voted unanimously to begin the standard-setting process for nature-related disclosures.8</p>
<p>PepsiCo discloses a risk assessment and mitigation prioritization scheme for climate change.9 It has not, however, undertaken and disclosed a similar systematic assessment of impacts and risks related to its dependence on nature. A systematic assessment would identify hotspots and provide guidance for risk-mitigating activities. Without such a comprehensive assessment to inform its policies and programs, PepsiCo may misallocate resources or fail to plan for contingencies that could have been foreseen.</p>
<p>RESOLVED: Shareholders request that PepsiCo prepare a public report on its approach to biodiversity and nature, at reasonable expense and excluding proprietary information, including assessing the extent to which the company’s supply chains and operations affect or are vulnerable to biodiversity loss.</p>
<p>Supporting Statement: In completing this assessment and report, proponents defer to management’s discretion but recommend considering the guidance of standard-setting bodies such as the Taskforce on Nature-related Financial Disclosures.</p>
<p>———-</p>
<p>1 https://edge.sitecorecloud.io/pepsico-5v9wci20/media/Files/esg-topics/2024-esg-summary-esg-performance-metrics.pdf<br>2 https://www.fb.org/market-intel/major-disasters-and-severe-weather-caused-over-21-billion-in-crop-losses-in-2023<br>3 https://e360.yale.edu/features/how-climate-change-is-disrupting-the-global-supply-chain; https://octopart.com/pulse/p/extreme-weather-becomes-new-supply-chain-challenge; https://www.freightwaves.com/news/weathers-wrath-supply-chains-reel-from-2024s-extreme-events<br>4 https://assets.bbhub.io/professional/sites/24/BNEF_Nature-Risk.pdf<br>5 https://edge.sitecorecloud.io/pepsico-5v9wci20/media/Files/esg-topics/2024-esg-summary-esg-performance-metrics.pdf<br>6 https://www.natureaction100.org/media/2025/10/Nature-Action-100-Status-Report-Oct.-2025.pdf<br>7 https://tnfd.global/issb-decision-on-nature-related-standard-setting-drawing-on-tnfd-framework/<br>8 https://www.ifrs.org/news-and-events/news/2025/11/issb-welcomes-tnfd-support-nature-related-disclosure/<br>9 https://www.pepsico.com/esg-topics/climate-change#approach:~:text=Risk%20management%20and,help%20us%20to%3A</p>
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<strong>Company:</strong>
<p>Bank of America Corp.</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 Financing, Commodities Sourcing/Deforestation, GHG Reduction and Targets </p>
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<strong>Status:</strong>
<p>Filed</p>
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<p><strong>WHEREAS</strong>: Deforestation drives climate change and biodiversity loss, undermining ecosystem services upon which businesses depend. Land use change, principally deforestation, contributes 12–20% of global greenhouse gas (GHG) emissions,1 and scientists estimate that deforestation is responsible for the loss of 50,000 species every year.2 With the global economy projected to lose USD $23 trillion by 2050 to land degradation, desertification and drought,3 financial institutions jeopardize the stability of their returns by<br>financing activities linked to nature loss and climate change.<br><br>Bank of America (BAC) highlights these risks in its 2024 Sustainability Report, stating, “As forests are<br>depleted, we lose one of the world’s most important carbon sinks, which accelerates climate change and<br>compounds biodiversity loss.” BAC also acknowledges in its 2025 10-K that “climate change and related<br>environmental sustainability matters present short-, medium- and long-term risks.” Consequently, BAC<br>has committed to achieving net zero GHG emissions in its financing activities, operations, and supply<br>chain by 2050 and to deploying USD $1.5 trillion in sustainable finance by 2030.4<br><br>However, the proponent believes that the company cannot adequately address financial risk, nor meet its<br>net zero goal, through “sustainable finance” if it is continuing to finance deforestation that is beyond the<br>reach of its sustainable finance activities. And while BAC recognizes in its 2024 Sustainability Report the<br>importance of preventing deforestation, it discloses no standards, policies, or due diligence measures to<br>address deforestation-risk exposure. It has also removed its Environmental and Social Risk Policy<br>Framework and Forest Practices Policy from the public domain.