Johnson & Johnson

## Campaigns that support ‘people’ speak to the ‘Social’ pillar within the traditional ESG agenda. 

This means focusing on social justice through organisational policies and practices regarding human rights, gender equality, business ethics, supply chain management, diversity and inclusion, and social impacts resulting from corporate operations.

Through our ‘people campaigns’, our mission is to promote personal welfare through corporate responsibility. Our approach is to leverage the collective shareholder rights of our investors to fight to influence the corporate governance of public companies and push them to be more ethical. We want to work towards a world where protecting people is central to corporate decision-making. 

### How can actively engaging with your investments help people?

Shareholders who engage with their shareholder rights and use their proxy votes can push for fairer business practices. If you own enough shares in a company, you can even submit shareholder proposals for other shareholders to vote on, thus opening a valuable avenue for activism. 

### What kind of business practices can we push for?

Promoting a safer workplace is of utmost importance, and we’ve already begun work through our Amazon campaign to push for better working conditions for their warehouse workers. But there are other ways to improve a business from a social standpoint. For example, racial equity audits are being implemented in some major global brands to help pinpoint issues with diversity and inclusion. Equal pay and gender equality are other ways to improve social initiatives. It’s also important to monitor how a business’s choices affect their consumers, for instance including potentially harmful ingredients such as talc in skin care products that can potentially cause cancer. 



Health Equity

ExxonMobil

Caterpillar Inc.

Bank of America Corp

BlackRock, Inc.

Skechers USA, Inc.

Raytheon 

Netflix Inc.

Morgan Stanley

Wells Fargo & Co.

Chubb

CarMax Inc.

Papa John’s

Lockheed Martin Corp

Berkshire Hathaway

Goldman Sachs Group

Deere & Co.

Alphabet, Inc.

# Campaigns that support our ‘planet’ speak to the ‘Environmental’ pillar within the traditional ESG agenda. 

We want to push big businesses to do better in making our planet more sustainable, focusing on organisational policies and practices regarding fossil fuels, climate justice, sustainability, animal welfare, and other environmental issues. 

Through our planet campaigns, our mission is to promote environmental corporate responsibility through shareholder engagement. We want to work towards a sustainable world in which protecting the environment is central to corporate decision-making. 


### How engaging with your investments can help the planet

Governments often put pressure on the private sector to be more sustainable, but for lasting change, the pressure must also come from within.  Publicly-held companies cannot ignore their shareholders. Therefore, shareholders who engage with their shareholder rights and use their proxy votes can push for more sustainable business practices. If you own enough shares in a company, you can even submit shareholder proposals for other shareholders to vote on, thus opening a valuable avenue for activism. 


### What does business sustainability look like?

There has been a lot of focus on sustainability in the past few years, but there is still a lot of work to be done when it comes to measuring targets and effectiveness. It’s going to take a huge effort from the financial industry and global governments to increase the efficacy of sustainability targets, but it can be done. Tulipshare seeks to identify opportunities to drive these changes through shareholder activism where we leverage our investments to fight to influence a corporation's behaviour. 

What’s more, our campaigns are another way to unify shareholder voices and make sure businesses are subjected to higher standards when it comes to looking after our planet.

Climate Change

PayPal Holdings Inc

Apple Inc.

Procter & Gamble

Capri Holdings Ltd.

JPMorgan

Meta Platforms Inc.

Post Holdings

### Corporate governance pertains to the system by which a company is run. 

Campaigns in the corporate governance category address the system of rules, policies, and practices that dictate how a company’s board of directors manage operations of a company, including principles of transparency, accountability, and security.  Matters that pertain to corporate governance can include board composition, executive compensation, political contribution, and lobbying. Poor corporate governance, at best, leads to a company failing to achieve its goals. At worst, it can lead to a company’s collapse and significant financial loss for its shareholders. We want to ensure companies are run fairly and in a responsible way both for their workforce and society at large.

It’s important for shareholders to stay informed about corporate governance as changes in governance can have an enormous effect on not only the business, but also the businesses wider community and even global impact. 

**How engaging with your investments can influence corporate governance**

Publicly held companies are required by the Securities and Exchange Commission (SEC) to distribute proxy statements ahead of their annual general meeting (AGM), which should contain information about any proposed nominations or changes to the board of directors as well as executive pay rises. However, how this is communicated to you as an investor is not standardised across all investment platforms which can make it tricky for investors to keep up with all the current information. 

Shareholders have an opportunity to vote on these matters at the AGM or by proxy. Additionally, some shareholders can also request disclosures on a company’s lobbying activities, to shed light on political activity and contributions.

**What can we do to push businesses to have better governance?**

Shareholders have good reason to be concerned about a CEO’s paycheck because excessive pay contributes to inequality not just through pay structures within the company, but in the economy as a whole. It’s important to remember that an increase in a CEO’s paycheck does not necessarily mean their value to the company has increased. So perhaps it’s no surprise that we’re starting to see an increase in investors having a ‘say-on-pay.’

Electing a good board of directors is also highly important and drastic changes to the board can equal drastic changes to corporate governance. This was demonstrated recently when Exxonmobil was forced by shareholders to fire three of its board directors and replace them with three new directors whose aim was to help the company reduce its carbon footprint.

Besides staying informed and encouraging shareholders to vote in the proxy season, Tulipshare’s focus is to fight for the things our users are passionate and leverage shareholder rights wherever possible. If you would like to suggest a campaign that pertains to corporate governance, we’d love to [hear from you ](https://tulipshare.com)

Operational Transparency

Nike

Amazon

# Campaigns that support ‘people’ speak to the ‘Social’ pillar within the traditional ESG agenda.
This means focusing on social justice through organisational policies and practices regarding human rights, gender equality, business ethics, supply chain management, diversity and inclusion, and social impacts resulting from corporate operations.

Through our ‘people campaigns’, our mission is to promote personal welfare through corporate responsibility. Our approach is to leverage the collective shareholder rights of our investors to fight to influence the corporate governance of public companies and push them to be more ethical. We want to work towards a world where protecting people is central to corporate decision-making.

## How can engaging with your investments help people?
Shareholders who engage with their shareholder rights and use their proxy votes can push for fairer business practices. If you own enough shares in a company, you can even submit shareholder proposals for other shareholders to vote on, thus opening a valuable avenue for activism.

## What kind of business practices can we push for?
Promoting a safer workplace is of utmost importance, and we’ve already begun work through our Amazon campaign to push for better working conditions for warehouse workers. But there are other ways to improve a business from a social standpoint. For example, racial equity audits are being implemented in some major global brands to help pinpoint issues with diversity and inclusion. Equal pay and gender equality are other ways to improve social initiatives. It’s also important to monitor how a business’s choices affect its consumers, for instance including potentially harmful ingredients such as talc in skin care products that can potentially cause cancer.

Workers Rights

Ford

Salesforce

Honeywell

Halliburton

UnitedParcelService

Eli Lilly and Co.

Philip Morris

Biogen Inc.

## Campaigns that support ‘people’ speak to the ‘Social’ pillar within the traditional ESG agenda. 

This means focusing on social justice through organisational policies and practices regarding human rights, gender equality, business ethics, supply chain management, diversity and inclusion, and social impacts resulting from corporate operations.

Through our ‘people campaigns’, our mission is to promote personal welfare through corporate responsibility. Our approach is to leverage the collective shareholder rights of our investors to fight to influence the corporate governance of public companies and push them to be more ethical. We want to work towards a world where protecting people is central to corporate decision-making. 

### How can engaging with your investments help people?

Shareholders who engage with their shareholder rights and use their proxy votes can push for fairer business practices. If you own enough shares in a company, you can even submit shareholder proposals for other shareholders to vote on, thus opening a valuable avenue for activism. 

### What kind of business practices can we push for?

Promoting a safer workplace is of utmost importance, and we’ve already begun work through our Amazon campaign to push for better working conditions for warehouse workers. But there are other ways to improve a business from a social standpoint. For example, racial equity audits are being implemented in some major global brands to help pinpoint issues with diversity and inclusion. Equal pay and gender equality are other ways to improve social initiatives. It’s also important to monitor how a business’s choices affect its consumers, for instance including potentially harmful ingredients such as talc in skin care products that can potentially cause cancer. 



Racial Equity

Mondelez

Child Labour

Tesla Inc.

# Corporate governance pertains to the system by which a company is run.
Campaigns in the corporate governance category address the system of rules, policies, and practices that dictate how a company’s board of directors manage operations of a company, including principles of transparency, accountability, and security. Matters that pertain to corporate governance can include board composition, executive compensation, political contribution, and lobbying. Poor corporate governance, at best, leads to a company failing to achieve its goals. At worst, it can lead to a company’s collapse and significant financial loss for its shareholders. We want to ensure companies are run fairly and in a responsible way both for their workforce and society at large.

It’s important for shareholders to stay informed about corporate governance as changes in governance can have an enormous effect on not only the business, but also the businesses wider community and even global impact.

## How engaging with your investments can influence corporate governance

Publicly held companies are required by the Securities and Exchange Commission (SEC) to distribute proxy statements ahead of their annual general meeting (AGM), which should contain information about any proposed nominations or changes to the board of directors as well as executive pay rises. However, how this is communicated to you as an investor is not standardised across all investment platforms which can make it tricky for investors to keep up with all the current information.

Shareholders have an opportunity to vote on these matters at the AGM or by proxy. Additionally, some shareholders can also request disclosures on a company’s lobbying activities, to shed light on political activity and contributions.

## What can we do to push businesses to have better governance?

Shareholders have good reason to be concerned about a CEO’s pay check, because excessive pay contributes to inequality not just through pay structures within the company, but in the economy as a whole. It’s important to remember that an increase in a CEO’s paycheck does not necessarily mean their value to the company has increased. So perhaps it’s no surprise that we’re starting to see an increase in investors having a ‘say-on-pay.’

Electing a good board of directors is also highly important and drastic changes to the board can equal drastic changes to corporate governance. This was demonstrated recently when Exxonmobil was forced by shareholders to fire three of its board directors and replace them with three new directors whose aim was to help the company reduce its carbon footprint.

Besides staying informed and encouraging shareholders to vote in the proxy season, Tulipshare’s focus is to fight for the things our users are passionate and leverage shareholder rights wherever possible. If you would like to suggest a campaign which pertains to corporate governance, we’d love to hear from you.

CEO Pay

Microsoft

AT&T

Mastercard Inc

AbbVie Inc.

# Corporate governance pertains to the system by which a company is run.
Campaigns in the corporate governance category address the system of rules, policies, and practices that dictate how a company’s board of directors manages operations of a company, including principles of transparency, accountability, and security. Matters that pertain to corporate governance can include board composition, executive compensation, political contribution, and lobbying. Poor corporate governance, at best, leads to a company failing to achieve its goals. At worst, it can lead to a company’s collapse and significant financial loss for its shareholders. We want to ensure companies are run fairly and in a responsible way both for their workforce and society at large.

It’s important for shareholders to stay informed about corporate governance as changes in governance can have an enormous effect on not only the business, but also the business's wider community and even global impact.

## How engaging with your investments can influence corporate governance

Publicly held companies are required by the Securities and Exchange Commission (SEC) to distribute proxy statements ahead of their annual general meeting (AGM), which should contain information about any proposed nominations or changes to the board of directors as well as executive pay rises. However, how this is communicated to you as an investor is not standardised across all investment platforms which can make it tricky for investors to keep up with all the current information.

Shareholders have an opportunity to vote on these matters at the AGM or by proxy. Additionally, some shareholders can also request disclosures on a company’s lobbying activities, to shed light on political activity and contributions.

## What can we do to push businesses to have better governance?

Shareholders have good reason to be concerned about a CEO’s paycheck, because excessive pay contributes to inequality not just through pay structures within the company, but in the economy as a whole. It’s important to remember that an increase in a CEO’s paycheck does not necessarily mean their value to the company has increased. So perhaps it’s no surprise that we’re starting to see an increase in investors having a ‘say-on-pay.’

Electing a good board of directors is also highly important and drastic changes to the board can equal drastic changes to corporate governance. This was demonstrated recently when Exxonmobil was forced by shareholders to fire three of its board directors and replace them with three new directors whose aim was to help the company reduce its carbon footprint.

Besides staying informed and encouraging shareholders to vote in the proxy season, Tulipshare’s focus is to fight for the things our users are passionate and leverage shareholder rights wherever possible. If you would like to suggest a campaign that pertains to corporate governance, we’d love to hear from you.

Political Spending

Coca-Cola

McDonald's

Dow Inc.

RBI Inc

YUM! Brands, Inc.

# Campaigns that support our ‘planet’ speak to the ‘Environmental’ pillar within the traditional ESG agenda.

We want to push big businesses to do better in making our planet more sustainable, focusing on organisational policies and practices regarding fossil fuels, climate justice, sustainability, animal welfare, and other environmental issues.

Through our planet campaigns, our mission is to promote environmental corporate responsibility through shareholder engagement. We want to work towards a sustainable world in which protecting the environment is central to corporate decision-making.

## How engaging with your investments can help the planet
The UK government has put pressure on the private sector to be more sustainable, but for lasting change the pressure must also come from within. Publicly-held companies cannot ignore their shareholders. Therefore, shareholders who engage with their shareholder rights and use their proxy votes can push for more sustainable business practices. If you own enough shares in a company, you can even submit shareholder proposals for other shareholders to vote on, thus opening a valuable avenue for activism.

## What does business sustainability look like?
There has been a lot of focus on sustainability in the past few years, but there is still a lot of work to be done when it comes to measuring targets and effectiveness. It’s going to take a huge effort from the financial industry and global governments to increase the efficacy of sustainability targets, but it can be done. Tulipshare seeks to identify opportunities to drive these changes through shareholder activism where we leverage our investments to fight to influence a corporation's behaviour.

What’s more, our campaigns are another way to unify shareholder voices and make sure businesses are subjected to higher standards when it comes to looking after our planet.

Plastic Pollution

Exxon Mobil Corporation is engaged in the energy business. The Company's principal business involves the exploration for, and production of, crude oil and natural gas, and the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a range of specialty products. The Company's segments include Upstream, Energy Products, Chemical Products, and Specialty Products. The Upstream segment is organized and operates to explore for and produce crude oil and natural gas. Energy Products, Chemical Products, and Specialty Products segments are organized and operate to manufacture and sell petroleum products and petrochemicals. The Energy Products segment includes fuels, aromatics, catalysts and licensing. The Chemical Products segment includes Olefins, polyolefins and intermediates. The Specialty Products segment includes finished lubricants, base stocks and waxes, synthetics, and elastomers and resins. 

Estimated 2023 ExxonMobil AGM date

**Our Goal**

Our goal is to support As You Sow’s [proposal](https://www.asyousow.org/resolutions/2022/12/9-exxon-petrochemical-risk-single-use-plastic) to ExxonMobil. A “win” would result in ExxonMobil agreeing to issue an audited report addressing whether and how a significant reduction in virgin plastic demand, as set forth in Breaking the Plastic Wave’s System Change Scenario for reducing ocean plastic pollution, would affect the Company’s financial position and assumptions underlying its financial statements. 

**Why It’s Important**

It is widely known that plastic, with a life-cycle social cost at least ten times higher than its market price, actively [threatens](https://wwfint.awsassets.panda.org/downloads/wwf_pctsee_report_english.pdf) the world’s oceans, wildlife and public health. Concern about the growing scale and impact of global plastic pollution has elevated the issue to [crisis levels](https://www.unep.org/resources/pollution-solution-global-assessment-marine-litter-and-plastic-pollution). Single-use plastics (SUPs) are of [particular concern](https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32019L0904&from=EN#page=1), making up the largest component of the [11 million metric tonnes of plastic ending up in waterways annually](https://www.minderoo.org/plastic-waste-makers-index/findings/executive-summary/). Without drastic action, this amount could [triple](https://www.nationalgeographic.com/science/article/plastic-trash-in-seas-will-nearly-triple-by-2040-if-nothing-done) by 2040. 

