Filed | Interfaith Center on Corporate Responsibility

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<strong>Company:</strong>
<p>Loblaw Companies Ltd.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Health </p>
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<p>Data Privacy/Cyber Security </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p>Loblaw has significantly expanded its healthcare business, operating over 1,800 pharmacies, MediSystem Inc. (serving long-term care facilities), Lifemark Health Group (therapy clinics), and healthcare services like PC Health, AccuroEMR (electronic medical records) and a minority stake in Maple (telemedicine). By 2025, Loblaw aims to open 250 pharmacy care clinics, a move that has drawn criticism.1<br><br>The PC Health app, launched in 2021, links users to health services, product recommendations, and wellness-based loyalty points. One academic described it as a “cheap data grab,” raising concerns over the use of sensitive health data.2 Research suggests virtual care companies, including Loblaw’s, may not adequately protect patient privacy.3 While Loblaw’s Health and Wellness Privacy Notice outlines safeguards, concerns remain about potential data sharing with other parts of its commercial operations.<br><br>A 2023 Privacy Commissioner of Canada study found 61% of Canadians distrust businesses with consumer privacy rights, with retailers ranking particularly low (39%).4 Although Loblaw likely complies with provincial laws, legislation on health data and loyalty points is often outdated. Recent events — an Office of the Privacy Commissioner of Canada investigation into PC Optimum account deletions5, a proposed class action related to pharmacy practices6, and a preferred pharmacy network agreement between Manulife and Shoppers was scuttled following criticisms from the public and the federal government – underscore potential regulatory and reputational risks.7</p>
<p>Regulatory scrutiny of data practices in healthcare is increasing globally. In the U.S. companies like Amazon have faced regulatory scrutiny for mishandling patient data8,9, with regulators including the U.S. Federal Trade Commission taking enforcement action, highlighting regulatory risk.10<br><br>Loblaw, amid its efforts to “build the future of pharmacy,” must address similar risks.<br><br>Investors see transparency in data governance as critical for mitigating reputational, legal and financial risks while rebuilding trust. An assessment that discloses information about how the company is ensuring patients are informed about what data is collected and how it will be used would give investors greater confidence these issues are being effectively managed.<br><br>RESOLVED: The board of directors oversee an independent Data Protection Impact Assessment11 of Loblaw’s healthcare offerings, covering PC Health, Lifemark and QHR (AccuroEMR). The assessment should describe measures ensuring appropriate use and informed consent for patient data, be prepared at reasonable cost, exclude confidential and proprietary information and be published on Loblaw’s website.</p>
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<p>1 https://www.theglobeandmail.com/business/article-loblaw-shoppers-drug-mart-health-care/<br>2 https://www.theglobeandmail.com/business/commentary/article-loblaws-points-economy-for-private-health-data-follows-big-techs/<br>3 https://bmjopen.bmj.com/content/14/2/e074019<br>4 https://www.priv.gc.ca/en/opc-actions-and-decisions/research/explore-privacy-research/2023/por_ca_2022-23/<br>5 https://globalnews.ca/video/10643034/privacy-expert-weighs-in-on-probe-into-loblaw-pc-optimum<br>6 https://toronto.ctvnews.ca/proposed-class-action-lawsuit-against-shoppers-drug-mart-alleges-unsafe-and-unethical-corporate-practices-1.6849507<br>7 https://www.theglobeandmail.com/business/article-loblaw-shoppers-drug-mart-health-care/<br>8 https://www.washingtonpost.com/technology/2022/07/22/amazon-one-medical-privacy/<br>9 https://www.npr.org/2023/05/06/1174468793/amazons-affordable-healthcare-service-has-a-hidden-cost-your-privacy<br>10 https://www.ftc.gov/news-events/news/press-releases/2023/02/ftc-enforcement-action-bar-goodrx-sharing-consumers-sensitive-health-info-advertising<br>11 https://gdpr.eu/data-protection-impact-assessment-template/</p>

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<div class=”views-field views-field-nothing”><span class=”field-content”> Emma Pullman</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>B.C. General Employees’ Union (BCGEU)</span></div>
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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>Alphabet, Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Human Rights & Worker Rights </p>
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<strong>Focus Area:</strong>
