Healthpeak Properties Inc. | Lobbying Expenditures Disclosure at Healthpeak Properties Inc.

Status
Withdrawn
AGM date
Resolution details
Company ticker
PEAK
Resolution ask
Report on or disclose
ESG theme
  • Governance
ESG sub-theme
  • Lobbying / political engagement
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Real Estate
Company HQ country
United States
Resolved clause
Service Employees International Union has filed the following resolution. This will be updated in the lead filer field as soon as possible.

Shareholders of Healthpeak request the preparation of a report, updated annually, disclosing: 1. Company policies and procedures governing lobbying, both direct and indirect, and grassroots lobbying communications. 2. Payments by Healthpeak used for (a) direct or indirect lobbying or (b) grassroots lobbying communications, in each case including the amount of the payment and the recipient. 3. Healthpeak’s membership in and payments to any tax-exempt organization that writes and endorsesmodel legislation. 4. Description of management’s and the Board’s decision-making process and oversight for makingpayments described in sections 2 and 3 above. For purposes of this proposal, a grassroots lobbying communication is a communication directed tothe general public that (a) refers to specific legislation or regulation, (b) reflects a view on the legislation or regulation and (c) encourages the recipient of the communication to take action with respect to the legislation or regulation. Indirect lobbying is lobbying engaged in by a trade association or other organization of which Healthpeak is a member. Both direct and indirect lobbying and grassroots lobbying communications include efforts at the local, state and federal levels. The report shall be presented to the Nominating and Corporate Governance Committee and posted onHealthpeak’s website. Supporting Statement: Healthpeak does not report lobbying the federal government directly. It does, however, belong to two politically-active trade associations which lobby extensively. First, Healthpeak is a member of the National Association of Real Estate Investment Trusts (NAREIT).1 The Company’s CEO sits on the organization’s executive board.2 NAREIT lobbies extensively on the federal and state levels, spending $4.5 million on federal lobbying in 20203 and lobbying in 12 states over the past 15 years.4 NAREIT led efforts to lobby against extending the COVID-related federal eviction moratorium,5 which was popular: June 2020 polling data showed that 89% of Americans favored stopping all evictions during the pandemic.6 Second, Healthpeak Life Sciences Properties is a member of the southern California chapter of the National Association of Industrial & Office Properties (NAIOP), the Commercial Real Estate Development Association.7 NAIOP spent over $1 million lobbying at the federal level in 2018 and 2019.8 NAIOP opposes regulation of buildings’ energy efficiency, preferring incentive-based and market-oriented solutions—essentially, voluntary actions-- instead.9 Not improving energy efficiency impedes efforts to reduce greenhouse gas emissions, which in turn will worsen the climate crisis. NAIOP also lobbies at the state level, lobbying in eight states with some form of disclosure requirement in the past 15 years.10 Healthpeak fails to disclose to shareholders its third-party payments to trade associations and social welfare organizations, or the amounts used for lobbying. In our view, comprehensive disclosure of direct and indirect lobbying activities would enable shareholders to evaluate the risks associated with them.

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