<br><br>BAC lags competitors including Citigroup, Morgan Stanley, Rabobank, Deutsche Bank and Standard<br>Chartered, among many others, which have largely adopted generally applicable financing expectations<br>including No Deforestation, No Peat, and No Exploitation (NDPE) commitments for palm oil; Forest<br>Stewardship Council (FSC) or similar certification for forestry clients; and policies addressing the<br>financing of beef and soy sector clients. In part due to such policy gaps, BAC received a 13 percent<br>overall score on Global Canopy’s Forest 500 benchmark of the deforestation policies of financial<br>institutions in 2024.5<br><br>Clear standards and disclosure of progress are key to demonstrating effective risk management. It is<br>firmly within the purview of BAC’s fiduciary responsibility, and in the company’s best interest, to<br>disclose and mitigate deforestation-related risks, especially as more financiers and investors recognize the<br>materiality of such risks and adjust their strategies accordingly.<br><br><strong>RESOLVED</strong>: Shareholders request that Bank of America issue a public report, within a year, outlining if and<br>how it could establish policies or practices to further mitigate deforestation risks from financed activities.</p>
<p><strong>Supporting Statement</strong>: Shareholders recommend the report disclose, at board and management<br>discretion, whether and how Bank of America’s net-zero plan will affect the financing of sectors<br>contributing to deforestation.</p>
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<p>1 https://www.lse.ac.uk/granthaminstitute/explainers/whats-redd-and-will-it-help-tackle-climate-change/<br>2 https://wjarr.com/sites/default/files/WJARR-2022-0749.pdf<br>3 https://www.unccd.int/news-stories/stories/business4land-mobilizing-private-sector-reverse-land-degradation<br>4 https://about.bankofamerica.com/content/dam/about/reportcenter/<br>esg/2024/Sustainability_at_Bank_of_America_2024_Report.pdf<br>5 https://forest500.org/financial-institutions/bank-of-america/?ayear=2024</p>

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<p>Royal Caribbean Cruises</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Environment, Sustainability </p>
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<strong>Focus Area:</strong>
<p>GHG Reduction and Targets, Plastics Pollution, Pollution </p>
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<p>Filed</p>
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<p><strong>RESOLVED</strong>: Shareholders request that Royal Caribbean Cruises Ltd. (the Company) enhance its sustainability disclosures to provide greater clarity on the pathways, resource commitments and metrics associated with its sustainability commitments.</p>
<p><strong>WHEREAS</strong>:<br>Companies can mitigate regulatory, financial, and litigation risk by ensuring full and accurate disclosure regarding sustainability. Unclear or potentially misleading disclosures can undercut shareholders’ ability to effectively assess and manage risks and may call into question the credibility of company commitments and disclosures.<br><br>While the Company currently discloses some information on its management of environmental risks, the following aspects are unclear:<br><br>• Single-use plastic reduction: The Company first reported a 60% reduction in single-use plastic in its 2019 sustainability report. The Company has continued to disclose the same figure in every sustainability report since then without updating the figure or providing essential context. The disclosure lacks key details such as the baseline year for the measurement and the method of measurement (such as by weight, unit or category), making it difficult to assess what the company has actually achieved.<br><br>• Waste management practices: The Company has disclosed that its waste management practices exceed the standards set by the International Convention for the Prevention of Pollution from Ships (MARPOL). However, the company’s publicly disclosed Waste Stream Process suggests that it incinerates paper and plastic waste onboard ships and potentially dumps the resulting ash in the ocean. This practice would be inconsistent with MARPOL guidance, which permits burning this waste but prohibits disposing of the ash in the ocean. The company also received a USD $473,685 fine in 2024 from the EPA for improper waste management practices.<br><br>• Net-zero emissions goal: In 2021, the Company disclosed a goal to achieve net-zero emissions by 2050 and committed to developing targets validated by the Science Based Target Initiative within 2 years. These crucial targets have yet to be disclosed. Transparency surrounding this net-zero emissions goal is particularly important given public reporting that cruise ships, even highly efficient ones, can have higher CO2 emissions per passenger-kilometer than passenger jets.</p>