<p>AI / Artificial Intelligence, Algorithmic Harm, Misinformation/Disinformation </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p>Whereas: Generative AI is central to Google’s business, with Gemini, Gemma, Veo 3, and<br>Nano Banana models integrated across the company’s offerings. Google’s AI Overviews have<br>two billion monthly users,1 with many users relying on Overviews instead of clicking on<br>traditional search links.2 In October 2025, Alphabet reported record quarterly revenue, with CEO<br>Pichai saying, “We’re seeing AI now driving real business results across the company.”3<br><br>Yet generative AI is prone to falsehoods. Google has acknowledged that so-called<br>“hallucinations” are “a problem for all large language models across the industry.”4 NewsGuard,<br>which assesses information reliability, found Gemini “spreads false claims” nearly 17% of the<br>time.5 Model accuracy can also be impacted by bad training data6 and efforts to “poison” models<br>by bad actors.7<br><br>Shareholders are concerned that Google generative AI produces falsehoods that cause real<br>world harm and engender legal, regulatory, financial, and reputational risks to Alphabet.<br>Ultimately, the proliferation of AI related falsehoods is creating a larger problem for society, what<br>has been called “epistemic collapse” – a world in which users are increasingly unable to discern<br>what is true or authentic.<br><br>Google has been sued in Delaware,8 Washington DC,9 Minnesota,10 and Brazil11 for harms<br>allegedly incurred as a result of falsehoods produced by Google’s generative AI.<br><br>Google’s generative AI models have stirred controversy that could threaten its business; in<br>October 2025, the Gemma model was removed from Google’s AI Studio platform after a U.S. senator alleged that it fabricated “serious criminal allegations” about her. Amidst widespread<br>media coverage, the senator advised Google: “Shut it down until you can control it.”12<br><br>Google’s Veo 3 – which can generate hyperrealistic video depicting misleading information –<br>has been integrated into YouTube Shorts; a PC Magazine reviewer says it “has the potential to<br>create disinformation on a catastrophic scale.” NewsGuard says Google’s Nano Banana Pro is<br>a “misinformation superspreader” that advanced false claims about politicians, public health<br>topics, and top brands 100 percent of the time when prompted to do so.13<br><br>While Google’s policy guidelines aim to prohibit generative AI from producing harmful factual<br>inaccuracies, shareholders question whether they are sufficiently effective at mitigating risks to<br>the company amidst a proliferation of lawsuits and new regulation regarding generative AI.14<br>Without policies and practices that minimize generative AI falsehoods, there is considerable risk<br>to Alphabet, and an “existential threat”15 to generative AI technology itself.</p>
<p>Resolved: Shareholders request that the Board commission a third-party assessment, at<br>reasonable expense, of additional actions the company could take to mitigate the proliferation of<br>false information on the platform and report to shareholders, omitting proprietary or privileged<br>information, with a summary of the outcome of the assessment. At board and management’s<br>discretion, the report may include additional uses of human, algorithmic, whistleblower or other<br>methods to more promptly detect and eliminate false information and prevent its elevation and<br>dissemination.</p>
<p>1https://techcrunch.com/2025/07/23/googles-ai-overviews-have-2b-monthly-users-ai-mode-100m-in-theus-<br>and-india/<br>2https://www.pewresearch.org/short-reads/2025/07/22/google-users-are-less-likely-to-click-on-links-whenan-<br>ai-summary-appears-in-theresults/#:~:<br>text=Google%20users%20who%20encounter%20an,are%20Wikipedia%2C%20YouTube%20<br>and%20Reddit.<br>3 https://www.techbuzz.ai/articles/google-hits-historic-100b-quarter-as-ai-drives-growth-explosion<br>4 https://s3.documentcloud.org/documents/26219988/blackburngoogle.pdf<br>5https://www.newsguardtech.com/press/newsguard-one-year-ai-audit-progress-report-finds-that-aimodels-<br>spread-falsehoods-in-the-news-35-of-the-time/<br>6https://www.theguardian.com/technology/2024/nov/04/google-meta-efamation-ai-generated-responsesaustralia<br>7https://www.theguardian.com/technology/2024/nov/04/google-meta-efamation-ai-generated-responsesaustralia<br>8abajournal.com/news/article/suit-says-google-spread-radioactive-lies-against-conservative-activistthrough-<br>ai-platforms<br>9https://www.reuters.com/sustainability/boards-policy-regulation/rolling-stone-billboard-owner-penskesues-<br>google-over-ai-overviews-2025-09-14/<br>10 https://futurism.com/company-sues-google-ai-overviews<br>11https://valorinternational.globo.com/law/news/2025/06/06/court-orders-google-to-pay-damages-for-aigenerated-misinformation.ghtml<br>12 https://www.theverge.com/news/812376/google-removes-gemma-senator-blackburn-hallucination<br>13https://www.newsguardrealitycheck.com/p/google-new-ai-image-generator-misinformationsuperspreader?