In response to the plastic pollution crisis, [countries](https://www.pbs.org/newshour/science/bold-single-use-plastic-ban-kicks-europes-plastic-purge-into-high-gear) and [major packaging brands](https://www.unilever.com/news/press-releases/2019/unilever-announces-ambitious-new-commitments-for-a-waste-free-world.html) are beginning to drive reductions in virgin plastic use. Additionally, several studies [demonstrate](https://www.theguardian.com/environment/2021/jul/01/call-for-global-treaty-to-end-production-of-virgin-plastic-by-2040) that a significant absolute reduction in virgin plastic demand is critical to curbing the flow of plastic into the oceans. One of the most robust reduction pathways is presented in the [Break the Plastic Wave report](https://www.pewtrusts.org/-/media/assets/2020/07/breakingtheplasticwave_report.pdf), which found that plastic leakage into the ocean can be feasibly reduced by 80% under its System Change Scenario (SCS), based on a significant [absolute reduction](https://www.science.org/doi/full/10.1126/science.aba9475) of virgin SUPs. 

ExxonMobil’s peer, BP, recognised the potential disruption that global SUP reductions can have on the oil industry in its [2019 Outlook](https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/energy-outlook/bp-energy-outlook-2019.pdf#page=18), where it found a global SUP ban by 2040 would reduce oil demand growth by 60%. 

The future under the SCS - one built on recycled plastics and circular business models - looks drastically different from today’s linear take - make-waste production model. Several implications of the SCS, including a one-third absolute demand reduction, mostly of virgin SUPs, and immediate reduction of new investment in virgin production, are at odds with [ExxonMobil’s planned investments](https://www.bloomberg.com/news/articles/2019-06-13/exxon-sabic-greenlight-new-texas-plant-to-process-shale-output?sref=TtrRgti9).

ExxonMobil was recently [identified](https://www.minderoo.org/plastic-waste-makers-index/data/flows/#/sankey/global/10) as the largest global producer of SUP-bound polymers (5.9 million metric tonnes in 2019, an estimated 50% of its total polymer production) and [exposed](https://gizmodo.com/we-now-know-how-exxon-secretly-fights-crackdowns-on-pla-1847220288) for lobbying against plastic pollution laws. While ExxonMobil states it is [acting](https://corporate.exxonmobil.com/Sustainability/Sustainability-Report/Environment/Plastic-waste-management#Addressingplasticwaste) to “address plastic waste,” it [fails](https://www.forbes.com/sites/scottcarpenter/2020/09/05/why-the-oil-industrys-400-billion-bet-on-plastics-could-backfire/?sh=6e099bd843fe) to meaningfully address the potential for regulatory restrictions and/or significant disruption in demand for virgin plastic, both of which could result in stranded assets. 

**Next AGM**

We won’t know ExxonMobil’s next AGM until the company releases its 2023 Proxy Statement, but based on 2022 dates we expect the 2023 AGM to be held sometime around 25th May 2023. 

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. We won’t know ExxonMobil’s 2023 record date until the company’s 2023 Proxy Statement is released, but based on their 2022 dates we expect it to be sometime around 1st April 2023. 

**Supporting This Campaign**

If you purchase ExxonMobil stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline about how to do so.  


Tulipshare is asking ExxonMobil to start considering a future without virgin plastics.

We want ExxonMobil Corp to report on whether and how a significant reduction in demand for virgin plastic would affect the Company’s financial position and assumption underlying its financial statements. 


ExxonMobil Needs To Consider A Future Without Virgin Plastic

I'm asking @ExxonMobil to start considering a future without virgin plastics!

Caterpillar Inc. is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The Company operates through its three primary segments: Construction Industries, Resource Industries and Energy & Transportation. It also provides financing and related services through its Financial Products segment. Its Construction Industries is engaged in supporting customers using machinery in infrastructure, forestry and building construction. Its Resource Industries is engaged in supporting customers using machinery in mining, heavy construction, and quarry and aggregates. Its Energy & Transportation, which supports customers in oil and gas, power generation, marine, rail and industrial applications, including Caterpillar machines. Its All Other operating segment, which includes activities, such as product management and development, manufacturing of filters and fluids, undercarriage, ground-engaging tools, and others.

Purchase shares before the record date if you want to vote at the AGM.

Estimated 2023 record date for Caterpillar

Next Caterpillar AGM

Caterpillar conducts [business on every continent](https://fortune.com/company/caterpillar/) across the globe, manufacturing its products in over 110 facilities worldwide which are then distributed in nearly 200 countries. Although Caterpillar’s greenhouse gas (GHG) emissions intensity worldwide in 2020 equated to [35 metric tons of CO2 per million dollars](https://www.statista.com/statistics/619610/ghg-emissions-intensity-of-caterpillar/#:~:text=Caterpillar's%20GHG%20emissions%20intensity%20worldwide%202006%2D2020&text=Caterpillar's%20greenhouse%20gas%20intensity%20was,sales%20and%20revenues%20in%202020.) of sales and revenues, the company has not set targets to reduce GHG emissions across its entire enterprise, including supply chain emissions, nor has it disclosed a plan for how to achieve [Paris-aligned](https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement) GHG emissions reductions.

Caterpillar [has released their 2022 proxy statement](https://www.caterpillar.com/en/investors/financial-information/proxy-materials/annual-meeting-proxy-statement.html) for their upcoming AGM on June 8th 2022. In order to be eligible to vote in this AGM you must have purchased your shares before April 13, 2022.

**Our Goal**

Our goal is to support *As You Sow*’s [proposal](https://www.asyousow.org/resolutions/2021/12/22-caterpillar-climate-disclosures-or-other-measures-to-reduce-ghg-emissions) to Caterpillar by launching a campaign that allows individuals to invest in a more sustainable future and ensure Caterpillar is endeavouring to limit its impact on climate change by voting at the company’s next shareholder meeting. The proposal requests that Caterpillar issue a report within a year, and annually thereafter, disclosing interim and long-term greenhouse gas targets aligned with the Paris Agreement’s goal of maintaining global temperature rise at 1.5 degrees Celsius, and progress made in achieving them. This reporting should cover the Company’s full scope of operational and product related emissions. A “win” would result in Caterpillar being required to such a report annually which should further describe:

- Caterpillar’s climate transition plan for achieving its GHG reduction goals, including aligned capital allocation where relevant;
- A rationale for any decision not to set targets aligned with the Paris Agreement’s 1.5 degree goal;
- Other information deemed appropriate.

**Why It’s Important**

The increasing rate and number of climate-related disasters affecting society is causing alarms to be raised within the [executive](https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/22/fact-sheet-president-biden-sets-2030-greenhouse-gas-pollution-reduction-target-aimed-at-creating-good-paying-union-jobs-and-securing-u-s-leadership-on-clean-energy-technologies/), [legislative](https://www.govtrack.us/congress/bills/subjects/climate_change_and_greenhouse_gases/6040#sort=-introduced_date), and [judicial](https://www.nature.com/articles/d41586-021-02424-7) branches of government, making the corporate sector’s contribution to climate mitigation a significant policy issue.

In addition to environmental and social harms, climate change is creating systemic risks to the economy. The [Commodity Futures Trading Commission](https://www.cftc.gov/sites/default/files/2020-09/9-9-20%20Report%20of%20the%20Subcommittee%20on%20Climate-Related%20Market%20Risk%20-%20Managing%20Climate%20Risk%20in%20the%20U.S.%20Financial%20System%20for%20posting.pdf) last year underscored that climate change could impair the productive capacity of the U.S. economy.

Shareholders are increasingly concerned about material climate risk and seek clear and consistent disclosures from the companies in which they invest, including credible climate transition plans, as evidenced by this [report by the Principles for Responsible Investment](https://www.unpri.org/pri-blog/shareholders-pressing-for-climate-risk-disclosures-are-doing-companies-a-favour/7713.article). BlackRock’s CEO notes that investment flows into climate aligned assets will drive long term outperformance and that companies should disclose plans for how their business model will be compatible with a net zero economy.

In response to material climate risk, the [Climate Action 100+ initiative](https://www.climateaction100.org/) (CA100+), a coalition of 700 investors with $68 trillion in assets, issued a [Net Zero Company Benchmark](https://www.climateaction100.org/net-zero-company-benchmark/) (Benchmark) outlining metrics that create climate accountability for companies and transparency for shareholders. Indicators 1 through 5 of the Benchmark seek reporting on companies’ net zero emissions ambitions; short-, medium- and long-term GHG reductions goals; and strategic actions planned to [achieve decarbonization targets]( https://www.climateaction100.org/net-zero-company-benchmark/). 

Climate science shows that, to achieve temperature targets set by the Paris Agreement, carbon emissions have to stop – reducing them is [not sufficient to halt climate change]( https://doi.org/10.1002/2016gl069563). [‘Net zero’]( https://netzeroclimate.org/what-is-net-zero/) is achieved once emissions are balanced by removing an equivalent amount of greenhouse gases from the atmosphere. The [GHG Protocol](https://ghgprotocol.org/) separates emissions into three different scopes. Scope 1 emissions encompass direct emissions emitted by company-owned resources. Scope 2 emissions are indirect emissions from the generation of purchased energy. Scope 3 emissions encompass all other indirect emissions that occur In the company's value chain. There are 15 categories of Scope 3 emissions. Each business will have a unique emission composition and will have to measure and identify significant [emission sources](https://ghgprotocol.org/standards). As scope 3 emissions are not under the direct control of a company, [scope 3 is often the most complex and challenging emission source to measure and reduce](https://ghgprotocol.org/standards/scope-3-standard). However, scope 3 often represents the bulk of company emissions, so they [cannot go unaddressed](https://www.epa.gov/climateleadership/scope-3-inventory-guidance). There are [plenty of strategies](https://sciencebasedtargets.org/resources/files/SBT_Value_Chain_Report-1.pdf) to address scope 3 emissions, including working with suppliers to set their own reduction targets.

Caterpillar is a leading manufacturer of construction and mining equipment, engines, turbines, and locomotives. Last year the company released its [2020 Sustainability Report](https://reports.caterpillar.com/) on enterprise strategy for long-term profits which announced [sustainability goals for 2030](https://investors.caterpillar.com/news/news-details/2021/Caterpillar-Announces-New-2030-Sustainability-Goals-and-Reports-Environmental-Social-and-Governance-ESG-Progress/default.aspx#:~:text=%20Caterpillar%20Announces%20New%202030%20Sustainability%20Goals%20and,Waste%3A%20Reduce%20landfill%20intensity%20by%2050%25...%20More%20). 

However, the company [failed to meet 11 of the 19 criterion outlined by the Transition Pathway Initiative](https://www.transitionpathwayinitiative.org/companies/caterpillar), such as failing to: (1) disclose scope 3 emissions, (2) undertake climate scenario planning, and (3) incorporate climate change risks and opportunities in strategic assessment. Additionally, Caterpillar [has not set targets to reduce GHG emissions across its entire enterprise](https://www.climateaction100.org/company/caterpillar-inc/), including supply chain emissions, or disclosed a plan for how to achieve Paris-aligned GHG emissions reductions. Caterpillar’s emission reduction [targets only address Scope 1 and 2 emissions](https://s7d2.scene7.com/is/content/Caterpillar/CM20210510-0a331-f387b). In contrast, [41 peers in the construction materials sector](https://sciencebasedtargets.org/companies-taking-action#table) have committed to validate their GHG targets through the Science-Based Targets initiative.

Climate-related decisions by a company have [portfolio and economy-wide implications](https://www.nb.com/en/global/insights/climate-change-assessing-impact-at-the-portfolio-level). Setting net zero GHG targets and developing a climate transition plan aligned with such goals is an [important means of assuring that management is comprehensively reducing its climate contribution](https://www.nb.com/en/global/insights/climate-change-assessing-impact-at-the-portfolio-level) and taking seriously the growing risks of climate change, benefitting both the company and investors.

**Background**

This proposal was previously submitted by *As You Sow* for Caterpillar’s 2021 Annual General Meeting (AGM). However, this proposal has been resubmitted for the 2022 AGM since Caterpillar has failed to take meaningful action on this request, despite a [47% vote of support last year which underscored shareholder frustration](https://www.asyousow.org/press-releases/2021/6/9/caterpillar-shareholders-support-climate-action) with Caterpillar’s inaction on a climate transition plan. Danielle Fugere, president of [*As You Sow*](link) [explained that](https://www.asyousow.org/press-releases/2021/6/9/caterpillar-shareholders-support-climate-action) “Caterpillar has lagged considerably in addressing climate-related risks,”  and “without measurable and comprehensive emissions targets and plans, share owners have to assume that Caterpillar as an enterprise will become increasingly less competitive in a low carbon economy.”

**2022 AGM Results**

We are very happy to announce that 96% of Caterpillar shareholders voted in support of As You Sow’s Climate Action proposal. This is huge news and a critical development in decarbonising the U.S. Industrial Sector.

Tulipshare users had the opportunity to invest behind this campaign thanks to our partnership with As You Sow. As a result, we will keep all those who invested in Caterpillar through our platform updated with the progress of the report and overall outcome. 

**Next AGM**

We won't know the exact date of the 2023 AGM until the company files its 2023 proxy statement, but based on last year's dates we expect it to fall around 8th June 2023. 

**AGM Record Date**

We won't know the company's AGM record date - or the date by which you must hold Caterpillar stock in order to participate in the next AGM - until the company releases its 2023 proxy statement. However, based on last year's dates we expect this to be around 13th April 2023.




Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives; the company reported sales and revenues of $51 billion in 2021 alone. 

Caterpillar Must Be Held Accountable for Its Contribution to Climate Change

Caterpillar Must Be Held Accountable for Its Contribution to Climate Change @Tulipshare 

As You Sow

#### Proud to Partner With As You Sow On This Campaign

As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. The strategic partnership between As You Sow and Tulipshare empowers retail investors globally to use their shareholder power in support of resolutions on climate, racial justice, and other pressing issues.

Bank of America Corporation is a bank holding company and a financial holding company. Its segments include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets. Consumer Banking segment offers a range of credit, banking and investment products and services to consumers and small businesses. The GWIM includes two businesses: Merrill Wealth Management, which provides tailored solutions to meet clients' needs through a full set of investment management, brokerage, banking and retirement products and Bank of America Private Bank, which provides comprehensive wealth management solutions. Global Banking segment provides a range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services. Global Markets segment offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity, and equity businesses.

**Our Goal**

Our goal is to support both Trillium Asset Management’s and As You Sow’s separate proposals to Bank of America (BAC) by launching a campaign that allows individuals to invest in a safer and more just future where concrete climate transition plans are implemented.
 
**A “win” for Trillium’s proposal would result in:**
- BAC adopting a policy for a time-bound phase-out of lending and underwriting to projects and companies engaging in new fossil fuel exploration and development.

**A “win” for As You Sow’s proposal would result in:**
- BAC issuing a report disclosing a transition plan that describes how it intends to align its financing activities with its 2030 sectoral greenhouse gas emissions reduction targets, including the specific measures and policies to be implemented, reductions to be achieved by such measures and policies, and timelines for implementation and associated emission reductions.


**Why It's Important**

This campaign is important for a number of reasons, and both of these proposals lay the foundation for positive systemic change in the ongoing climate crisis. Banks have enormous power to influence fossil fuel development, both for current and future projects (yes, you read that right, future projects). Trillions of dollars flow through these institutions to projects that are expected to create profit for shareholders, and fossil fuels are still viewed by these more conservative institutions as sound investments. 

That mindset is shifting, though, as major financial institutions acknowledge the massive risk that accompanies investing in assets (fossil fuels are qualified as assets) which threaten global stability and are being phased out. And a number of banking institutions do have commitments that - at the very least - acknowledge climate change and the impact of their finance activities. But these commitments are often vague and, frankly, inadequate.
 
Bank of America is the 4th largest global lender and underwriter of fossil fuel projects, pumping $32 billion into the sector in 2021 alone, and over [$232 billion](https://www.ran.org/wp-content/uploads/2022/03/BOCC_2022_vSPREAD-1.pdf) between 2016 and 2021. At the same time, it is also a member of the The Net Zero Banking Alliance (NZBA), which, as a collective, committed to aligning lending and investment portfolios with Net Zero by 2050 targets. This is something which [NZBA notes](https://www.unepfi.org/net-zero-banking/) that 40% of global banking assets have committed to, by the way. 