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<strong>Company:</strong>
<p>The Coca-Cola Company</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Environment </p>
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<p>GHG Reduction and Targets, Plastics Pollution, Sustainability Reporting, GHG Emphasis, Water </p>
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<p>Filed</p>
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<p><strong>WHEREAS</strong>: Public sustainability reporting enables investors to make better informed decisions through a deeper understanding of enterprise risks and how companies manage them to deliver stable, long-term financial returns. Reporting is most useful when it aligns with recognized disclosure frameworks, thereby enhancing consistency, comparability, and relevance.<br><br>As the largest beverage company in the world, Coca-Cola’s operations both significantly impact and rely on the environment and ecosystem services. The company released sustainability reports in accordance with the GRI standards from 2019-2023. Its 2022 sustainability report identified Packaging and Circularity, Water Stewardship, and Climate Change as priority topics based on importance to stakeholders and impact on the company.1<br><br>Subsequent to 2023, the company has released Environmental Updates but not full sustainability reports.2 These updates lack decision-useful information on initiatives and outcomes related to those priority environmental topics. The sustainability section of Coca-Cola’s website does not include this missing information, and the reporting is not prepared in accordance with recognized reporting frameworks.<br><br>• Packaging: Reusable packaging is considered by experts to be one of the most effective way to reduce plastic pollution and an important sales strategy.3 Coca-Cola’s previous reporting included information on how the company was investing in refillable packaging.4 Its recent reporting omits these disclosures.<br>• Water stewardship: The Company’s recent reports also fail to disclose information about water use from its 200 high-risk locations or report progress towards its water management goal for these locations.<br>• Climate change: Coca-Cola previously disclosed a short-term, SBTi-verified GHG emissions reduction goal, its plans to reduce its emissions and progress against the old goal. Its current reporting does not provide this disclosure for its new goal to reduce emissions in line with a 1.5-degree trajectory by 2035.</p>
<p>By comparison, Coca-Cola’s peers disclose sustainability reports according to external standards.5,6,7,8 In their sustainability reporting, PepsiCo and Nestlé disclose details on how they will achieve their GHG reduction goals and progress against these goals. PepsiCo, Nestlé and KDP all provide quantitative disclosure on water use in high water-risk areas.<br><br><strong>RESOLVED</strong>: Shareholders request that Coca-Cola issue a report, at reasonable cost and omitting proprietary information, describing whether, and how, it will increase the inclusion of updated information in its sustainability disclosures that better demonstrate the effectiveness of company strategies in mitigating priority sustainability risks for the company, including mitigating risks to the business and improving environmental outcomes of its efforts.<br><br><strong>Supporting Statement</strong>: Proponents suggest, at management’s discretion, that the report:<br>• Be prepared in accordance with a recognized framework<br>• Include a materiality assessment to ensure that reporting covers issues that are material to its business.</p>
<p>1 https://www.coca-colacompany.com/content/dam/company/us/en/reports/coca-cola-business-sustainability-report-2022.pdf<br>2 https://www.coca-colacompany.com/content/dam/company/us/en/reports/2024-environmental-update/2024-environmental-update.pdf<br>3 https://www.weforum.org/stories/2025/01/tipping-point-year-for-reusable-packaging-systems/#:~:text=According%20to%20the%20United%20Nations,into%20the%20environment%20by%202040<br>4 https://www.coca-colacompany.com/content/dam/company/us/en/reports/coca-cola-business-sustainability-report-2022.pdf<br>5 https://keurigdrpepper.com/wp-content/uploads/2025/06/2024-impact-report.pdf<br>6 https://www.nestle.com/sites/default/files/2025-02/non-financial-statement-2024.pdf#page=154<br>7 https://www.nestle.com/sites/default/files/2025-02/creating-shared-value-nestle-2024.pdf<br>8 https://edge.sitecorecloud.io/pepsico-5v9wci20/media/Files/esg-topics/2024-esg-summary-esg-performance-metrics.pdf</p>