<br>utm_source=substack&publication_id=2106147&post_id=180625003&utm_medium=emai<br>l&utm_content=share&utm_campaign=emailshare&<br>triggerShare=true&isFreemail=true&r=wcq9&triedRedirect=true<br>14 https://roninlegalconsulting.com/ai-generated-defamation-and-legal-liability-a-closer-look/ ;<br>https://www.americanbar.org/groups/business_law/resources/business-law-today/2025-august/recentdevelopments-<br>artificial-intelligence-cases-legislation/ ; https://www.bakerlaw.com/services/artificialintelligence-<br>ai/case-tracker-artificial-intelligence-copyrights-and-class-actions/ ;<br>https://sustainabletechpartner.com/topics/ai/generative-ai-lawsuit-timeline/<br>15 https://www.theatlantic.com/technology/archive/2024/06/google-ai-overview-libel/678751/</p>

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<div class=”views-field views-field-nothing”><span class=”field-content”> Tatiana Parrott</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Vancity Investment Management</span></div>
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<strong>Company:</strong>
<p>Kroger Co.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Human Rights & Worker Rights </p>
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<strong>Focus Area:</strong>
<p>Collective Bargaining/Unionization </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>WHEREAS</strong>: Freedom of association and collective bargaining are fundamental human rights under internationally recognized human rights frameworks. The United States has seen a “revival of union power” leading to significant changes in employee contracts in multiple industries.[1] A Gallup poll found that almost 70 percent of Americans approve of unions, this support has held steady for the last five years and is the highest approval rating of 60 years.[2],[3]  </p>
<p>Should The Kroger Co. (Kroger) brand be linked to poor union practices, it risks losing customers. Moreover, the presence of unions has been positively correlated with low turnover, improved diversity, investment in training, and reduced legal and regulatory violations.[4] Conversely, companies that actively oppose unionization experience declines in productivity relative to those that are less opposed; “the overall negative effects are driven by manager’s or owner’s dislike of working with unions rather than economic costs of unions.”[5]</p>
<p>Kroger’s Human Rights Policy states “We commit to the corporate responsibility to respect human rights as defined by the United Nations Guiding Principles on Business and Human Rights (UNGPs). We also commit to respect internationally recognized human rights as defined by . . . [t]he ILO Declaration on Fundamental Principles and Rights at Work.” Kroger also commits to “embed this Human Rights Policy in our company’s culture, operations and supply chain, conduct human rights due diligence, and provide access to remedy as appropriate.”[6]</p>
<p>The last clear update to this policy was in 2022, and the last progress update to its “Commitment to Respect Human Rights” was for fiscal 2021.[7]</p>
<p>Despite its stated commitments, in the Richmond and Tidewater areas in Virginia, it has been alleged that Kroger is refusing to recognize unions at 11 stores, despite a majority of associates at these stores having agreed to unionization. The local labor union, UFCW Local 400, believes that the company has engaged in an effort to keep the union out of new stores, in violation of the collective bargaining agreement they have in place. Concerns have also been raised that Kroger has closed union stores and replaced them with non-union stores.</p>
<p>Given this inconsistency, a review is requested of the company’s implementation of its stated policies. This would provide investors with greater confidence that Kroger is appropriately managing its relationship to labor.</p>
<p><strong>BE IT RESOLVED</strong>: Shareholders request that the Board of Directors issue a report analyzing whether Kroger’s internal policies regarding non-interference, workers’ freedom of association, and collective bargaining rights are consistent with the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work and the UN Guiding Principles on Business and Human Rights at reasonable cost and omitting privileged information. </p>
<p>[1] https://hbr.org/2023/10/are-we-seeing-a-revival-of-union-power </p>
<p>[2] https://www.afge.org/article/new-gallup-poll-70-of-americans-approve-of-labor-unions/  </p>
<p>[3] https://news.gallup.com/poll/694472/labor-union-approval-relatively-steady.aspx </p>
<p>[4] https://www.workerscapital.org/our-resources/shared-prosperity-the-investor-case-for-freedom-of-association-and-collective-bargaining/ </p>
<p>[5] https://www.census.gov/content/dam/Census/newsroom/press-kits/2023/assa/unionization-employer-opposition-preview.pdf , p.3</p>