In their 2022 Task Force on Climate-related Financial Disclosures (TCFD) [Report](https://about.bankofamerica.com/content/dam/about/pdfs/BOA_TCFD_2022%209-22-2022-VOX220929%20split%20paragraph%20Secured.pdf), Bank of America identifies 2030 targets for reducing its operational emissions and 2030 intensity reduction targets for the financed emissions from its three highest carbon emitting business sectors. But targets alone are insufficient, and if Bank of America is serious about its 2030 intensity goals, it needs a viable transition plan that accounts for its major role in financing fossil fuels.
 
Let’s take a deep dive into what these targets mean and what the impact is in practice.
 
Reducing operational emissions is pretty simple (comparatively). If you have seen past campaigns talking about Scope 1 and 2 emissions, operational emissions generally fall under these scopes. In the commitment to reduce operational emissions, it is committing to reducing the impact of the assets that it directly owns and manages. Intensity targets are far more complex. Intensity targets are more nuanced and different from how one might traditionally conceptualise emission reduction targets. Usually, targets are talked about in absolute terms – total emissions must be reduced from current levels. Intensity targets consider economic output. For example, some intensity targets are measured per unit of GDP, and grow or shrink depending on that measure of economic output.

[Frameworks](https://www.iigcc.org/media/2022/07/An-investor-led-framework-of-pilot-indicators-to-assess-banks-on-the-transition-to-net-zero-28-July.pdf) and [guidelines](https://assets.bbhub.io/company/sites/63/2022/06/GFANZ_Recommendations-and-Guidance-on-Net-zero-Transition-Plans-for-the-Financial-Sector_June2022.pdf) are emerging to help financial institutions operationalize and translate net zero commitments into strategies “with specific objectives . . . against which progress can be assessed.”
 
Bank of America has intensity targets, but only for the three highest carbon emitting business sectors. And it does not disclose how it is actually going to achieve these intensity targets. 

Without a policy to phase out financing of new fossil fuel exploration and development, BAC is unlikely to meet its climate commitments, likely drawing scrutiny for material risks including:

- Greenwashing: Regulators are tightening and enforcing [greenwashing rules](https://www.bankingsupervision.europa.eu/press/speeches/date/2022/html/ssm.sp220922~bb043aa0bd.en.html), which could result in major fines. 
- Regulation: Central banks, including the Fed, are starting to implement [climate stress tests](https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220708~565c38d18a.en.html) and [scenario analyses](https://www.federalreserve.gov/newsevents/pressreleases/other20220929a.htm), and some have begun to propose increased capital [requirements](https://www.bis.org/review/r220223e.htm) for banks’ climate risks. 
- Competition: Dozens of global banks have policies to phase out financial support for [new oil and gas](https://oilgaspolicytracker.org/) fields and [coal](https://coalpolicytool.org/) mines. 
- Reputation: Campaigns [targeting](https://stopthemoneypipeline.com/) BAC’s climate policies include hundreds of organizations with tens of millions of global members and supporters, including current and potential BAC customers. 

This campaign is based on two proposals that are asking for: 1) a time-bound phase-out of funding for new fossil fuel exploration and development; and 2) a report that offers shareholders (and the public) valuable information about existing targets and what planned action exists (or doesn’t). We are asking you to support these proposals because together they represent a vital opportunity for shareholders to gain valuable insight and information into current targets, policies, progress, and a timeline. This information is vital to deeper understanding of Bank of America’s activities and intentions behind its targets, and is an invitation to Bank of America to do better at the request of its shareholders. 

There will be a lot of campaigns focused on Banks this season, with some requests larger than others. The benefit of contributing to this campaign is that a report and concrete phase-out plan would provide valuable information about a transition plan that is vital for Bank of America to be held accountable by stakeholders (and others keeping a watchful eye) for commitments it has already made, and might be more palatable for a range of investors. 

**Next AGM** 

We won’t know Bank of America’s next AGM until the company releases its 2023 Proxy Statement, but based on this year’s dates we expect the 2023 AGM to be held sometime around 26th April 2023.

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. We won’t know Bank of America’s 2023 record date until the company’s 2023 proxy statement is released, but based on this year’s dates we expect it to be sometime around 1st March 2023.

**Supporting This Campaign**

If you purchase Bank of America stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline about how to do so.

Tulipshare is asking Bank of America to stop bank-rolling fossil fuels. 

It gives us no pleasure to say this, but individual actions to curb climate change barely count for anything while institutions like Bank of America are financing new fossil fuel projects. The banking sector has a critical role to play in achieving global Net Zero targets by 2050, and while Bank of America has committed to 2030 intensity reduction targets for its three highest carbon-emitting sectors (more on that below) and committed to available financing for sustainable, low-carbon business, the how of its commitment is unclear. Investors want to see concrete transition strategies for disclosed emission reduction targets. 


Stop Bank of America from Bank-Rolling Fossil Fuels

BlackRock, Inc. is an investment management company. The Company provides a range of investment management and technology services to institutional and retail clients. Its diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients. The Company's product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives and money market instruments. Its products are offered directly and through intermediaries in a range of vehicles, including open-end and closed-end mutual funds, iShares exchange-traded funds (ETFs), separate accounts, collective investment funds and other pooled investment vehicles. The Company also offers technology services, including the investment and risk management technology platform, Aladdin, Aladdin Wealth, eFront, and Cachematrix, as well as advisory services and solutions.

Estimated based on last year's AGM date. 

Next BlackRock AGM 

Estimated 2023 record date for BlackRock

**Our Goal**

BlackRock holds global influence as the world’s largest asset manager, and shareholders deserve to know whether the company has a plan to diminish potential long-term pension client losses by pledging to use stewardship and proxy voting to mitigate its forecasted 25% climate-related decline in global economic output over the next two decades.

Tulipshare is launching a campaign to raise awareness and build the vote on this climate-related issue. 

**Why It's Important**

BlackRock may not be a household name to those outside the investment community, so you might be surprised to learn that BlackRock is actually the [world’s largest asset manager](https://www.businessinsider.com/what-to-know-about-blackrock-larry-fink-biden-cabinet-facts-2020-12) and has played an increasingly influential role in policy-making. BlackRock oversees $10 trillion in assets under management (AUM), its [technology platform](https://www.ft.com/content/5ba6f40e-4e4d-11ea-95a0-43d18ec715f5), Aladdin, oversees at least $21.6 trillion in assets, and at least [three BlackRock executives](https://www.businessinsider.com/joe-biden-cabinet-white-house-staff-transition-president-elect-administration-2020-11) now hold prominent positions in U.S. President Joe Biden’s cabinet. 

Despite its global influence, the climate crisis is still a real problem for BlackRock. Climate change poses material financial risk to BlackRock shareholders if the company is perceived to act counter to pension clients’ interests. BlackRock’s pension business [comprises](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001364742/3173f90f-150e-43a3-941a-fba9a7e35773.pdf) $3.2 trillion of $10 trillion total AUM. 

Pension fiduciaries have [long-term interests](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4004620): “In a pension, the duty of impartiality…extends to participants currently receiving benefits and to participants who will receive distributions in the future. Plan administrators must be able to make current distributions while protecting the overall viability of the plan to protect the distributions that will be made many years later.” 

BlackRock’s own CEO, Larry Fink, [acknowledged](https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter) in his 2022 open letter to chief executives that “climate change has become a defining factor in companies' long-term prospects” and “companies must be deliberate and committed to embracing purpose and serving all stakeholders.” BlackRock has lived up to these statements in the past by using its power as a major shareholder in another company. As the second-largest institutional investor in Exxon, BlackRock made waves in 2021 when it [voted in support ](https://www.blackrock.com/corporate/literature/press-release/blk-vote-bulletin-exxon-may-2021.pdf)of three new directors supported by investment firm Engine No. 1 due to Exxon's lacklustre approach to addressing climate change. And yet, a few months after Fink’s promising statements this year, BlackRock announced it would support “[proportionally fewer](https://www.cnbc.com/2022/05/11/blackrock-to-vote-for-fewer-climate-provisions-in-2022-than-2021.html)” environmental shareholder proposals in 2022 than it did in 2021.

Unmitigated climate change will cause economic damage: BlackRock [forecasts](https://www.blackrock.com/us/individual/literature/whitepaper/climate-aware-investing.pdf) “a cumulative loss in global output of nearly 25% in the next two decades.” This type of economic loss will devastate long-term portfolio returns of BlackRock’s pension fund clients, jeopardising their ability to support future retirees. Despite this danger, BlackRock denies a duty of care to actively diminish this risk. Instead, BlackRock [states](https://www.blackrock.com/corporate/about-us/our-2021-sustainability-update/2030-net-zero-statement) that its role is “not to engineer a specific decarbonization outcome in the real economy.” But many of BlackRock’s largest clients feel that as the world’s largest asset manager, BlackRock does have this responsibility. 

The Chief Investment Officer of the Government Pension Investment Fund of Japan (GPIF), the world’s largest pension fund, and a BlackRock client, [said](https://impactalpha.com/japanese-pension-fund-pushes-asset-managers-to-get-tougher-on-sustainability/), “we evaluate how you control externalities caused by your portfolio companies’ business.” This quote appeared in an article speculating that BlackRock had lost $50 billion of GPIF’s business to another firm with more rigorous financial risk evaluation.

In 2016, the Seattle City Employees’ Retirement System put BlackRock on a [watch list](https://www.pionline.com/article/20170120/ONLINE/170129998/seattle-city-employees-puts-blackrock-on-watch-over-esg-concerns) for neglecting sustainability concerns. In 2022, the New York City Comptroller [threatened](https://twitter.com/bradlander/status/1554146470126911493?s=21&t=w7YBaGhCWRg_cE4qMGbh5g) to withdraw funds from BlackRock if it did not get tougher with investee companies. The New York City Comptroller further [warned](https://www.responsible-investor.com/ny-city-funds-will-need-to-start-asking-whether-to-pull-back-from-blackrock-over-climate/?utm_source=newsletter-daily&utm_medium=email&utm_campaign=ri-daily-subscriber&utm_content=02-08-2022.) that falling in line with ESG-backlash amounts to a “really foolish” decision.

BlackRock recognises the danger of losing client assets as a result of climate risk. Its 2021 10-K [states](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001364742/c7a7c1bc-6afa-4e2a-929e-aa2af777caeb.pdf), “climate-related…risks could impact BlackRock…indirectly through adverse impacts to its clients, including as a result of declines in asset values, changes in client preferences, may cause the Company’s AUM, revenue and earnings to decline.”

Shareholders deserve to know whether BlackRock has a plan to diminish potential long-term pension client losses by pledging to use stewardship and proxy voting to mitigate its forecasted 25% climate-related decline in global economic output over the next two decades. Tulipshare urges shareholders concerned with the climate crisis and potential reputational and financial damage to BlackRock, due to its refusal to engineer [real world decarbonization](https://www.weforum.org/agenda/2021/07/the-real-economy-is-not-a-sideshow-in-the-global-decarbonisation-effort/) on behalf of pension client portfolios, to support this shareholder proposal requesting a report on this issue.

**Next AGM**

We won’t know the exact date of BlackRock’s next AGM until the company releases its 2023 proxy statement, but based on this year’s dates we expect the 2023 AGM to be held sometime around 25th May 2023.

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. We won’t know BlackRock’s 2023 record date until the company’s 2023 proxy statement is released, but based on their 2022 dates we expect it to be sometime around 28th March 2023.

**Supporting This Campaign**

If you purchase BlackRock stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next BlackRock AGM and receive an email from us closer to the deadline about how to do so. 

If you are interested in co-filing this proposal at BlockRock and meet the eligibility requirements per SEC Rule 14a-8, you have time to notify Tulipshare of your intention to do so. The deadline to co-file is December 15, 2022. Please email support@tulipshare.com for more information. 


Tulipshare is urging BlackRock to play a role in decarbonising the real world economy.

Tulipshare is urging BlackRock to play a role in decarbonising the real world economy and improve financial returns by focusing on climate-related investments and proxy voting.

BlackRock Needs a Plan to Avoid Climate Risk

@BlackRock Needs a Plan to Avoid Climate Risk

Skechers U.S.A., Inc. designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company has two segments: Wholesale and Direct-to-Consumer. Wholesale segment primarily comprises sales to its network of partners, including department stores, family shoe stores, specialty running and sporting goods retailers, and big box club stores; franchisee and licensee third-party store operators representing approximately 3,100 Skechers branded stores worldwide; dedicated e-commerce retailers; and international distributors. Direct-to-Consumer segment primarily comprises sales by Skechers directly to consumers through a combination of channels, including approximately 1,450 the Company-owned retail stores in formats consisting of concept, factory outlet and big box; digital commerce sites and mobile applications; and hosted direct-to-consumer sales through marketplaces in select international markets.

Next Skechers AGM

Estimated 2023 record date for Skechers

Skechers is taking time to consider next steps regarding this campaign

AYS met with Skechers

**Our Goal**

Our goal is to support As You Sow’s [proposal](https://www.asyousow.org/resolutions/2022/12/15-skechers-net-zero-climate-transition-plan) to Skechers. A “win” would result in Skechers agreeing to report to shareholders on how the company intends to reduce its full value chain greenhouse gas emissions in alignment with the Paris Agreement’s 1.5C goal requiring Net Zero emissions by 2050. The report should be done at reasonable expense and exclude confidential information.

**Why It's Important**

According to the United Nations Environment Program, the fashion industry accounts for roughly [10% of global carbon dioxide emissions](https://www.bloomberg.com/graphics/2022-fashion-industry-environmental-impact/?sref=TtrRgti9). With the window for limiting global warming to 1.5 degrees Celsius quickly narrowing, a [global corporation](https://investors.skechers.com/press-releases/detail/526/skechers-announces-record-first-quarter-2022-financial) such as Skechers has a critical role to play in reducing its greenhouse gas emissions and achieving Net Zero by 2050.

Investor demand to reduce corporate emissions reflects the reality that climate change poses a systemic risk to portfolios. Indeed, failure to reach the 1.5C goal is bound to have [severe economic consequences](https://www.nytimes.com/2021/04/22/climate/climate-change-economy.html), hence why investors are asking Skechers to implement Net Zero targets and a climate transition plan. An effective transition plan creates accountability by describing the indicators, milestones, metrics and timelines necessary to deliver on Skechers’ decarbonisation targets and ensure investors that the company is holding itself accountable for reducing emissions. 

Skechers’ competitors, such as Deckers Brands, Puma, Adidas, Nike, Under Armour and VF Corporation have all set reduction targets for their Scope 1, 2, and 3 emissions, validating them through the [Science Based Targets initiative](https://sciencebasedtargets.org/companies-taking-action) and have also identified climate-related risks in their annual reports. 

Skechers should follow suit by:

- Setting science-based reduction targets for its Scope 1, 2 and 3 emissions;
- Setting and disclosing a near and long-term decarbonisation plan; and 
- Demonstrating its progress towards these goals by issuing annual reports.

It is essential that Skechers implements the above recommendations because not only does climate change influence [consumer spending decisions](https://www.jpmorgan.com/insights/research/climate-change-consumer-spending), but with effects of global warming being felt all around the globe, if climate change is not mitigated it is guaranteed to have the most catastrophic impact on our planet. Therefore, by aligning with its peers and addressing the regulatory, competitive and physical risks associated with climate change, Skechers will become a better company for its investors, consumers and the planet. 

Think of this As You Sow resolution as another mechanism to hold Skechers accountable for its actions, this time towards the environment. This is an opportunity to ensure that the [third-largest footwear](https://investors.skechers.com/press-releases/detail/526/skechers-announces-record-first-quarter-2022-financial) brand in the world mitigates material climate-related risks and works towards achieving Net Zero.
 
We are asking you to support the resolution filed by As You Sow because it represents a vital opportunity for accountability from this gigantic footwear brand. Your support represents a call to action and an invitation for Skechers to make positive systemic change in the ongoing climate crisis.

**Next AGM**

We won’t know Skechers' next AGM until the company releases its 2023 Proxy Statement, but based on 2022 dates we expect the 2023 AGM to be held sometime around 26th May 2023.