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<p>US Foods Holding Corp.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Environment </p>
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<p>Plastics Pollution </p>
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<p>Filed</p>
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<p><strong>WHEREAS</strong>: US Foods sells plastic food packaging and food products in plastics packaging.<br><br>Only 9% of plastic waste globally is recycled.1 An estimated 11 million tons of plastic pollution is released into the ocean annually, killing over 1 million marine animals a year.2 There is also growing concern over the risks that microplastics and plastic additives pose to human health.3 A 2025 Duke University Study estimates that plastic use in the United States results in $930 billion in costs related to disease and early mortality from exposure to toxic chemicals.4<br><br>A 2025 Pew Charitable Trust study found that, without ambitious cuts in plastic production, plastic pollution will more than double by 2040 and greenhouse gas emissions from plastic production will increase by 58%. If the global plastic system were a country, it would be on track to be the third largest GHG emitter by 2040.5<br><br>US Foods’ failure to adopt policies to reduce plastic in its packaging may leave the company vulnerable to regulatory risk. Seven states have adopted extended producer responsibility laws that make producers responsible for post-consumer packaging waste management, and bills were introduced for similar regulation in eight other states in 2025.6 A 2020 Pew Study estimated that industry could face financial risk of $100 billion annually should producer responsibility and virgin plastic taxes become widespread.7 This does not include social costs.<br><br>Peers are adapting in response to these risks. Aramark plans to eliminate or substantially reduce its use of Styrofoam packaging and reduce its use of plastic packaging. Sysco discloses a percentage breakdown of its packaging material type, i.e. plastic, paper, and metal. Sysco also gives examples where it has switched from plastic to paper packaging and some quantitative disclosure on the associated plastic reduction achieved.<br>Despite the business risks and broad societal impact associated with plastic pollution, US Foods does not report any information to investors about its plastic footprint and has not set any goals for reducing its plastic use, or disclosed information on how it assesses and manages risks related to the health risks of plastics, including its use of Styrofoam.<br><br><strong>RESOLVED</strong>: Shareholders request that US Foods issue a report within one year, at reasonable cost and omitting proprietary information, assessing if and how the Company can increase the scale, pace, and rigor of its sustainable packaging efforts, including by reducing its total plastic packaging use.<br><br><strong>Supporting Statement</strong>: Proponents defer to management on the content of the report, but suggest that indicators meaningful to shareholders may include:<br><br>● Annual disclosure of metrics related to the company’s plastic use, such total plastic packaging use.<br>● Quantitative, time bound goals for reducing plastic use.</p>
<p> </p>
<p>1https://www.science.org/doi/10.1126/sciadv.1700782<br>2 https://www.un.org/pl/node/71013<br>3 https://www.aamc.org/news/microplastics-are-inside-us-all-what-does-mean-our-health<br>4 https://nicholasinstitute.duke.edu/sites/default/files/publications/the-social-cost-of-plastic-united-states.pdf<br>5 https://www.pew.org/en/research-and-analysis/reports/2025/12/breaking-the-plastic-wave-2025<br>6 https://www.proskauer.com/alert/the-2025-guide-to-epr-packaging-compliance<br>7 https://www.pew.org/en/research-and-analysis/articles/2020/07/23/breaking-the-plastic-wave-top-findings</p>

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<strong>Company:</strong>
<p>McDonald's Corp.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change, Environment, Food Justice </p>
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<p>Agricultural Sourcing / Supply Chain </p>
