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Support for shareholder proposal on reducing water pollution at Pilgrim’s Pride Corporation

Norges Bank Investment Management will vote in favour of the shareholder proposal on reducing water pollution, and all other resolutions submitted to shareholder approval at the Annual General Meeting of Pilgrim’s Pride Corporation on 1 May 2019.

29 April 2019

Our rationale

We will support the shareholder resolution asking for a report reviewing how Pilgrim’s Pride Corporation is responding to increasing regulatory, public and competitive pressure to significantly reduce water pollution from the company’s owned facilities; facilities under contract; and suppliers.

We believe that companies should disclose their water management strategy, challenges, and opportunities. Where relevant, they should identify and monitor material water risks in their supply chains, including in agriculture, implement relevant procurement policies, engage with relevant suppliers, and share best practices in sustainable water management.

We also encourage companies to set and monitor relevant key performance indicators and targets for direct and indirect water consumption and discharge quality. They should report on progress against such targets.

Our expectations on water management

Item

Proposal

Our voting Intention

1.1

Elect Director Gilberto Tomazoni

FOR

1.2

Elect Director Denilson Molina

FOR

1.3

Elect Director Wallim Cruz De Vasconcellos Junior

FOR

1.4

Elect Director Vincent Trius

FOR

1.5

Elect Director Andre Nogueira de Souza

FOR

1.6

Elect Director Farha Aslam

FOR

2.1

Elect Director Michael L. Cooper

FOR

2.2

Elect Director Charles Macaluso

FOR

2.3

Elect Director Arquimedes A. Celis

FOR

3

Advisory Vote to Ratify Named Executive Officers' Compensation

FOR

4

Approve Omnibus Stock Plan

FOR

5

Ratify KPMG LLP as Auditors

FOR

6

Report on Reduction of Water Pollution

FOR

7

Report on Human Rights Due Diligence Process

FOR

 

Important legal notice

Norges Bank Investment Management’s approach to responsible investing includes disclosing our voting decisions, in some cases in advance of the relevant meeting. This is only intended to provide information and is not solicitation or encouragement as to how others should vote. This disclosure is not investment research, advice or recommendation. Norges Bank Investment Management’s voting intention is an internal decision and has not been agreed with any other shareholders. Norges Bank Investment Management is not subject to any prohibition on dealing after the publication of this disclosure. Norges Bank Investment Management’s holdings and holdings available for voting from time to time may differ from those set out in lists of holdings as of year-end.