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. We won’t know Skechers’ 2023 record date until the company’s 2023 proxy statement is released, but based on their 2022 dates we expect it to be sometime around 28th March 2023.

**Supporting This Campaign**

If you purchase Skechers stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline about how to do so.  



Tulipshare is asking Skechers USA Inc. to implement a climate transition plan. 

Skechers continues to lag behind its competitors in addressing climate risk. Failure to reach the 1.5C goal is bound to have severe economic consequences, hence why investors are asking Skechers to implement Net Zero targets and a climate transition plan. 


Implement a Climate Transition Plan at Skechers

We're asking @SKECHERSUSA to implement a climate transition plan.

Raytheon Technologies Corporation is an aerospace and defense company. The Company's operations are classified into four principal business segments: Collins Aerospace (Collins), Pratt & Whitney, Raytheon Intelligence & Space (RIS) and Raytheon Missiles & Defense (RMD). Its Collins segment is a provider of technologically advanced aerospace and defense products and aftermarket service solutions for aircraft manufacturers, airlines, and regional, business and general aviation, as well as for defense and commercial space operations. Pratt & Whitney is engaged in supplying aircraft engines for commercial, military, business jet and general aviation customers. RIS segment is a provider of integrated space, communication and sensor systems, and cyber and software solutions to intelligence, defense, federal and commercial customers. RMD segment is a provider of end-to-end solutions for United States and foreign government customers designed to detect, track and engage threats.

This date has been confirmed and you can read more info on our campaign page.

Next Raytheon AGM

Raytheon are taking time to consider next steps regarding this campaign.

AYS proposed withdrawal agreement with Raytheon

You must have purchased Raytheon shares before the record date to vote at the AGM.

Record date for Raytheon

**Our Goal**

Our goal is to support As You Sow’s [proposal](https://www.asyousow.org/resolutions/2022/11/11-raytheon-technologies-net-zero-targets-climate-transition-planning) to Raytheon Technologies by launching a campaign that allows individuals to invest in a safer and more just future where high carbon-emitting corporations with a global reach are making meaningful progress in establishing and meeting climate commitments.

A “win” would result in Raytheon Technologies agreeing to issue a report, at reasonable expense and excluding confidential information, disclosing how the Company intends to reduce its supply chain greenhouse gas (GHG) emissions in alignment with the Paris Agreement's 1.5°C degree goal requiring net zero emissions by 2050.
 
 

**Why It’s Important**


Aerospace defence technology companies - bringing their military-grade weaponry and tech to a government near you - always have such innocuous names – Raytheon Technologies (“Raytheon”), Lockheed Martin (check out the campaign for Lockheed [here](https://tulipshare.com/campaigns/LMT)), and so on. But when it comes to affecting climate change, their products are anything but innocuous. 

The resolution filed by As You Sow with Raytheon is extremely important, not just because of the climate crisis, but because of the reach of this innocuous-sounding company and the high demand for its products. Raytheon is a giant in the aerospace technology and defence sector – it produces and sells missiles, satellite components, radar defence systems, and a slew of other products that governments and militaries depend on and actively utilise. Discussions about ethical ramifications of the production and use of military weaponry and defence systems aside, Raytheon’s products are emission intensive from production to use.
 
Raytheon’s customer base is shifting to be more climate-conscious. More than 70 countries have now established [net zero by 2050 commitments](https://www.un.org/en/climatechange/net-zero-coalition). Similarly, in response to the aerospace industry’s 2.4% contribution to global annual carbon dioxide emissions, NATO’s leaders have committed [to reduce defense emissions](https://www.mckinsey.com/industries/aerospace-and-defense/our-insights/decarbonizing-defense-imperative-and-opportunity). Governments and defence coalitions form the foundation of Raytheon’s customer base, and it behoves them, as a corporation, to respond to the changing expectations and needs of its customers to remain competitive. As governments strive to reach their climate goals, companies with net zero-aligned business models will be in a better position to attract contracts and customers.
 
Right now, Raytheon is not aligned towards a net zero future – it doesn’t even have a comprehensive net zero goal. While the Company has committed to reduce its operational emissions by 46% by 2030, Raytheon has not established 1.5 degree Celsius-aligned reduction goals that cover all segments of its business, including its Scope 3 value-chain emissions, which comprise over 85% of company emissions. And as a recap, Scope 3 emissions are emissions that come from the lifecycle, transport, and use of a company’s products. Like many other companies, especially within the aerospace and defence technology sector, Scope 3 emissions are where the bulk of its emissions are coming from, and any credible target needs to account for Scope 3 emissions.
 
By setting science-based reduction targets for its Scope 1-3 emissions, disclosing a decarbonization plan, and demonstrating progress toward achieving them, Raytheon can provide investors with assurance that it is reducing its climate contribution and addressing the physical, transition, and competitive risks associated with climate change. As an industry leader and a firm with global recognition and reach, shareholders should expect more and better from Raytheon.
 
We are asking you to support the resolution filed by As You Sow because it represents a vital opportunity for Raytheon Technologies to adjust to a changing climate (business and physical) and meet the evolving demands of its clients in setting a viable Net Zero target that is comprehensive in accounting for and reducing all of its emissions.
 
And as an aside, if you crave an outlet for some angst you might have for the military industrial complex and some of its most well-known members, this is a rare opportunity to do so, as is our campaign with <Lockheed Martin>.

**AGM results**

AYS's proposal earned an overall support of 37%. 

**Next AGM**

Raytheon's 2023 AGM is on the 2nd May 2023 at 8am Eastern Time (1pm GMT). 

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. Raythoen’s 2023 record date is the 7th March 2023. 

**Supporting This Campaign**

If you purchase Raytheon stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline about how to do so.

Tulipshare is asking Raytheon Technologies to acknowledge and address their climate emission problems.

Raytheon is an aerospace defence technology company, manufacturing products that are carbon-intensive from production to use. Their current emission goals fall short of what is desperately needed, both in terms of a Net Zero Goal (none to be found) and a commitment to reduce all emissions. Shareholders and governments (to varying extents, of course) acknowledge the need for companies to set and meet comprehensive climate targets to have a chance at limiting global warming to 1.5 degrees. 

As You Sow’s latest resolution filed with Raytheon brings the concerns of shareholders (and the planet) to Raytheon’s board, asking them to acknowledge and adequately respond to the climate crisis.

Raytheon Needs to Manufacture a Defence Plan For Climate Change

We're asking Raytheon Technologies to acknowledge and address their climate emission problems.

Netflix, Inc. is an entertainment services company. The Company has paid memberships in over 190 countries with television (TV) series, films and games across a variety of genres and languages. Its members can play, pause and resume to watch, as much as they want, anytime, anywhere, and can change their plans at any time. It offers a variety of streaming membership plans, the price of which varies by country, and the features of the plan. The pricing of its plans ranges from United States dollar equivalent of approximately $1 to $26 per month. It offers members the ability to receive streaming content through a host of Internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices. The Company has agreements with various cable, satellite and telecommunications operators to make its service available through the TV set-top boxes of these service providers. The Company acquires, licenses, and produces content, including original programming.

Next Netflix AGM

Estimate record date for Netflix

**Our Goal**

Our goal is to support *As You Sow’s* [proposal](https://www.asyousow.org/resolutions/2022/12/22-netflix-assess-climate-risk-retirement-plans) to Netflix Inc.  **A “win” would result in** Netflix’s Board of Directors agreeing to publish a report that discloses how the company is protecting its retirement plan beneficiaries with a longer investment time horizon from climate risk in the company’s default retirement options.

**Why It's Important**

We all know Netflix, the streaming entertainment service company, which provides subscription services streaming movies and television episodes over the Internet and sends DVDs by mail. Netflix has over 11,000 employees and raked in [over $30 billion](https://www.forbes.com/companies/netflix/?sh=243b65178541) in revenue just in 2022 - which shines a light on how important it is for Netflix to ensure its beneficiaries’ default retirement options factor in climate risk. 

Climate change poses a growing, systemic risk to the economy. If global climate goals are not met, workers face the likelihood of significant negative impacts to their retirement portfolios. Swiss Re [estimates](https://www.nytimes.com/2021/04/22/climate/climate-change-economy.html) a 4% decline in global GDP by 2050 if global temperature increases are kept below 2 degrees Celsius, but up to an 18% decline, equating to $23 trillion in reduced economic output, without effective mitigation.

Netflix has taken actions to address climate change by [committing](https://about.netflix.com/en/sustainability) to reduce internal emissions by 45% below 2019 levels by 2030. Yet, even while it transitions its business to reduce its own greenhouse gas (GHG) emissions, the company’s 401(k) retirement plan (“Plan”) invests significantly in companies that contribute to climate change, jeopardizing workers’ life savings.

Employee retirement funds are automatically invested in the Plan’s default investment option unless employees proactively choose different investments. Thus, the majority of the Netflix Plan’s $1.3 billion in assets are invested in the [default option](https://iyv-charts.s3.us-west-2.amazonaws.com/retirement-plans/netflix/netflix-401k-plan-form-5500-filing-and-attachment-2021.pdf).

Netflix has [selected](https://investyourvalues.org/retirement-plans/netflix) Vanguard Target Retirement funds as the Plan’s default offering, which invest significantly in fossil fuel companies and companies contributing to deforestation. By investing employees’ retirement savings in companies with outsize contributions to climate change, Netflix is generating climate risk, including transition risk and long-term systemic risk, to workers’ portfolios. 

Netflix’s default 401(k) choice risks compromising its obligation to select retirement plan investment options in the best interests of its plan participants, including those with retirement dates more than a decade out.

In the increasingly competitive employee recruitment and retention landscape, failing to minimize material climate risk in its default 401(k) plan option may make it [more difficult](https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/climate-change-branding-can-lift-recruitment-and-retention.aspx) for Netflix to attract and retain top talent. Employee polling indicates that firms’ environmental records are an important consideration in choosing a job. Employee polling also [reveals](https://www.cnbc.com/2019/04/09/workers-want-elusive-socially-responsible-investments-in-401k-survey.html) increasing demand for climate-safe retirement plan options.

Given the threat that climate change poses to employees’ life savings, Netflix can help ensure employee loyalty and satisfaction and demonstrate that it is actively safeguarding all employee retirement savings, no matter when they are set to retire, by minimizing climate risk in its Plan offerings, especially in its default option. The federal government recently [clarified](https://www.federalregister.gov/documents/2022/12/01/2022-25783/prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights) that fiduciaries may appropriately consider climate risk in the selection of plan offerings, including in the default option.

This is why we’re supporting this proposal requesting that Netflix’s Board of Directors publish a report that discloses how the company is protecting its retirement plan beneficiaries with a longer investment time horizon from climate risk in the company’s default retirement options. 

The report should include analysis of:

- The degree to which carbon-intensive investments in the default investment option contribute to greater beneficiary risk and reduced plan performance over time;
- Whether carbon-intensive investments in the default investment option put younger beneficiaries’ savings at greater risk than participants closer to retirement.

**Next AGM**

We won’t know Netflix’s next AGM until the company releases its 2023 Proxy Statement, but based on this year’s dates we expect the 2023 AGM to be held sometime around 2nd June 2023.

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. We won’t know Netflix’s 2023 record date until the company’s 2023 proxy statement is released, but based on this year’s dates we expect it to be sometime around 4th April 2023.

**Supporting This Campaign**

If you purchase Netflix stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline about how to do so.  


Tulipshare is asking Netflix to assess its systemic climate risk. 

Netflix has huge revenue, and therefore a huge potential to use its employee retirement options in a more climate-friendly way. 

Help Netflix Assess Its Systemic Climate Risk

We're asking @Netflix to assess its systemic climate risk!

Morgan Stanley is a global financial services company. The Company, through its subsidiaries, provides a range of investment banking, securities, wealth management and investment management services. Its segments include Institutional Securities, Wealth Management and Investment Management. Its Institutional Securities segment provides investment banking, sales and trading, and other services to corporations, governments, financial institutions and high net worth clients. Its Wealth Management segment provides financial services and solutions to individual investors and small-to-medium sized businesses and institutions covering: brokerage and investment advisory services; financial and wealth planning services; workplace services, including stock plan administration; residential real estate loans and other lending products; banking; and retirement plan services. Its Investment Management segment provides a range of investment strategies and products to a diverse group of clients.

Estimated record date for Morgan Stanley

Next Morgan Stanley AGM 

Shareholder proposal filed at Nike

**Our Goal**

Our goal is to support both Sierra Club Foundation and *As You Sow’s* separate proposals to Morgan Stanley by launching a campaign that allows individuals to invest in a safer and more just future where major banks, with a critical role to play in a Net Zero future, are committed to transition plans that will help the world get there.
 
**A “win” for Sierra Club’s proposal would result in:**
- Morgan Stanley adopting a policy for a time-bound phase-out of lending and underwriting to projects and companies engaging in new fossil fuel exploration and development.

**A “win” for As You Sow’s proposal would result in:**
- Morgan Stanley agreeing to issue a report disclosing a transition plan that describes how it intends to align its financing activities with its 2030 sectoral greenhouse gas emissions reduction targets, including the specific measures and policies to be implemented, reductions to be achieved by such measures and policies, and timelines for implementation and associated emission reductions.


**Why It's Important**

Morgan Stanley is making moves, and while we are not usually in a mind to praise companies for much-needed climate action, we must give credit where credit is due. Morgan Stanley is a member of the UN’s [Net Zero Banking Alliance](https://www.unepfi.org/net-zero-banking/) (NZBA), has existing climate commitments, and even appears to have internal systems in place to incorporate climate considerations into decision making. That’s... good. But they can do better, and should do better. 

In 2020, Morgan Stanley announced a Net Zero by 2050 greenhouse gas emissions (GHG) reduction [goal](https://www.morganstanley.com/content/dam/msdotcom/about-us/netzero/Morgan-Stanley-Net-Zero-Target-Methodology.pdf), and in 2021 set aligned 2030 intensity reduction targets for the energy, power, and auto manufacturing sectors of its corporate lending portfolio. It also [states](https://www.morganstanley.com/content/dam/msdotcom/en/assets/pdfs/Morgan_Stanley_2021_Climate_Report.pdf) that it has begun integrating climate change into the firm’s decision-making and has developed a four-pronged climate strategy including: supporting a transition to a low carbon economy; managing climate risk; providing climate-related disclosure; and enhancing the climate resilience of its operations. It has [adopted](https://www.morganstanley.com/content/dam/msdotcom/en/about-us-governance/pdf/Environmental_and_Social_Policy_Statement.pdf) financing limitations on certain coal activities and Arctic oil and gas development, and enhanced due diligence review on other high-risk activities. It has also committed to mobilize [$750 billion](https://www.morganstanley.com/content/dam/msdotcom/en/assets/pdfs/Morgan_Stanley_2021_Climate_Report.pdf) to support low carbon solutions.

And this is all... really great. Morgan Stanley gets a pat on the back, but shareholders are concerned that Morgan Stanley has not developed a transition plan for how it will achieve its 2030 sectoral reductions targets. An effective transition plan creates accountability by describing the affirmative strategies, indicators, milestones, metrics, and timelines necessary to deliver on its decarbonization targets and ensure investors that it is fully accountable for the risks associated with its financing of high-carbon activities. 

Currently, Morgan Stanley is among the world’s largest funders of fossil fuels, providing [$137 billion](http://bankingonclimatechaos.org/) in lending and underwriting to fossil fuel companies during 2016-2021, including $61 billion to 100 top companies engaged in new fossil fuel exploration and development. And, Morgan Stanley does not demonstrate whether, or how, its generalized actions will result in aligned emissions reductions. Disclosing a clear climate transition plan - as well as adopting a policy for a time-bound phase-out of lending and underwriting to projects and companies engaging in new fossil fuel exploration and development - will help assure investors that Morgan Stanley has an effective transition plan in place for achieving its 2030 intensity goals and is accountable for achieving them. The United Nations has recommended that financial institution transition plans demonstrate how all parts of the business align with interim targets and long-term net zero targets. And there are guidelines that exist to help financial institutions operationalize and translate net zero commitments into strategies. So the tools are out there, all that is needed is action. 