<p>[6] https://www.thekrogerco.com/wp-content/uploads/2022/02/Kroger-Human-Rights-Policy-Feb-2022.pdf?utm_source=chatgpt.com </p>
<p>[7] https://www.thekrogerco.com/wp-content/uploads/2022/02/Kroger-Human-Rights-Progress-Update-Policy-Feb-2022.pdf?utm_source=chatgpt.com </p>

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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>Columbia Sportswear</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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<h2>Resolution Text</h2>
<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, Columbia Sportswear Company (Columbia) acknowledges that climate change “could disrupt our operations, the operations of our vendors and other suppliers or result in economic instability and changes in consumer preferences and spending that may negatively impact our operating results and financial condition.” Further, climate change may produce more intense and frequent disasters in Columbia’s critical manufacturing countries, including Vietnam, Bangladesh, and China.2<br><br>In 2020, Columbia committed to a 30% reduction in Scope 3 manufacturing emissions by 2030, yet it stopped tracking and reporting on this goal in 2023 and has not adopted any new greenhouse gas (GHG) reduction targets.3<br><br>Columbia disclosed revised 2022 and 2024 Scope 1 and 2 GHG emissions in its most recent sustainability report, but it has not reported Scope 3 emissions since 2021.4 While Columbia has outlined initiatives to reduce energy consumption and enhance sustainable manufacturing, establishing targets would help investors assess whether and how these actions will reduce emissions and address the enterprise and macroeconomic risks of climate change.<br><br>Columbia lags peers in climate risk mitigation efforts. Competitors Nike, Deckers Outdoor Corp., VF Corp., Puma, lululemon and Adidas have disclosed more complete emissions inventories and set Science-Based Targets initiative (SBTi) verified emissions reduction targets and supporting goals for materials, employee travel, suppliers, and renewable energy.5 Many peers continue to refine their GHG inventory while disclosing emissions annually and pursuing climate goals.<br><br>Columbia brand’s mission is to “unlock the outdoors for everyone.”6 Columbia recognizes in its 10-K that “our success has been due in large part to our ability to maintain, enhance and protect our brand image and… our consumers’ and customers’ connection to our brands… [and that] customer sentiment could be shaped by our sustainability policies.”7 The Company’s failure to keep pace with competitors and signal ambitions to address climate change misaligns its actions with this brand image and mission.<br>To appropriately respond to climate-related risks and opportunities, protect shareholders from macroeconomic risks, and remain competitive in its market, the proponent believes Columbia should take additional action.</p>
<p>RESOLVED: Shareholders request that Columbia disclose its current GHG emissions as well as short-, medium- and long-term targets for measurably reducing them—and that Columbia report annually on its progress toward those targets.<br><br>SUPPORTING STATEMENT: Proponents recommend, at the board and management’s<br>discretion, that disclosures include:<br>• The full range of Columbia’s operational and supply chain emissions;<br>• Consideration of frameworks, benchmarks and processes developed by credible third parties such as SBTi, Transition Plan Taskforce, and Task Force for Climate Related Financial Disclosures</p>
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<p>1 https://www.nature.com/articles/s41586-024-07219-0<br>2 https://www.columbiasportswearcompany.com/corporate-responsibility-group/responsible-practices/supply-chain/; https://wmo.int/news/media-centre/climate-change-impacts-increase-asia<br>3https://cscworkday.blob.core.windows.net/hrforms/Recruiting/Career_Site/CR_Reports/2020_Columbia_Corp_Resp_Report.pdf, 25<br>4 https://www.columbiasportswearcompany.com/corporate-responsibility/impact/2024/sustaining-places; https://cscworkday.blob.core.windows.net/hrforms/Recruiting/Career_Site/CR_Reports/2020_Columbia_Corp_Resp_Report.pdf, 24<br>5 https://sciencebasedtargets.org/target-dashboard<br>6 https://investor.columbia.com/sec-filings/annual-reports/content/0001050797-25-000023/0001050797-25-000023.pdf, 1<br>7 https://investor.columbia.com/sec-filings/annual-reports/content/0001050797-25-000023/0001050797-25-000023.pdf, 7</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>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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<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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<strong>Company:</strong>
<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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<strong>Focus Area:</strong>