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<p><strong>WHEREAS</strong>: McDonald’s restaurants, operating in over 100 countries around the world, rely on a global supply of agricultural products including beef, potatoes, and coffee.<br><br>The reliability of this global agricultural supply chain is increasingly disrupted by changes to weather patterns and other natural systems caused by climate change, deforestation, and other human activity. Severe weather events, drought, and wildfires caused over $21B of crop losses in the US in 2023.1 Transportation networks have been disrupted, with wildfires, hurricanes, and floods shutting down key North American and Asian shipping systems in 2024.2 Coffee production in Brazil is threatened by deforestation-linked changes in rainfall patterns.3<br><br>McDonald’s recognizes nature-related risks and its ability to mitigate them through its sourcing policies. It states,<br><br>We believe regenerative agriculture has the potential to drive action against a series of risks and opportunities to the Company, as well as the potential to deliver benefits for a wide range of stakeholders. That is why we are making the adoption of regenerative agriculture principles within certain categories of the Company’s supply chain a long-term, global priority for McDonald’s and a key step in our responsible sourcing efforts.4<br><br>McDonald’s is supporting this commitment with significant investments. The company has disclosed multiple regenerative agriculture projects over several years.5 Most recently, it announced a $200 million seven-year partnership to support regenerative grazing principles among US-based beef cattle producers.6<br><br>Despite these investments, the Company has not disclosed clear practice guidelines or goals for its regenerative agriculture programs, and it has not indicated it will disclose outcomes of these investments. In these ways it lags other major food companies:</p>
<p>• PepsiCo provides a comprehensive definition of regenerative agriculture and lists 23 practices that can be adopted for inclusion in the program.7<br>• Conagra measures and publicly reports pesticide use reduction in its carrot, pea, sweet corn, and green bean supply chains through regenerative agriculture.8<br>• Lamb Weston measures and publicly reports year-over-year pesticide reduction data, reflecting progress toward its goal.9<br><br>Regenerative agriculture encompasses a wide number of practices that can have an impact on soil health, greenhouse gas emissions, water quality, and other factors. The World Business Council for Sustainable Development, of which McDonald’s is a member, recently published a draft framework for the disclosure of 11 regenerative agriculture outcomes.10 Consumer Reports notes that poorly defined regenerative agriculture programs risk accusations of greenwashing.11<br><br>McDonald’s has not indicated which regenerative agriculture outcomes it is seeking, nor has it committed to disclosing those outcomes. This puts the credibility of the program and the company at risk.<br><br>RESOLVED: Shareholders request that McDonald’s issue a report, at reasonable expense and omitting proprietary information, disclosing if and how the company intends to measure and disclose the practices supported by its regenerative agriculture programs and the outcomes of those programs.<br> </p>
<p>1 https://www.fb.org/market-intel/major-disasters-and-severe-weather-caused-over-21-billion-in-crop-losses-in-2023<br>2 https://e360.yale.edu/features/how-climate-change-is-disrupting-the-global-supply-chain; https://octopart.com/pulse/p/extreme-weather-becomes-new-supply-chain-challenge; https://www.freightwaves.com/news/weathers-wrath-supply-chains-reel-from-2024s-extreme-events<br>3 https://www.nytimes.com/2025/10/22/world/americas/brazil-coffee-production-rainfall.html<br>4 https://corporate.mcdonalds.com/corpmcd/our-purpose-and-impact/food-quality-and-sourcing/responsible-sourcing.html#advancingRegenerativeAgriculturePrinciples<br>5 https://corporate.mcdonalds.com/content/dam/sites/corp/nfl/pdf/McDonalds_PurposeImpact_ProgressReport_2024_2025.pdf<br>6 https://corporate.mcdonalds.com/corpmcd/our-stories/article/mcd-national-fish-wildlife-foundation-partnership.html<br>7 https://edge.sitecorecloud.io/pepsico-5v9wci20/media/Files/esg-topics/pepsico-regenerative-agriculture-guidelines.pdf<br>8 https://www.conagrabrands.com/citizenship-reports/conagra-brands-citizenship-report-2023<br>9 https://www.lambweston.com/content/dam/lamb-weston/website/en-us/pdf/sustainability/LambWeston_2023_ESG.pdf<br>10 https://www.wbcsd.org/actions/a-global-framework-for-regenerative-agriculture/<br>11 https://advocacy.consumerreports.org/research/the-regenified-label-risks-credibility-of-regenerative-agriculture/</p>

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Monitor Illegal Deforestation in Avocado Supply Chains