We are asking you to support these proposals filed by Sierra Club Foundation and As You Sow because together they represent a vital opportunity for Morgan Stanley to show meaningful action on its climate goals. Your support represents a call to action and an invitation for Morgan Stanley to take the next steps in its climate commitment. 

**Next AGM**

We won’t know Morgan Stanley’s next AGM until the company releases its 2023 Proxy Statement, but based on 2022 dates we expect the 2023 AGM to be held sometime around 26th May 2023.

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. We won’t know Morgan Stanley’s 2023 record date until the company’s 2023 proxy statement is released, but based on this year’s dates we expect it to be sometime around 28th March 2023.

**Supporting This Campaign**

If you purchase Morgan Stanley stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline about how to do so.  


Tulipshare is asking Morgan Stanley to implement a climate transition plan. 

We want Morgan Stanley to come up with a detailed plan on how they will achieve their net zero targets. 

Morgan Stanley Needs a Climate Transition Plan

We're demanding a climate transition plan at @MorganStanley!

Environmental Organisation and Shareholder Advocacy Nonprofit 

The Sierra Club and As You Sow

**Proud to Partner With The Sierra Club and As You Sow For This Campaign**

The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our millions of members and supporters to defend everyone’s right to a healthy world.

As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing.

Wells Fargo & Company is a financial services company. The Company provides a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through banking locations and offices, the Internet (www.wellsfargo.com) and other distribution channels to individuals, businesses and institutions in states, the District of Columbia and in countries outside the United States. The Company provides consumer financial products and services, including checking and savings accounts, credit and debit cards, and auto, mortgage and home equity, and small business lending. In addition, the Company offers financial planning, private banking, investment management, and fiduciary services. The Company also provides financial solutions to businesses through products and services including traditional commercial loans and lines of credit, letters of credit, asset-based lending, trade financing, treasury management, and investment banking services.

Next Wells Fargo AGM

**Our Goal**

Our goal is to support both Sierra Club’s and *As You Sow’s* separate proposals to Wells Fargo & Co by launching a campaign that allows individuals to invest in a safer and more just future where concrete climate transition plans are implemented.
 
**A “win” for Sierra Club’s proposal would result in:**
- Wells Fargo adopting a policy for a time-bound phase-out of lending and underwriting to projects and companies engaging in new fossil fuel exploration and development. This will enable support for Wells Fargo’s energy clients’ low-carbon transition.

**A “win” for As You Sow’s proposal would result in:**
- Wells Fargo issuing a report disclosing a transition plan that describes how it intends to align its financing activities with its 2030 sectoral greenhouse gas emissions reduction targets, including the specific measures and policies to be implemented, reductions to be achieved by such measures and policies, and timelines for implementation and associated emission reductions.

**Why It's Important**

**Wells Fargo is the world’s third largest backer of fossil fuels**, having [provided](https://www.bankingonclimatechaos.org/) hundreds of billions in lending and underwriting to fossil fuel companies. This includes $37 billion to some of the top companies who are expanding their fossil fuel development. Right now, Wells Fargo’s existing [commitments](https://www.sierraclub.org/press-releases/2022/05/wells-fargo-last-big-us-banks-set-2030-emissions-targets) say that they can continue to finance new fossil fuel exploration and development, which isn’t in alignment with the Paris Agreement and also increases the risk of stranded assets. 
 
Without a policy to phase out financing of new fossil fuel exploration and development, Wells Fargo is unlikely to meet its climate commitments and this poses material risks to the company, including:

● Greenwashing: Regulators are [tightening and enforcing](https://www.bankingsupervision.europa.eu/press/speeches/date/2022/html/ssm.sp220922~bb043aa0bd.en.html)  greenwashing regulations, which could result in fines and settlements.
● Regulation: Central banks, including the Fed, are starting to implement [climate stress tests](https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220708~565c38d18a.en.html) and [scenario analyses](https://www.federalreserve.gov/newsevents/pressreleases/other20220929a.htm), and some have begun to [propose](https://www.bis.org/review/r220223e.htm) increased capital requirements for climate risks.
● Competition: Dozens of global banks have adopted policies to phase out financing for new [oil and gas fields](https://oilgaspolicytracker.org/) and [coal mines](https://coalpolicytool.org/).
● Reputation: [Campaigns](https://stopthemoneypipeline.com/) targeting Wells Fargo’s climate policies include organisations with tens of millions of global members and supporters, including current and potential Wells Fargo customers.

By exacerbating climate change, Wells Fargo is increasing systemic risk, which will have significant negative impacts – including [physical risks and transition risks](https://www.bis.org/bcbs/publ/d517.pdf) – for itself and for diversified investors.

This campaign is important for a number of reasons, and both of these proposals **lay the foundation for positive systemic change in the ongoing climate crisis, as well as opportunities to mitigate future risks**. Because of climate change risks, we could be looking at an  [estimated](https://www.swissre.com/media/press-release/nr-20210422-economics-of-climate-change-risks.html) global gross domestic product (“GDP”) loss of 11-14% in the next thirty years under current trajectories. The climate crisis is primarily caused by fossil fuel production and combustion, which is [enabled](https://www.greenamerica.org/blog/climate-urgency-break-your-mega-bank) by funding from financial institutions. Banks have enormous power to influence fossil fuel development, both for current and future projects. Trillions of dollars flow through these institutions to projects that are expected to create profit for shareholders, and fossil fuels are still viewed by these more conservative institutions as sound investments. 

Wells Fargo has [committed](https://sites.wf.com/co2emission/) to align its financing with the Paris Agreement, achieving net-zero emissions by 2050, [consistent](https://www.unepfi.org/net-zero-banking/commitment/) with limiting global warming to 1.5°C. However, Wells Fargo’s policies and practices are not net-zero aligned.

According to [scientific consensus](https://www.iisd.org/system/files/2022-10/navigating-energy-transitions-mapping-road-to-1.5.pdf), limiting warming to 1.5°C means that the world cannot develop new oil and gas fields or coal mines beyond those already approved (new fossil fuel exploration and development). Existing fossil fuel supplies are [sufficient](https://www.ipcc.ch/report/ar6/wg3/resources/spm-headline-statements/) to satisfy global energy needs. New oil and gas fields would [not be produced in time](https://www.iea.org/commentaries/what-does-the-current-global-energy-crisis-mean-for-energy-investment) to mitigate current energy market turmoil resulting from the Ukraine War.

[According to](https://www.sierraclub.org/press-releases/2022/05/wells-fargo-last-big-us-banks-set-2030-emissions-targets) Sierra Club’s Fossil-Free Finance Campaign Representative, “Wells Fargo has laid out emissions reduction targets that it can’t possibly reach if it continues its business-as-usual support for fossil fuel expansion.” Which underscores the importance of the [frameworks](https://www.iigcc.org/media/2022/07/An-investor-led-framework-of-pilot-indicators-to-assess-banks-on-the-transition-to-net-zero-28-July.pdf) and [guidelines](https://assets.bbhub.io/company/sites/63/2022/06/GFANZ_Recommendations-and-Guidance-on-Net-zero-Transition-Plans-for-the-Financial-Sector_June2022.pdf) that are emerging to help financial institutions operationalize and translate net zero commitments into strategies “with specific objectives . . . against which progress can be assessed.”

Best practices for banks to achieve net zero involve financing of companies reducing scopes 1-3 absolute emissions and allocating capital in line with science-based, independently verified short, medium, and long-term decarbonization targets. Organisations like the [Science Based Targets](https://sciencebasedtargets.org/) initiative and [Transition Pathway Initiative](https://www.transitionpathwayinitiative.org/) can provide independent verification of decarbonization targets.

**Next AGM**

We won’t know Wells Fargo’s next AGM until the company releases its 2023 Proxy Statement, but based on this year’s dates we expect the 2023 AGM to be held sometime around 26th April 2023.

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. We won’t know Wells Fargo’s 2023 record date until the company’s 2023 proxy statement is released, but based on this year’s dates we expect it to be sometime around 25th February 2023.

**Supporting This Campaign**

If you purchase Wells Fargo stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline about how to do so.  





We're asking Wells Fargo to stop banking on the climate chaos.

The banking sector has a critical role to play in achieving global Net Zero goals by 2050, and as long as banks like Wells Fargo continue to finance new fossil fuel projects, we risk never being able to reach those goals. 

This is why we’re calling on Wells Fargo to implement concrete transition strategies for disclosed emission reduction targets, as well as a time-bound policy to phase-out lending and underwriting of new fossil fuel projects.



Wells Fargo Must Stop Banking on Climate Chaos

Chubb Limited is a Switzerland-based holding company. The Company, through its subsidiaries, provides a range of insurance and reinsurance products and services to clients around the world. Its segments include North America Commercial property and casualty (P&C) Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance and Life Insurance. It offers commercial insurance products and service offerings, such as risk management programs, loss control, and engineering and complex claims management. It provides specialized insurance products to areas, such as aviation and energy. It also offers personal lines insurance coverage, including homeowners, automobile, valuables, umbrella liability and recreational marine products. In addition, it supplies personal accident, supplemental health and life insurance to individuals in select countries.

Estimated 2023 record date for Chubb

Next Chubb AGM

Chubb is one of the world’s largest providers of commercial property and casualty insurance and reinsurance, with $167 billion in assets and over $38 billion of gross written premiums as of 2018.  With operations in 54 countries, Chubb offers various forms of insurance to a diverse group of clients across the globe.  Insurance [companies have a critical role](https://www.cisl.cam.ac.uk/news/blog/insurance-industry-must-align-paris-agreement-starting-now) to play in meeting the [Paris Agreement’s 1.5 degrees Celsius (1.5oC) goal](https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement), requiring net zero greenhouse gas (GHG) emissions by 2050, and yet Chubb [does not measure or disclose](https://www.responsible-investor.com/esg-resolution-round-up-100-more-e-and-s-proposals-filed-than-at-same-point-last-year/) its financed emissions, including those attributable to underwriting, insuring, and investments, nor has it adopted targets aligned with the Paris Agreement’s 1.5oC goal for such emissions. Chubb must begin to measure and disclose these metrics to ensure its progress toward climate related sustainability.

**Our Goal**

Our goal is to support As You Sow’s [proposal](https://www.asyousow.org/resolutions/2022/12/6-chubb-diclose-reduce-emissions-undewriting-investment-insuring-net-zero) to Chubb by launching a campaign that allows individuals to invest in a more sustainable future and hold Chubb accountable for its failure to disclose financed emissions and failure to adopt Paris-aligned targets by voting at the company’s next shareholder meeting. The proposal requests that Chubb issue a report addressing whether and how it intends to measure, disclose, and reduce the GHG emissions associated with its underwriting, insuring, and investment activities in alignment with the Paris Agreement’s 1.5oC goal, requiring net zero emissions.   

A “win” would result in Chubb being required to issue such a report, which should include:

•	Whether Chubb will begin measuring and disclosing the emissions associated with the full range of its operations and when; and

•	Whether Chubb will set a Paris-aligned, net zero target for its full range of emissions and on what timeline.

**Why It’s Important**

Insurance companies have a critical role to play in meeting the [Paris Agreement’s 1.5 degrees Celsius (1.5oC) goal](https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement), requiring net zero GHG emissions by 2050. Projections have found that [limiting global warming](https://www.nature.com/articles/d41586-018-05219-5) to 1.5 degrees versus 2 degrees will save $20 trillion globally by 2100, while [exceeding 2 degrees](https://www.nature.com/articles/s41467-020-18797-8/) could lead to climate damages in the hundreds of trillions. The [U.S. insurance industry](https://shareaction.org/reports/insuring-disaster-a-ranking) is under increasing pressure to address its contributions to climate change from its underwriting, insuring, and investing activities.

These financial activities contribute to systemic portfolio risk to the global economy, investors, and insurers’ profitability,  and [despite the insurance sector’s focus on risk, the world’s largest insurance companies are largely failing to assess the impact of climate change on their investment portfolios.](https://shareaction.org/reports/insuring-disaster-a-ranking) The U.S. Commodity Futures Trading Commission recently acknowledged that climate change could [impair the productive capacity of the national economy](https://www.cftc.gov/sites/default/files/2020-09/9-9-20 Report of the Subcommittee on Climate-Related Market Risk - Managing Climate Risk in the U.S. Financial System for posting.pdf) and recommended that state insurance regulators require insurers to assess how their underwriting activity and investment portfolios may be impacted by climate-related risks.  

This growing public pressure for the insurance industry to account for its climate related risks and impacts is exemplified by [legislation recently passed](https://www.businessinsurance.com/article/20210617/NEWS06/912342605/Connecticut-bill-calls-for-regulation-of-insurers%E2%80%99-climate-risks) in Connecticut requiring regulators to incorporate emissions reduction targets into their supervision of insurers. In the U.K., the Cambridge Institute for Sustainability Leadership shared a [recent report by ClimateWise](https://www.cisl.cam.ac.uk/news/climatewise-report-outlines-ways-insurance-underwritings-support-net-zero) that outlines ways insurance underwriting mechanisms can be improved to support a smooth net zero transition to a low carbon economy such as: (1) setting emission scope boundaries for the insurance industry; (2) measuring net zero alignment with carbon footprinting, transition pathway evaluation and temperature score; (3) understanding net zero implications for each insurance underwriting line of business; and (4) reacting to different insured clients, assets, and activities. 

Shareholders are concerned that Chubb is not adequately reducing the climate footprint of its underwriting, insuring, and investing activities. This failure creates significant risk, [as evidenced by Chubb's reported](https://www.reinsurancene.ws/chubb-sees-q3-net-income-rise-54-despite-1bn-of-catastrophe-losses/) pre-tax catastrophe losses of $1.15 billion in Q3 2021, with $806 million of that figure attributable to Hurricane Ida. [Climate change helped](https://www.npr.org/2021/08/30/1032442544/how-climate-change-is-fueling-hurricanes-like-ida) Hurricane Ida gain strength right before it made landfall, jumping from a Category 1 to a Category 4 storm in the span of 24 hours as it moved over abnormally hot water in the Gulf of Mexico. This follows a larger global trend: [insured losses from natural disasters](https://www.weforum.org/agenda/2021/07/natural-disasters-cost-economic-insurance-2021-extreme-weather-floods-polar-vortex/) reached $42 billion in the first six months of 2021, a ten year high.

[Chubb is a climate laggard](https://insure-our-future.com/scorecard) in the global insurance sector, ranking in the bottom half in a survey of the 30 largest global insurers, due largely to its [lack of restrictions](https://insure-our-future.com/company/chubb/) on oil and gas underwriting and investments.  In contrast, [peers are beginning to address](https://insure-our-future.com/scorecard) the GHG emissions associated with their underwriting and investment activities. Over 20 leading global insurers have also joined the [United Nations’ Net Zero Insurance Alliance](https://www.unepfi.org/net-zero-insurance/) in which they commit to transition their emissions from insurance and reinsurance underwriting portfolios to net zero by 2050. 

Chubb does not measure or disclose its financed emissions, including those attributable to underwriting, insuring, and investments, nor has it adopted targets aligned with the Paris Agreement’s 1.5oC goal for such emissions. This must be corrected.

**2023 AGM**

Chubb’s 2023 AGM took place on May 17, 2023. Shareholders who held stock by March 24, 2023 were able to vote at the AGM. Shareholders had the opportunity to vote on this campaign’s proposal, presented by As You Sow, and we are delighted to announce that the resolution received a 28.9% supporting vote.

**Next AGM**

We won’t know the dates of the 2024 AGM until Chubb releases their 2024 proxy statement, but based on last year’s dates we expect it to fall around the 17th of May 2024. 

**AGM Record Date**

We won’t know the 2024 AGM record date - or the date by which shareholders must have held their Chubb stock in order to participate in the next AGM - until Chubb releases its 2024 proxy statement. However, based on last year’s date, we expect the 2024 record date to fall around 24th March 2024.

**Supporting This Campaign**

Tulipshare plans to continue engaging with Chubb around Climate Change issues. There is also the possibility that this proposal will be resubmitted next year if the company does not take the requested action. If you have any questions about record dates, please do not hesitate to reach out to support@tulipshare.com.


