Resolved clauseShareholders request that the Governance, Membership and Sustainability Committee
of the Board of Directors to report on the impact of the Company’s policy positions, advocacy,
and charitable giving on social and political matters, and the effect of those specific actions on
the Company’s financial sustainability. The Company should issue the report on the committee’s
findings by March 31, 2026, and publish it on the Company website.
Whereas clauseThe policy positions of Mondelez International (“Company”) – and its advocacy,
partnerships and charitable giving on significant social policy and political matters – should not
alienate consumers, decrease sales, or diminish shareholder value.
According to 1792 Exchange, Mondelez is a “high risk” investment:1
The company yields to political activism in shaping corporate governance, potentially
alienating consumers, dividing employees, and harming shareholders. The company
implements race and identity-based policies that replace merit, excellence, and integrity
with preferential treatment and outcomes. Mondelez embraces corporate initiatives that
redirect its central focus from business goals to partisan policies and divisive issues.
This approach fails to safeguard free exercise, free speech, and free enterprise.
The Company takes public and politically divisive positions over issues of significant social
policy concern, including support of organizations2 that advocate for gender transition treatments
for children3 4 without parental consent, and by sponsoring events5 that indoctrinate schoolkids
into LGBTQ culture by promoting sexually explicit books in schools and libraries.
6 Mondelez
donated at least $500,000 recently to PFLAG, which aggressively promotes these policies.7
The Company also has a 95 percent rating on the Human Rights Campaign’s “Corporate Equality
Index.”8 Earning that score means compliance with extremely controversial policies, such as
eliminating protections for women by allowing biological men to share their restrooms and
facilities with them, and forcible employee “sensitivity training” that includes gender identity,
sexual orientation, and mandated pronoun preferences.
9
Mondelez also contributed at least $500,000 to the BLM movement and related causes since
2020.10 These causes have been accused of squandering assets11 and supporting racism and
antisemitism,
12 and highly divisive and dangerous programs such as police-defunding and “antiracist” racial discrimination.13
Supporting statementRecent events have made clear that company bottom-lines, and
therefore value to shareholders, drop when companies take overtly political and divisive
positions that alienate consumers. In 2023, following Bud Light’s embrace of partisanship and
disparagement of its customer base, sales fell roughly 30 percent year-over-year.
14 In 2024,
Harley Davidson expects sales to plummet by at least 10 percent more than previously projected
after a backlash over its diversity, equity and inclusion policies.
15
And in mid-2024, after a social media campaign critical of Mondelez’s partnership of its Oreo
brand with PFLAG,16 reports emerged that detailed “how its popular cookies are being passed
over for cheaper, store-branded treats.”17 Its share price in late November was at its low for the
year, having plummeted by 18 percent in just two months.