PROLOGIS | Lobbying Expenditures Disclosure at PROLOGIS

Status
Withdrawn
AGM date
Resolution details
Company ticker
PLD
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
Financials
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 Prologis 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 Prologis 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. Prologis’ membership in and payments to any tax-exempt organization that writes and endorses model 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 Prologis 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 Governance Committee and posted on Prologis’ website. Supporting StatementAs of mid-November, Prologis reported spending $170,000 to lobby the federal government directly. Analysis of databases maintained by two cities, Chicago and Los Angeles, shows that Prologis has been active in local lobbying. Prologis registered lobbyists in Chicago in four of the last five years1 and had at least seven lobbyist registrations for permits and other development projects between 2016-2021 in Los Angeles.2 Prologis belongs to two politically-active trade associations. It’s a member of the National Associationof Real Estate Investment Trusts (NAREIT)3 and two Prologis officers co-chair NAREIT councils.4 NAREIT lobbies extensively on the federal and state levels, spending $4.5 million on federal lobbying in 20205 and lobbying in 12 states over the past 15 years.6 Second, Prologis was actively engaged with the National Association of Industrial & Office Properties(NAIOP) during 2020.7 NAIOP spent over $1 million lobbying at the federal level in 2018 and 2019.8 NAIOP also lobbied in eight states with some form of disclosure requirement in the past 15 years.9 Prologis does not disclose to shareholders amounts spent on state and local lobbying or payments totrade associations 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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