Insurance companies have a critical role to play in meeting the Paris Agreement’s 1.5 degrees Celsius goal, and yet Chubb does not measure or disclose its financed emissions.

Chubb must Disclose and Reduce GHG Emissions 

Chubb Ltd is Failing to Disclose Any GHG Emissions Reduction Measures

CarMax, Inc. is a retailer of used vehicles. The Company’s segments include CarMax Sales Operations and CarMax Auto Finance (CAF). Its CarMax Sales Operations segment consists of all aspects of its auto merchandising and service operations. Its CAF segment consists of its own finance operation that provides financing to customers buying retail vehicles from CarMax. The CarMax Sales Operations segment sells used vehicles, purchases used vehicles from customers and other sources, sells related products and services, and arranges financing options for customers. Its omni-channel platform provides multiple ways for its customers to interact. It provides customers with a range of other related products and services, including extended protection plan (EPP) products and vehicle repair services. EPP products include extended service plans and guaranteed asset protection that covers the unpaid balance on an auto loan in the event of a total loss of the vehicle or unrecovered theft.

Next CarMax AGM 

Shareholder proposal filed at CarMax

Estimated record date for CarMax

**Our Goal**

Our goal is to support *As You Sow’s* [proposal](https://www.asyousow.org/resolutions/2023/01/09-carmax-responsible-carbon-offsetting) to CarMax Inc. A “win” would result in CarMax agreeing to publish a report disclosing if and how carbon offsets are used to achieve company emissions reduction goals, describing all criteria used for offset purchases, and disclosing the type and quality of offsets purchased.

**Why It's Important**

As Net Zero emissions and carbon neutrality [commitments](https://news.un.org/en/story/2022/11/1130317) have increased globally, the [need for accurate reporting](https://www.forbes.com/sites/kensilverstein/2023/01/25/the-carbon-credit-market-confuses-the-corporate-world/?sh=5430f2545362) on the use and quality of voluntary carbon credits has become paramount.

The voluntary carbon market remains a [“wild west,”](https://www.bnnbloomberg.ca/carbon-credit-fraud-assumptions-are-challenged-in-new-study-1.1841036) with no globally accepted standards yet in place for ensuring effective emissions offsets, leading to the [risk](https://www.theguardian.com/environment/2023/jan/18/revealed-forest-carbon-offsets-biggest-provider-worthless-verra-aoe) that companies can take credit for offsets not producing real-world emissions reductions.

Expert groups, including the [Climate Action 100+ initiative](https://www.climateaction100.org/wp-content/uploads/2021/03/Climate-Action-100-Benchmark-Indicators-FINAL-3.12.pdf), the [United Nations](https://www.un.org/en/chronicle/article/beyond-carbon-markets), and the [Science Based Targets](https://sciencebasedtargets.org/blog/science-based-net-zero-targets-less-net-more-zero) initiative, agree that best practices for carbon offsetting include limiting use of offsets to achieve decarbonisation targets, especially in sectors where viable low-carbon or zero-carbon technologies exist. Experts [urge](https://sciencebasedtargets.org/resources/files/Beyond-Value-Chain-Mitigation-FAQ.pdf) the prioritisation of operational and value chain decarbonization, and underscore that carbon credits are not substitutes for such emission reductions. Companies can avoid the perception of greenwashing by prioritising value chain decarbonization and being transparent about any use of offsets.

Companies that use offsets should provide clarity on how they are being used, for example, whether they are used to mitigate current emissions for purposes of carbon neutrality goals or to meet company greenhouse gas emissions reduction targets. Companies should also disclose the types of offsets purchased, provide information on the quality of offsets, and provide verification as to additionality, permanence, and other key quality metrics. By [providing clarity](https://cdn.cdp.net/cdp-production/cms/guidance_docs/pdfs/000/003/101/original/CDP_technical_note_-_Climate_transition_plans.pdf?1643994309) on offset use and quality, companies can ensure investors they are responding appropriately to the growing climate challenge and are avoiding greenwashing and associated reputational risks.

CarMax has [committed](https://socialresponsibility.carmax.com/pdf-viewer-3/web/viewer.html#page=1) to achieve a 50% reduction in Scope 1 and Scope 2 greenhouse gas emissions by 2025, yet its Scope 1 emissions have increased by 55% from its 2018 baseline. CarMax [states](https://s27.q4cdn.com/743947716/files/doc_financials/2021/sr/CarMax-Strategy-and-Responsibility-Overview.pdf) it will purchase “verified and socially beneficial offsets” but does not disclose key details of its offsetting strategy, including the degree to which it relies on offsets to achieve its climate goals. Aligning corporate offsetting policies with best practices in emissions reductions will address investor climate concerns, avoid the perception of greenwashing, and ensure that CarMax is prepared to excel in a decarbonising economy and maximise opportunities to advance technology and resilience.

Proponents recommend, at Board discretion, that the requested report should:

- Clarify if and how carbon offsets are, or are planned to be, used to meet the Company’s 2025 emissions reduction and Net Zero by 2050 goals;

- Disclose Company criteria for procuring [high-quality offsets](https://icvcm.org/wp-content/uploads/2022/07/ICVCM-Public-Consultation-FINAL-Part-4.pdf), including, for instance, additionality, permanence, leakage, reversibility, and environmental justice risks; and

- Disclose the project name, location, type, supplier, third-party verifier and number of credits purchased, originated, and retired on an annual basis.

**Next AGM**

We won’t know CarMax’s next AGM until the company releases its 2023 Proxy Statement, but based on 2022 dates we expect the 2023 AGM to be held sometime around 28th June 2023.

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. We won’t know CarMax’s 2023 record date until the company’s 2023 proxy statement is released, but based on their 2022 dates we expect it to be sometime around 22nd April 2023.

**Supporting This Campaign**

If you purchase CarMax stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline about how to do so.  

Tulipshare is asking CarMax Inc implement responsible carbon offsetting.

We want CarMax Inc. to disclose its carbon offsets so investors can assess whether the company is on track to achieve its emissions reduction targets.

Help CarMax Implement Responsible Carbon Offsetting 

We're asking @CarMax implement responsible carbon offsetting!

Papa John's International, Inc. operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants under the trademark Papa John’s. The Company operates through four segments: Domestic Company-owned restaurant segment consists of the operations of all domestic Company-owned restaurants; North America commissaries segment comprises approximately 11 full-service regional dough production and distribution quality control centers in the United States; North America franchising segment consists of franchise sales and support activities; and International operations segment principally consists of distribution sales to franchised Papa John’s restaurants located in the United Kingdom and its franchise sales and support activities. The Company operates approximately 5,706 Papa John’s restaurants in operation, consisting of 522 Company-owned and 5,184 franchised restaurants operating in 48 countries and territories.

Withdrawal agreement reached with Capri Holdings

**Our Goal**

Our goal is to support *As You Sow’s* [proposal](https://www.asyousow.org/resolutions/2022/11/18-papa-johns-eliminate-deforestation-supply-chain) to Papa John’s. A “win” would result in Papa John’s agreeing to issue a report disclosing how it can achieve deforestation-free commodity supply chains by 2025.

**Why It's Important**

Papa John’s operates in [13 countries around the world](https://www.statista.com/statistics/816446/number-of-papa-johns-restaurants-by-country/) with thousands of franchised locations and is the [fourth largest](https://www.scrapehero.com/location-reports/10-largest-pizza-chains-in-the-usa/) pizza chain in America. People hungry for a cheap slice or cheap wings consume its goods every single day (not everything is just pizza now, how times have changed), and with that demand comes an upstream demand for the tomatoes, beef, wheat, and cardboard used to make and sell its food. Papa John’s is entirely dependent on the weather systems that predictably, and in great quantities, grow the food it then sells. Climate change threatens key elements of its supply chain, and Papa John’s knows this. So why hasn’t it taken action to shift its practices away from practices that actively cause deforestation, further exacerbating climate change? Stakeholders are certainly wondering. 

The way that we consume our food, from the grocery store to restaurants, is inherently threatened by climate change, and businesses, especially in the food service industry, need to adapt for the good of their businesses and the world. Deforestation is a major driving force in the cascading effect that climate change will have on food production since it alters precipitation patterns and other ecosystem services, including those in California, which produces 95% of the processing tomatoes grown in the United States. 

Deforestation directly impacts agricultural productivity by altering precipitation patterns and other ecosystem services. The deforestation of the Amazon could [halve](https://journals.ametsoc.org/view/journals/clim/26/22/jcli-d-12-00775.1.xml) the Sierra Nevada snowpack, dramatically reducing irrigation capacity in California, which produces [95%](https://calag.ucanr.edu/Archive/?article=ca.v060n02p95) of the processing tomatoes grown in the U.S.

Papa John’s most recent [10-K](https://ir.papajohns.com/static-files/ec569cb0-72dc-42b9-900d-b4b552fa9207) specifically identifies the impacts of climate change and adverse weather on the California tomato crop as a risk that could negatively affect the results of its operations. Papa John’s uses beef, palm oil, soy, and fiber-based packaging in its products. These commodities are the leading drivers of deforestation, which is responsible for approximately [15%](https://www.cdp.net/en/forests) of global greenhouse gas emissions and contributes to biodiversity loss. Papa John’s also acknowledges the [risk](https://ir.papajohns.com/static-files/ec569cb0-72dc-42b9-900d-b4b552fa9207) that not taking climate action can have on its business: “...if we are not effective in addressing social and environmental sustainability matters, consumer trust and investor confidence in our Company may suffer.”

Yet, in contrast to competitors like Domino’s and Yum! Brands, Papa John’s lacks any disclosures or policies related to supply chain deforestation. Financial institutions with nearly [$9 trillion](https://climatechampions.unfccc.int/leading-financial-institutions-commit-to-actively-tackle-deforestation/) in assets under management have committed to eliminating agricultural commodity-driven deforestation from their portfolios by 2025. Failing to end deforestation may make Papa John’s less attractive to investors, less competitive, and would exacerbate a key factor in climate change that would harm itself and the planet.
 
We are asking you to support the resolution filed by As You Sow because it represents a vital opportunity for Papa John’s to take action that will ultimately benefit itself and the planet. Your support represents a call to action and an invitation for Papa John’s to act and reduce the risks from climate change of which it is already aware.

**Next AGM**

We won’t know Papa John’s next AGM until the company releases its 2023 Proxy Statement, but based on this year’s dates we expect the 2023 AGM to be held sometime around 26th April 2023.

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. We won’t know Papa John’s 2023 record date until the company’s 2023 proxy statement is released, but based on their 2022 dates we expect it to be sometime around 25th February 2023.

**Supporting This Campaign**

If you purchase Papa John’s stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline about how to do so.

Tulipshare is asking investors to help make Papa John’s pizza deforestation-free

Papa John’s, owning a sizeable slice of the takeout pizza market, already acknowledges the risk that climate change poses to its supply chain. But Papa John’s uses commodities (beef, palm oil, soy) in its products that are the leading drivers of deforestation. 


Make Papa John’s Pizza Deforestation-Free

Lockheed Martin Corporation is a security and aerospace company. It operates through four segments. Aeronautics segment is engaged in the research, design, development, manufacture, support and upgrade of military aircraft, including combat and air mobility aircraft, unmanned air vehicles and related technologies. Missiles and Fire Control segment provides air and missile defense systems; fire control systems; manned and unmanned ground vehicles, and energy management solutions. Rotary and Mission Systems segment provides design, manufacture, service and support for various military and commercial helicopters, surface ships, sea and land-based missile defense systems, radar systems, sea and air-based mission and combat systems, command and control mission solutions, cyber solutions, and simulation and training solutions. Space segment is engaged in the research and development, design, engineering and production of satellites, space transportation systems, strike and defensive systems.

Next Lockheed Martin AGM 

Estimated 2023 record date for Lockheed Martin

AYS met with Lockheed Martin to discuss current campaign

Meeting with Lockheed Martin

**Our Goal**

Our goal is to support As You Sow’s [proposal](https://www.asyousow.org/resolutions/2022/11/11-lockheed-martin-net-zero-targets-climate-transition-planning) to Lockheed Martin by launching a campaign that allows individuals to invest in a future where this industry leader accounts for, acknowledges, and addresses its emissions.
 
A “win” would result in Lockheed Martin agreeing to issue a report, at reasonable expense and excluding confidential information, disclosing how the Company intends to reduce operational and supply chain greenhouse gas (GHG) emissions in alignment with the Paris Agreement's 1.5°C degree goal requiring net zero emissions by 2050. Resolution proponents also suggest that the report include: 
 
- A timeline for setting a net zero GHG reduction target, and 1.5°C aligned interim goals including Scope 3 emissions;
- A climate transition plan to achieve emissions reductions goals across all relevant emissions scopes;
- Annual reports demonstrating progress towards meeting emissions reduction goals; and
- Other information the Board deems appropriate.


**Why It's Important**

It’s possible you’ve never heard of Lockheed Martin Corporation (“Lockheed Martin”), but you have definitely heard about its products. It offers a range of services and advanced security technologies that governments around the world purchase for their national defense and military infrastructure. From missiles, to maritime systems, to energy storage solutions, the diversity and reach of its products are extensive. Conversations about the ethical implications of the use of its products aside, they come with a hefty carbon footprint. At present, Lockheed Martin has committed to reducing its Scope 1 and 2 emissions by 70% by 2030 (so, reducing emissions from its facilities and energy supply), but it does not have a Net Zero goal or a Scope 3 reduction target (emissions from its supply chain, transport, and use of its products). But Scope 3 emissions account for over 90% of Lockheed Martin’s total emissions.

Setting emission targets is a tricky process – sources need to be identified, effectively understood, quantified, and communicated. With climate change creating systemic economic, environmental, and social risks for corporations and people alike, and [a shrinking window to keep global warming to 1.5°C](https://report.ipcc.ch/ar6wg3/pdf/IPCC_AR6_WGIII_FinalDraft_FullReport.pdf), we need emission reduction targets from all market sectors and industries and the leaders within them. 
 
Fortunately, investors acknowledge the need for robust climate disclosure and targets. The Climate Action 100+ initiative, a coalition of over 700 investors with $68 trillion in assets, issued a [Net Zero Benchmark](https://www.climateaction100.org/wp-content/uploads/2021/03/Climate-Action-100-Benchmark-Indicators-FINAL-3.12.pdf) that outlines investor expectations for corporate climate transparency and accountability. Expectations include setting a net zero ambition, adopting 1.5°C-aligned reduction goals across all relevant scopes of emissions, and disclosing decarbonization strategies.
 
More than 70 governments around the world have established [Net Zero by 2050](https://www.un.org/en/climatechange/net-zero-coalition) commitments. Similarly, in response to the aerospace industry’s 2.4% contribution to global annual carbon dioxide emissions, NATO’s leaders have [committed](https://www.mckinsey.com/industries/aerospace-and-defense/our-insights/decarbonizing-defense-imperative-and-opportunity) to reduce defense emissions.
Given that Lockheed Martin’s customer base is making a specific commitment to reduce its emissions, it also behoves the company to adapt to the changing demands of its customers, in addition to its shareholders and the planet.
 
Plainly, the sign to change could not be clearer for Lockheed Martin.
 
Now, this is not to say that Lockheed Martin isn’t doing anything to account for or address its emissions. It does disclose its emissions data and has committed to reducing its Scope 1 and 2 emissions, but it doesn’t have a net zero goal or a scope 3 reduction target.
 
Let’s break down what that means.
 
Scope 1 emissions are the emissions from the facilities (factories, headquarters, etc.) that a company owns. 
Scope 2 emissions are from the energy it purchases and uses to make its products. Scope 1 and 2 emissions are easier to account for because there is more direct oversight and accountability in sourcing and use. Scope 3 is trickier – it is indirect emissions from its supply chain, transport, and use of its products. It’s a challenge to account for but it often accounts for the bulk of a company’s emissions, and that is certainly the case with Lockheed Martin. Scope 3 comprises [over 90%](https://sustainability.lockheedmartin.com/sustainability/content/Lockheed_Martin_2021_Sustainability_Report.pdf) of Lockheed’s total emissions and increased by 4.9 million metric tons from 2020 to 2021. At present, its current commitments are severely lacking even though it has already taken the important step to quantify and report emissions; stakeholders deserve stronger action from this industry leader.
 
