Whereas: The Home Depot Inc. (“Home Depot” or “Company”) has announced initiatives that prioritize recycled or “recyclable” materials for private-brand products and supplier-delivered goods. The Company states that by the end of 2028 it requires suppliers to reduce or convert 200 million pounds of plastic used in products and packaging to recycled or alternative materials. Unrealistic schemes like Home Depot’s are driven by an alleged “plastics pollution crisis.” Yet objective evidence shows that plastic packaging in many ways offers net environmental and economic benefits, including lighter weight, durability, lower transportation costs, and reduced emissions compared to alternatives. Critics contend that to the degree there’s a problem, that it's not plastic production, but inadequate waste management systems, particularly in developing economies. Advocates for a “circular economy” rely on biased reports such as Breaking the Plastic Wave and Plastics: The Costs to Society, the Environment, and the Economy, which emphasize environmental “costs” while mostly ignoring the benefits of plastics and the trade-offs of substitutes. Shareholders are entitled to understand whether forcing recycled or recyclable substitutes into the supply chain is justified when virgin plastics may remain the most practical and cost-effective option. The Company states that “compared to virgin plastics which are manufactured to be abundant and consistent, recycled plastics are more difficult to source, less physically consistent and often more expensive.” Home Depot has not presented a comprehensive analysis that weighs supply, performance, quality, safety, logistics, and cost trade-offs of these targets specifically against continuing the use of virgin plastics where appropriate. Materiality: Home Depot reported $159.5 billion in sales and $14.8 billion in net earnings for fiscal 2024. Given the scale of private-brand and vendor-delivered products and packaging governed by Home Depot’s standards, policies and targets can reasonably affect more than 5% of the Company’s economics. This policy is a corporate-level function rather than a “ordinary business” activity left to suppliers. Packaging material sourcing and product specifications are governed by Home Depot. Accordingly, shareholders have a legitimate interest in an objective evaluation of these targets versus the continued use of virgin plastics where warranted.