FedEx Shareholder Proposal Demands Greater Accountability for Company’s Political Spending

FOR IMMEDIATE RELEASE               

Media Contact: Molly Betournay, 802-526-2525, [email protected]

Norwich, VT (August 19, 2021) – In advance of FedEx Corporation’s annual shareholder meeting in September, proponents of a shareholder proposal have released a statement making a detailed case for their demand that the company’s political contributions be held to a higher standard of accountability.

Clean Yield Asset Management’s shareholder proposal at FedEx Corporation urges the company to address the gulf between FedEx’s political contributions and the company’s stated values. FedEx has made numerous contributions to candidates and groups that have worked to undermine democracy and undercut initiatives to advance gender and racial equity. Details of the company’s concerning contributions are outlined in this letter to FedEx shareholders.

Similar proposals were voted on this spring at Pfizer (receiving 47% of the vote), JPMorgan Chase (30%), and The Home Depot (38%).

“For too long, FedEx has engaged in a pattern of concerning political involvement” said Molly Betournay, Director of Social Research and Advocacy at Clean Yield Asset Management. “It is time for FedEx to bring its political spending in line with its organizational values.” The proposal highlights several specific concerns:

• Public records show that FedEx and FedExPAC contributed at least $200,000 during the 2020 election cycle to the 147 members of Congress who challenged the certification of the 2020 presidential results on January 6, 2021.
• FedEx has stated that it “supports an inclusive workplace culture and is committed to the education, recruitment, development and advancement of diverse team members worldwide,” yet based on public data, Clean Yield estimates that in the 2016-2020 election cycles, FedEx and FedExPAC made political donations totaling over $4 million to politicians and political organizations working to weaken access to reproductive health care, undermining the ability of employees to manage their fertility.
• FedEx contributed $150,000 in 2018 to the Republican Governors Association, a 527 organization that was key in funding Georgia Governor Brian Kemp and Iowa Governor Kim Reynolds, who in 2021 signed into law two of the nation’s most restrictive voter suppression laws, dubbed “the new Jim Crow.”
• FedEx has contributed over $1.2 million to 75 anti-LGBTQ politicians in recent years. These donations conflict with FedEx’s aspirations to provide a supportive environment for its LGBTQ+ employees.
• Although FedEx has committed to carbon neutrality by 2040, the company remains a member of the U.S. Chamber of Commerce – which has long and consistently lobbied against U.S. climate action – while also stating that the company has “a responsibility to take bold action in addressing climate challenges.”

Clean Yield is working in partnership with Rhia Ventures on this proposal. Shelley Alpern, Director of Corporate Engagement for Rhia Ventures, said, “the risks of poorly considered political donations have never been higher for corporations, investors, and society at large. We are past the era when companies can evade responsibility for the consequences of their political support, whether intentional or not.” Rhia Ventures is a social impact organization developing a vibrant market for women’s sexual, reproductive, and maternal health.

Clean Yield Asset Management is a registered investment advisor based in Norwich, Vermont. Clean Yield focuses exclusively on socially responsible asset management, offering clients customized portfolios and the opportunity to invest in high-social-impact vehicles.