<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>United Parcel Service, 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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<strong>Focus Area:</strong>
<p>Climate Change, Sustainability Reporting, GHG Emphasis </p>
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<p><strong>RESOLVED</strong>: Shareholders request UPS issue a report, at reasonable cost and omitting proprietary information, describing if and how it plans to align its operations and investments with its carbon neutrality goal.</p>
<p><strong>SUPPORTING STATEMENT</strong>:</p>
<p><strong>UPS’ Fossil Fuel Reliance Heightens Climate-Related Financial Risks</strong></p>
<p>United Parcel Service (“UPS”) faces heightened climate-related risks due to dependence on diesel and jet fuel across its global fleet. In its 2025 10-K, the Company acknowledges that climate change poses “financial and operational risks,” including weather-related disruptions.[1] These risks are no longer hypothetical: extreme weather in 2024 caused an estimated $100 billion in global supply chain losses;[2] by 2060, analysts project that climate-driven supply chain disruptions could cost up to $24 trillion.[3] Scientists project global climate damages in the range of $19-59 trillion annually by 2050—five times the cost of limiting warming to 2°C.[4] Continued emissions from UPS’ operations risk locking in further economic losses. </p>
<p>For a logistics company like UPS, whose value proposition rests on operational reliability and resilient supply chains, these operational, financial, and systemic risks could threaten asset performance and increase the cost of capital.[5]</p>
<p><strong>UPS Risks Falling Behind on Climate Targets Amid Misaligned Capital Spending</strong></p>
<p>UPS’ emissions per package have increased since its baseline year, despite targets to cut intensity 50% by 2035 and reach carbon neutrality by 2050.[6] In 2024, only one-third of UPS’ capital expenditures supported environmental sustainability goals, while its continued investment in natural gas vehicles risks locking in higher emissions and lifecycle costs for decades.[7] These trends indicate a misalignment between UPS’ capital allocation and its stated climate commitments. </p>
<p><strong>UPS Lags Competitors</strong></p>
<p>Peers such as DHL and FedEx demonstrate stronger governance and execution of climate strategy.[8] Both have committed to value chain emission reduction targets through the Science Based Targets initiative, conduct scenario analyses, apply a double materiality approach, and link executive pay to sustainability outcomes. They also define clear vehicle electrification milestones that align capital allocation with emissions reductions and long-term competitiveness. UPS lags peers across each of these dimensions. </p>
<p>Investors seek greater visibility into how UPS is integrating climate-related risks and opportunities into its financial and strategic decision-making. A comprehensive climate transition plan aligned with investor expectations and frameworks such as the TCFD and CA100+ would provide that transparency. Developing and disclosing such a plan would strengthen UPS’ credibility with investors while positioning the Company to capture efficiency gains, policy incentives, and market share in a rapidly transforming logistics sector. </p>
<p>[1] https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072725000019/ups-20241231.htm, p.12</p>
<p>[2] https://www.freightwaves.com/news/weathers-wrath-supply-chains-reel-from-2024s-extreme-events </p>
<p>[3] https://www.sciencedaily.com/releases/2024/03/240313135634.htm </p>
<p>[4] Historical emissions already commit the global economy to approximately 17% Gross Domestic Product (GDP) reduction by 2050. https://www.pik-potsdam.de/en/news/latest-news/38-trillion-dollars-in-damages-each-year-world-economy-already-committed-to-income-reduction-of-19-due-to-climate-change, as revised by https://www.pik-potsdam.de/en/news/latest-news/nature-study-on-economic-damages-from-climate-change-revised</p>
<p>[5] https://www.unepfi.org/wordpress/wp-content/uploads/2024/05/Climate-Risks-in-the-Transportation-Sector-1.pdf </p>
<p>[6] https://about.ups.com/content/dam/upsstories/images/our-impact/reporting/2024-UPS-GRI-Report.pdf, p.27, 29</p>
<p>[7] https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072725000019/ups-20241231.htm, p.49</p>
<p>[8] https://group.dhl.com/content/dam/deutschepostdhl/en/media-center/investors/documents/annual-reports/DHL-Group-2024-Annual-Report.pdf, p.73, 74; https://www.fedex.com/content/dam/fedex/us-united-states/sustainability/gcrs/FedEx_2025_CR_Report.pdf, p.19, 22; </p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Diana Myers</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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