We are asking you to support the resolution filed by As You Sow because it represents a vital opportunity for Lockheed Martin, whose emissions and influential reach extend globally, to demonstrate to investors that it is seriously addressing its emissions and the risks associated with climate change. Your support represents a call to action and an invitation for Lockheed Martin to do better.

**AGM results**

AYS's proposal earned an overall support vote at 35.4%. 

**Next AGM**

Lockheed Martin's 2023 AGM is on the 27th April 2023 at 9am Eastern Time (2pm GMT).


**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. Lockheed Martin’s 2023 record date is on the 24th February 2023. 


**Supporting This Campaign**

If you purchase Lockheed Martin’s stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline about how to do so.  





Tulipshare is asking Lockheed Martin to set emission reduction targets. 

Lockheed Martin is a leader in the advanced security technology sector (think missiles, hypersonic, and maritime systems). Its products are emission intensive from production to use, and those products are used by customers (governments and defense coalitions) around the world. Meaningful climate action should be a mandate for all industries, and Lockheed Martin is no exception – it has the potential to account for and disclose emissions and adjust its practices so as to have a positive global impact. We are at a critical point to limit global warming to 1.5°C, and corporations like Lockheed Martin should be setting emission reduction targets for all emission scopes, disclosing decarbonization plans, and demonstrating progress in achieving them

Lockheed Martin Should Be Setting Emission Reduction Targets

We're asking Lockheed Martin To Be Setting Emission Reduction Targets

Berkshire Hathaway Inc. (Berkshire) is a holding company owning subsidiaries engaged in various business activities. Berkshire’s various business activities include insurance businesses conducted on both a primary basis and a reinsurance basis. Its segments include Insurance, which consists of GEICO, Berkshire Hathaway Primary Group and Berkshire Hathaway Reinsurance Group; Railroad (BNSF), which includes operations of railroad systems in North America through Burlington Northern Santa Fe LLC; Berkshire Hathaway Energy, which includes regulated electric and gas utility; Manufacturing, which include manufacture of various products, including industrial, consumer and building products; McLane Company, which include wholesale distribution of groceries and non-food items; Service and retailing, which provide shared aircraft ownership programs, aviation pilot training, electronic components distribution and various retailing businesses, and Pilot Travel Centers (Pilot).

**Our Goal**

Our goal is to support As You Sow’s [proposal](https://www.asyousow.org/resolutions/2022/11/15-berkshire-disclose-reduce-emissions-underwriting-insurance-investment-net-zero) to Berkshire Hathaway. A “win” would result in Berkshire Hathaway agreeing to issue a report addressing if and how it intends to measure, disclose, and reduce the GHG emissions associated with its underwriting, insuring, and investment activities, in alignment with the Paris Agreement’s 1.5⁰C goal, requiring net zero emissions.

**Why It's Important**

In this day and age, it seems daft that there are companies out there operating like there isn’t a climate crisis (especially companies that literally see the damage from climate-change induced natural capacities impacting their profits). So, be prepared to enter a state of amazement over how little the largest global insurer and one of the largest companies in the world, Berkshire Hathaway, is doing to acknowledge and act on climate change. 

In short, the company is a climate laggard, even compared to other global insurance companies - for a lot of reasons. It has no restrictions on fossil fuel underwriting and investments, doesn’t disclose its financed emissions, and it has no net zero goal or climate target
 
If you dabble in the stock market or have even a passing interest in the economy (which we would argue is most people), you have probably heard the name Berkshire Hathaway and the name of its CEO, former richest man in the world, Warren Buffet. The company is, to put it bluntly, a corporate behemoth. It is one of the largest in the world (always hovering in the top 10), and was recently recognized as the [largest publicly-traded](https://www.forbes.com/sites/isabelcontreras/2022/05/12/berkshire-hathaway-takes-down-jpmorgan-as-americas-largest-company/) company in America in 2022. Berkshire Hathaway owns stock in Apple, Chevron, Bank of America, and has majority or controlling stake in hundreds of publicly traded companies worldwide. It is a major global insurer – [26%](https://www.spglobal.com/esg/insights/completing-data-gaps-in-environmental-performance-disclosure) of its business is based in insurance, its largest value segment – and actively underwrites and invests in fossil fuels.
 
At face value, Berkshire Hathaway’s lack of action is surprising, and upon closer examination, it is baffling. Let’s do the face-value evaluation first. It is a major insurer, insuring everything from your car, to your small business, to your home, to real estate developers, to multi-million-dollar fossil fuel projects. It only takes a quick internet search to find out how events like natural catastrophes (happening more frequently and at higher intensities) are costing Berkshire Hathaway [hundreds of millions of dollars](https://www.insurancejournal.com/news/national/2021/11/08/641046.htm) because of catastrophe claims ($1.7 million in 2021), with profits falling quarter to quarter. In fact, the company [reported](https://www.reinsurancene.ws/berkshire-hathaway-reports-re-insurance-underwriting-loss-amid-hurricane-ian-claims-of-3-4bn/) pre-tax losses of $3.4 billion from Hurricane Ian alone in 2022 and an insurance and reinsurance underwriting loss of $962 million, up from a $784 million loss last year. This follows a larger [global trend](https://www.swissre.com/media/press-release/nr-20211214-sigma-full-year-2021-preliminary-natcat-loss-estimates.html): insured losses from natural disasters exceeding those from the prior 10 years, with $105 billion in 2021.


Because the assets that Berkshire Hathaway insures are actively being harmed by climate change and the companies/activities that are causing it. It is taking on financial risk and losing profit because of climate change as it actively invests in, insures, and underwriting the same activities that are causing it.
 
And the illogical cherry on top is that its peers are already beginning to address their emissions in their underwriting and investment activities, and 13 global insurers have joined the United Nations Net Zero Insurance alliance, they commit to transition their emissions from insurance and reinsurance underwriting portfolios to net zero by 2050. By continuing to not take action, Berkshire Hathaway is falling behind its peers and risks losing its long-term competitive advantage, especially as governments (multiple countries and at different levels of governance) impose more stringent environmental regulation.

If you are reading all this and thinking, “this is absolutely ridiculous and Berkshire Hathaway needs to change,” know that other shareholders feel the same way and that this campaign is for you.
 
We are asking you to support the resolution filed by As You Sow because it represents a vital opportunity for Berkshire Hathaway to shift course and operate in a manner that recognizes the substantial risk climate change poses to its own operations and the planet. Your support represents a call to action and an invitation for Berkshire Hathaway to change course.  

**AGM results**

AYS's proposal earned a 22.8% (43.8% of independent shareholder votes) supporting vote.

**Next AGM**

Berkshire Hathaway’s 2023 AGM is on the 6th May 2023 at 4:30pm Central Time (10:30pm GMT). 


**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. Berkshire Hathaway’s 2023 record date is the 8th March 2023.


**Supporting This Campaign**

If you purchase Berkshire Hathaway stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next Berkshire Hathaway AGM and receive an email from us closer to the deadline about how to do so.  



Tulipshare is asking Berkshire Hathaway to develop a climate transition plan.

All major fossil fuel projects depend on underwriting, insurance, and financing to operate; and Berkshire Hathaway is a major name in fossil fuel due to its continued proximity to fossil fuel investment and underwriting. Which is why shareholders are calling on Berkshire Hathaway to report whether it has any plan to begin measuring, disclosing, and reducing GHG emissions associated with its underwriting, insuring, and investment activities.

Develop a Climate Transition Plan at Berkshire Hathaway 

We're asking Berkshire Hathaway to develop a climate transition plan.

The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services across investment banking, securities, investment management and consumer banking to a diversified client base that includes corporations, financial institutions, governments and individuals. The Company segments include Global Banking & Markets, Asset & Wealth Management and Platform Solutions. The Global Banking & Markets segment includes financing, advisory services, risk distribution, and hedging for its institutional and corporate clients, including Fixed Income, Currency and Commodities (FICC) and Equities, Investment Banking and Marquee. The Asset & Wealth Management segment includes advice, investing, and execution for institutions and individuals across public and private markets. The Platform Solutions segment includes consumer platforms, such as partnerships offering credit cards and point-of-sale financing, and transaction banking and other platform businesses.

Estimated 2023 record date for Goldman Sachs

Next Goldman Sachs AGM 

**Our Goal**

Our goal is to support both Sierra Club’s and As You Sow’s separate proposals to Goldman Sachs by launching a campaign that allows individuals to invest in a safer and more just future where concrete climate transition plans are implemented.
 
**A “win” for Sierra Club’s proposal would result in:**
Goldman Sachs adopting a policy for a time-bound phase-out of lending and underwriting to projects and companies engaging in new fossil fuel exploration and development. This will enable support for Goldman Sachs’ energy clients’ low-carbon transition.

**A “win” for As You Sow’s proposal would result in:**
Goldman Sachs issuing a report disclosing a transition plan that describes how it intends to align its financing activities with its 2030 sectoral greenhouse gas emissions reduction targets, including the specific measures and policies to be implemented, reductions to be achieved by such measures and policies, and timelines for implementation and associated emission reductions.

**Why It's Important**

Goldman Sachs is one of the world’s largest backers of fossil fuels, providing nearly [$119 billion](https://www.bankingonclimatechaos.org/) in lending and underwriting to fossil fuel companies during 2016-2021, including new fossil fuel exploration and development programs. Thus, Goldman Sachs has a critical role to play in achieving Net Zero by 2050 goals considering the climate crisis is primarily caused by fossil fuel production and combustion, [enabled](https://www.greenamerica.org/blog/climate-urgency-break-your-mega-bank) by funding from financial institutions. 

Climate change poses a systemic risk, with [estimated](https://www.swissre.com/media/press-release/nr-20210422-economics-of-climate-change-risks.html) global gross domestic product (“GDP”) loss of 11-14% by midcentury under current trajectories. The Net Zero Banking Alliance (“NZBA”) [notes](https://www.unepfi.org/net-zero-banking/) that 40% of global banking assets have committed to aligning lending and investment portfolios with Net Zero by 2050. But targets alone are insufficient, which is why investors are calling on Goldman Sachs to demonstrate concrete transition strategies to credibly achieve the company’s disclosed emission reduction targets.

Goldman Sachs is a member of the NZBA and has announced a Net Zero by 2050 greenhouse gas emissions (“GHG”) reduction goal for its financed emissions. It also has set 2030 intensity reduction [targets](https://www.goldmansachs.com/accelerating-transition/accelerating-transition-report.pdf) for the oil and gas, power, and auto manufacturing sectors. As a reminder from our Wells Fargo campaign, intensity targets consider economic output. For example, some intensity targets are measured per unit of GDP, and grow or shrink depending on that measure of economic output. They are not absolute (where reduction goes down a certain set percentage over a certain amount of time).

To achieve these goals, Goldman [states](https://www.goldmansachs.com/accelerating-transition/accelerating-transition-report.pdf) that it is “expanding its commercial capabilities to help clients measure and manage their climate-related exposure”; “developing new financing tools tied to progress on climate transition”; and investing in “climate solutions and emerging technologies” for hard to abate sectors” including a ten-year, $750 billion commitment to sustainable finance. While the described actions will help clients manage and reduce their emissions, they do not demonstrate a concrete transition plan for how Goldman will achieve its 2030 sectoral reduction targets. An effective transition plan creates accountability by describing the indicators, milestones, metrics, and timelines necessary to deliver on its decarbonization targets and ensure investors that it is accountable for reducing its financed emissions in alignment with its 2030 targets. 

A transition plan might include, for example, disclosure of clients’ estimated annual reductions and how the bank plans to achieve remaining emissions reductions. Other elements of such a plan might include client and employee incentives or disincentives; setting mandatory actions, including loan approval guidelines, investment and underwriting priorities, or prohibitions; and developing policies or guidelines that otherwise restrict, limit, or condition bank business activities, along with expected associated reductions from each.

According to [scientific consensus](https://www.iisd.org/system/files/2022-10/navigating-energy-transitions-mapping-road-to-1.5.pdf), limiting warming to 1.5°C means that the world cannot develop new oil and gas fields or coal mines beyond those already approved (new fossil fuel exploration and development). Existing fossil fuel supplies are [sufficient](https://www.ipcc.ch/report/ar6/wg3/resources/spm-headline-statements/) to satisfy global energy needs, and new oil and gas fields would [not produce in time](https://www.iea.org/commentaries/what-does-the-current-global-energy-crisis-mean-for-energy-investment) to mitigate current energy market turmoil resulting from the Ukraine War.

The United Nations has [recommended](https://www.un.org/sites/un2.un.org/files/high-level_expert_group_n7b.pdf) that financial institution transition plans demonstrate how all parts of the business align with interim targets and long-term net zero targets. Moreover, [frameworks](https://www.iigcc.org/media/2022/07/An-investor-led-framework-of-pilot-indicators-to-assess-banks-on-the-transition-to-net-zero-28-July.pdf) and [guidelines](https://assets.bbhub.io/company/sites/63/2022/06/GFANZ_Recommendations-and-Guidance-on-Net-zero-Transition-Plans-for-the-Financial-Sector_June2022.pdf) exist to help financial institutions operationalize and translate net zero commitments into strategies “with specific objectives . . . against which progress can be assessed.”

Goldman Sachs (Goldman Sachs) has [committed](https://www.goldmansachs.com/accelerating-transition/accelerating-transition-report.pdf) to align its financing with the Paris Agreement, achieving net-zero emissions by 2050, [consistent](https://www.unepfi.org/net-zero-banking/commitment/) with limiting global warming to 1.5°C. However, Goldman Sachs’ policies and practices are not net-zero aligned. 

Without a policy to phase out financing of new fossil fuel exploration and development, Goldman Sachs is unlikely to meet its climate commitments and merits scrutiny for material risks that may include:

● Greenwashing: Regulators are [tightening and enforcing](https://www.bankingsupervision.europa.eu/press/speeches/date/2022/html/ssm.sp220922~bb043aa0bd.en.html) greenwashing regulations, which could result in fines and settlements.
● Regulation: Central banks, including the Fed, are starting to implement [climate stress tests](https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220708~565c38d18a.en.html) and [scenario analyses](https://www.federalreserve.gov/newsevents/pressreleases/other20220929a.htm), and some have begun to [propose](https://www.bis.org/review/r220223e.htm) increased capital requirements for climate risks.
● Competition: Dozens of global banks have adopted policies to phase out financing for new [oil and gas fields](https://oilgaspolicytracker.org/) and [coal mines](https://coalpolicytool.org/).
● Reputation: [Campaigns](https://stopthemoneypipeline.com/) targeting Goldman Sachs’ climate policies include organisations with tens of millions of global members and supporters, including current and potential Goldman Sachs customers.

By exacerbating climate change, Goldman Sachs is increasing systemic risk, which will have significant negative impacts – including [physical risks and transition risks](https://www.bis.org/bcbs/publ/d517.pdf) – for itself and for diversified investors.

Best practices for banks like Goldman Sachs to achieve net zero involve financing of companies reducing scopes 1-3 absolute emissions and allocating capital in line with science-based, independently verified short, medium and long-term decarbonization targets. Organisations like the [Science Based Targets](https://sciencebasedtargets.org/) initiative and [Transition Pathway Initiative](https://www.transitionpathwayinitiative.org/) can provide independent verification of decarbonization targets.
 
This campaign supports two proposals that are asking for: 1) a time-bound phase-out of funding for new fossil fuel exploration and development; and 2) a report that offers shareholders (and the public) valuable information about existing targets and what planned action exists (or doesn’t). Together, these proposals lay the foundation for positive systemic change in the ongoing climate crisis.

**AGM results**

AYS's proposal received a 30% supporting vote. 

**Next AGM**

Goldman Sachs’ 2023 AGM is on the 26th April 2023 at 8:30am Central Time (2:30pm GMT). 

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. Goldman Sachs’ 2023 record date is the 27th February 2023. 

**Supporting This Campaign**

If you purchase Goldman Sachs stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next AGM and receive an email from us closer to the deadline about how to do so.  





