SUPPORTING STATEMENT: Dear fellow shareholders,

For years, Denny’s has been communicating about reducing its greenhouse gas (GHG) emissions.



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2020: Denny’s says it “has a responsibility to protect the planet” and explicitly assures shareholders that, “we do this by reducing greenhouse gas emissions.” [Emphasis added]



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2021: Denny’s begins making the claim (which it still makes) that it “believes in…reducing greenhouse gas emissions” and boasting that it’s “instituted policies and practices aimed at reducing our environmental impact at the corporate level, the restaurant level and everywhere in between.”



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2022: Denny’s proxy statement claims that installing car charging stations at some locations is part of “further reducing” emissions. [Emphasis added]



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2023: CEO Kelli Valade declares, in Denny’s ESG report, that “we have a responsibility to do our part to protect the environment by reducing our greenhouse gas emissions.”

Of course, for Denny’s to know if it’s reducing (and even “further” reducing) GHG emissions, it must be measuring its emissions—since that would be the only certain way to know if a reduction is being achieved. But strangely, Denny’s has disclosed neither any GHG emissions data nor measurable reduction targets.

This sets Denny’s apart from countless other companies which do disclose their current GHG emissions and have set measurable reduction targets.

As just one example, McDonald’s has joined the United Nations’ Race to Zero campaign, committing to put it “on the path to net zero emissions by 2050” and has extensive disclosures regarding its GHG emissions (and reductions) for Scopes 1, 2, and 3 emissions.

After years of vague communications about reducing its emissions that fail to provide any GHG emissions data or targets, we think it’s time for some specificity.

Filed by The Accountability Board.