Tulipshare is asking GoldmanSachs to implement a climate transition plan.

The banking sector has a critical role to play in achieving global Net Zero targets by 2050, and Goldman Sachs, one of the world’s largest financiers of fossil fuels, is no exception.  This is why we’re calling on Goldman Sachs to implement concrete transition strategies for disclosed emission reduction targets. 


Implement a Climate Transition Plan at Goldman Sachs

We're asking @GoldmanSachs to implement a climate transition plan.

Deere & Company is engaged in the delivery of agricultural, construction, and forestry equipment. The Company's Production & precision agriculture segment develops and delivers global equipment and technology solutions to growers of large grains, small grains, cotton, and sugarcane. The Small agriculture & turf segment develops and delivers global equipment and technology solutions to dairy and livestock producers, high-value crop producers, and turf and utility customers. The Construction and Forestry segment develops and delivers a range of machines and technology solutions organized along the earthmoving, forestry, and roadbuilding production systems. The Financial Services segment finances sales and leases by John Deere dealers of new and used production and precision agriculture equipment, small agriculture and turf equipment and construction and forestry equipment. Its technology-enabled products include John Deere Autonomous 8R Tractor, See & Spray and E-Power Backhoe.

Deere's has committed to work with AYS over the next 24 months to develop a robust climate transition plan 

AYS successfully withdraw resolution for Deere & Co.

This AGM will be held virtually at 10 a.m. Central Standard Time (CST).

2023 AGM date for Deere & Co.

You must have purchased Deere shares before this date to vote at the 2023 AGM.

2023 record date for Deere & Co.

**Our Goal** 

Our goal is to support As You Sow’s [proposal](https://static1.squarespace.com/static/59a706d4f5e2319b70240ef9/t/631a6ae8ff0bc428f931ee3e/1662675688617/23.DE.1+Deere+%26+Co+-+Resolution_WEB.pdf) to Deere & Co. by launching a campaign that allows individuals to invest in a more sustainable future and ensure Deere is on track to achieve science-based greenhouse gas emissions reduction goals.
 
A “win” would result in Deere being required to issue a climate transition report disclosing long-term science-based 1.5-degree greenhouse gas targets, covering scopes 1-3, including operational, supply chain, product related emissions, and progress made in achieving those targets. 

Supporters of this proposal suggest that the report include:
- Commitment to Science Based Targets initiative validation;
- An enterprise-wide climate transition plan to achieve net zero emissions; and
- How capital allocation plans align with climate transition plans, where relevant.

**Why It's Important**

In 2018, the Intergovernmental Panel on Climate Change [advised ](https://www.ipcc.ch/2018/10/08/summary-for-policymakers-of-ipcc-special-report-on-global-warming-of-1-5c-approved-by-governments/)that greenhouse gas (GHG) emissions must reach net zero by 2050 to limit warming to 1.5 degrees Celsius, prevent the worst consequences of climate change, and meet the goals of the Paris Agreement. According to the United Nations, we are significantly “[off track](https://www.imperial.ac.uk/news/229754/major-un-report-concludes-world-off-track/)” in achieving these targets, spurring investors to seek corporate commitments to science-based GHG emissions reduction goals. 

The Climate Action 100+ initiative, a coalition of more than 700 investors with over $68 trillion in assets, issued a [Net Zero Benchmark](https://www.climateaction100.org/net-zero-company-benchmark/) outlining metrics that create climate accountability for companies and transparency for shareholders. Benchmark Indicators seek reporting on companies’ net zero emissions ambitions; short, medium and long term GHG reduction goals covering enterprise-wide emissions ([scopes 1-3](https://www.carbontrust.com/resources/briefing-what-are-scope-3-emissions)); and strategic action plans to achieve decarbonization targets.

Deere is a leading manufacturer of agricultural equipment and machinery. Deere’s [2021 10-K](https://s22.q4cdn.com/253594569/files/doc_downloads/2022/1/de-20211031x10k.pdf) states business results could be negatively affected by “unfavorable weather conditions or natural calamities that reduce agricultural production and demand for agriculture and turf equipment” and “increasingly stringent emission regulations or bans on internal combustion engines.” Not only does Deere face climate-related risks but actively contributes to them through production of fossil fuel-intensive equipment. 

While Deere has set 2030 GHG emission reduction targets, it [only aspires for 30% reduction of scope 3 emissions](https://www.deere.com/assets/pdfs/common/our-company/sustainability/sustainability-report-2021.pdf), which account for 99% of its total emissions. 

Long term planning to guide business transition and to support zero carbon product innovation is [imperative](https://www.sciencedirect.com/science/article/pii/S0048733321000949) for Deere to reduce emissions associated with customers’ use of its sold products, 92% of its total emissions. Deere has not set a net zero by 2050 ambition inclusive of all scopes of emissions, or disclosed a detailed plan for how to achieve such Paris-aligned GHG emissions reductions. In contrast, four of Deere’s peers in the “Electric Equipment and Machinery” sector have adopted validated, net zero targets through the [Science Based Targets initiative](https://sciencebasedtargets.org/companies-taking-action) (SBTi) and another 69 peers in this category have committed to SBTi validation of net zero targets

Setting long-term [1.5 degree aligned GHG goals](https://sciencebasedtargets.org/resources/files/Business-Ambition-FAQ.pdf) and developing transition plans to achieve them is an important means of abating climate risk for shareholders and avoiding future disruptive impacts to returns. These steps can assure shareholders that Deere’s management is taking seriously the physical and transition risks associated with climate change, benefitting the company, its customers, and investors.

*Curious about how the UK Government’s proposed 2023 mandated net zero transition plans will affect UK-listed companies? [Check this out](https://www.ey.com/en_uk/sustainability/what-mandated-net-zero-transition-plans-mean-for-uk-listed-companies).*

**Next AGM**

John Deere & Co. will hold their 2023 AGM Wednesday, February 22, 2023 at 10.00 AM Central Standard Time (CST) (4.00 PM GMT). You can view their [2023 proxy statement](https://d18rn0p25nwr6d.cloudfront.net/CIK-0000315189/b52b0ea5-82c3-4e41-a84d-9d713546dab6.pdf) to read through all the proposals shareholders will be able to vote on.

**AGM Record Date**

The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. In order to be eligible to vote at John Deere's 2023 AGM, you will have needed to purchase your shares as of the close of business on the record date, December 27, 2022. 

**Support This Campaign**

If you purchase Deere & Co. stock from Tulipshare before the next AGM record date, you will be eligible to vote at the next Deere & Co. AGM and receive an email from us closer to the deadline about how to do so. 



Deere & Co., also referred to as “John Deere,” is the world’s largest farm machinery manufacturer in terms of revenue [$44.5 billion in 2022 alone] and employs ~70,000 people in divisions across the globe. However, Deere’s 2021 10-K states business results could be negatively affected by “unfavorable weather conditions or natural calamities that reduce agricultural production and demand for agriculture and turf equipment” and “increasingly stringent emission regulations or bans on internal combustion engines.” Not only does Deere face climate-related risks, but actively contributes to them through production of fossil fuel-intensive equipment. To combat these risks, shareholders are requesting that Deere issue a climate transition report disclosing progress on greenhouse gas emissions reduction targets.

Deere & Co. Needs a Climate Transition Plan

Alphabet Inc. is a holding company. The Company's segments include Google Services, Google Cloud, and Other Bets. The Google Services segment includes products and services such as ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. The Google Cloud segment includes infrastructure and platform services, collaboration tools, and other services for enterprise customers. The Other Bets segment includes earlier stage technologies that are further afield from its core Google business, and it includes the sale of health technology and Internet services. Its Google Cloud provides enterprise-ready cloud services, including Google Cloud Platform and Google Workspace. Google Cloud Platform provides technology in cybersecurity; data, analytics, artificial intelligence (AI), machine learning and infrastructure. The Company's Google Workspace's secure communication and collaboration tools, which include apps, such as Gmail, Docs, Drive, Calendar, Meet, and others.

Next Alphabet AGM

Estimated 2023 record date for Alphabet

**Disclaimer:** Alphabet published its annual water metrics for 2021 across its Google-owned data centres in the U.S and intends to share annual water metrics for additional global locations in its 2023 Environmental Report and annually after that. This disclosure addresses the main asks we made of the Company last filing season, and we will continue to engage with them over the next year to gain more insight into their water risk reduction planning. This campaign remains open, but it may shift or change. This campaign remains open for investment and we will continue to keep our users updated.

**Our Goal**

Our goal is to support As You Sow’s [proposal](https://www.asyousow.org/resolutions/2021/12/23-alphabet-report-on-policies-and-practices-to-reduce-climate-related-water-risk) to Alphabet, Google’s parent company, by launching a campaign that allows individuals to invest in a more sustainable future and hold Google accountable for its contribution to global water scarcity by voting at the company’s next shareholder meeting. The proposal requests that Google annually report quantitative water-related metrics by location, including data centres, and for each location, practices implemented to reduce climate-related water risk. A “win” would result in Google being required to issue those annual reports evaluating and disclosing the above-referenced quantitative water-related metrics by location, including for data centres, along with: any location-specific water reduction targets and annual progress in achieving them, location-specific risk assessments and water scarcity planning, any integration of water and company governance mechanisms, and any compensation incentives related to water use reductions. Under the SEC’s new guidance, Google should no longer be able to classify its water usage as a “trade secret” considering that  straining local water supplies and contributing to water scarcity is a significant social policy issue that transcends the company’s ordinary business.

**Why It’s Important**

Climate change is expected to exacerbate water shortages globally. [NASA, using an array of satellites](https://www.nasa.gov/press-release/nasa-satellites-reveal-major-shifts-in-global-freshwater/), has observed a distinctive pattern of the wet land areas of the world getting wetter and the dry areas in between getting dryer, increasing regional droughts, and resulting in hotspots of groundwater depletion.

Increasing drought and water scarcity [poses an outsize risk to Google](https://www.bloomberg.com/news/features/2020-04-01/how-much-water-do-google-data-centers-use-billions-of-gallons), whose data centres require substantial amounts of water for cooling. Google will be affected by water scarcity in ways that may not seem obvious now – not only does the high-tech industry depend heavily on water, but also the food and beverage sector, power generation, mining, and pulp and paper all depend on water and are thus directly exposed to water scarcity; water is vital to industry whether it is used directly or indirectly for cooling or heating, transport, cleaning, and much more; and in addition to industrial needs, communities also have a high demand for household water.  In light of these facts, [Google faces risks due to competition for water resources](https://www.mckinsey.com/~/media/mckinsey/dotcom/client_service/sustainability/pdfs/report_large_water_users.aspx) by local communities, in addition to other companies or industries.  

To reduce water risk and reduce costs, many large companies have developed water planning measures, water conservation programs, and reporting of water stress and water use, among other practices. [Google’s 2021 Water Stewardship Report](https://www.gstatic.com/gumdrop/sustainability/google-water-stewardship.pdf) indicates an understanding of the important role of water scarcity management, describing generalised commitments to improve its operational water sustainability, including a goal to “[replenish more water than we consume by 2030](https://sustainability.google/commitments/water/#technology-tools).”

[Google further states](https://sustainability.google/commitments/water/#technology-tools) the importance of water-related data, describing a tool it helped develop “which aims to democratise information on water resources and empower policymakers, conservation organisations, and communities to better manage water resources collectively.”

Yet, [despite acknowledging the importance of these issues](https://www.gstatic.com/gumdrop/sustainability/google-2021-environmental-report.pdf), Google offers no recent reporting on its total enterprise-wide water use, nor does it disclose annual water use or other risk metrics by location. In fact, [Google states that](https://www.oregonlive.com/silicon-forest/2021/11/the-dalles-sues-to-keep-googles-water-use-a-secret.html) its local water use information, and its water use agreements with local governments, are trade secrets. The company has claimed that public officials cannot disclose the company’s water consumption and may not respond to public record act requests seeking information about Google’s actual and proposed water use. This behaviour has led to [lawsuits](https://law.yale.edu/wanting-keep-googles-water-use-secret-oregon-city-sues-news-organization#:~:text=A%20city%20in%20Oregon%20is,use%20is%20a%20public%20record.), [ill-will, and reputational damage](https://www.opb.org/article/2021/09/29/google-water-data-center-the-dalles-oregon/).

Alphabet, Google’s parent company, has become one of the world's largest technology conglomerates, with a market capitalization of [$1.4 trillion as of February 17, 2021](https://www.investopedia.com/investing/companies-owned-by-google/#citation-34), and a net income of $40.3 billion on revenue of $182.5 billion during its 2020 fiscal year according to [the company’s disclosure](https://abc.xyz/investor/static/pdf/20210203_alphabet_10K.pdf?cache=b44182d) to the U.S. Securities and Exchange Commission. In fact, Alphabet hit an all new record for annual revenue in 2021, showing no signs of slowing despite the ongoing coronavirus pandemic or lingering issues with the global supply chain. Alphabet reported a 41% [year-over-year jump](https://www.theverge.com/2022/2/1/22912196/google-alphabet-200-billion-annual-revenue-youtube-pixel-search) in revenue to $257 billion in 2021. Considering that Google understands the important role it plays in water scarcity management, as evidenced by its 2021 Water Stewardship Report referenced above, and that Google has the means to mitigate its impact on global water scarcity, as evidenced by its revenue and its generalised goal to replenish more water than it consumes, the company should improve its reputation for transparency by reporting on its water usage and improvements on its water usage policies.

Overall, more companies disclose on [water withdrawal than on water consumption](https://www.sustainalytics.com/esg-research/resource/investors-esg-blog/a-reflection-of-water-reporting-around-the-world), and the top ten countries reporting on both of those metrics are primarily European, likely due to stricter regional environmental standards and guidelines. Google needs to step up its reporting and transparency efforts considering disclosure of location-specific water use metrics and management actions is the primary means by which investors can gauge whether Google is sufficiently managing its water risk. [Companies such as Coca-Cola](https://www.coca-colacompany.com/content/dam/journey/us/en/policies/pdf/sustainability/2020-cdp-water-response.pdf) provide in-depth water reporting including information on water-stressed areas. 

Especially given the sheer size and global impact of the company, Google needs to provide adequate information to shareholders on its location-specific water use, impacts, and actions so as to allow shareholders to accurately gauge localised water stress trends and risks, which are expected to be exacerbated by climate change.

**2022 AGM**

Google’s 2022 AGM took place virtually on the 1st of June, with their record date falling on 5th of April. You can read Google’s [2022 proxy statement](https://abc.xyz/investor/other/annual-meeting/) and view the results of the votes on their [Form 8-K](about:blank). This proposal received a 21.46% backing from other shareholders, which means it did not get the majority needed to pass. 

**Next AGM**

We expect their 2023 AGM to fall around 1st of June. but we won't know until they release their 2023 proxy statement. 

**Next Record Date**

We expect the 2023 AGM record date - or the date by which you must hold Alphabet shares in order to participate in the 2023 AGM - to be around 5th April 2023. However, we won't know the exact date until Alphabet release their 2023 proxy statement. 

**Supporting this Campaign**

Tulipshare plans to follow this campaign closely to continue engaging with Google around climate change issues. There is also the possibility that this proposal will be resubmitted next year if the company does not take the requested action. Thus even if you're late to the game this year - you'll be able to support our campaign in applying stronger ESG best practices at Google in the future.

If you have any questions about record dates, please do not hesitate to reach out to our support team.


Climate change is expected to exacerbate water shortages globally. Google's impact on water scarcity cannot be ignored.

Alphabet is a collection of companies, the largest of which is Alphabet’s flagship subsidiary, Google. Google has dominated the worldwide search engine market since its inception in 1998, but you may not realise the secret cost of Google’s data centres - billions of gallons of water to cool the company’s servers. Despite its large-scale water usage, Google offers no recent reporting on its total enterprise-wide water use, nor does it disclose annual water use or other risk metrics by location. In fact, Google states that its local water use information, and its water use agreements with local governments, are trade secrets. Considering Google is the largest and most frequently used search engine worldwide, maintaining a 92.47 percent market share as of June 2021, its impact on water scarcity cannot be ignored.