Company: KHC
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001308179-25-000266
Chunk: 50

Company: Kraft Heinz Co
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 50
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 POLICY ON INDEPENDENT BOARD CHAIR                                                                                                                                                                                          
 A stockholder proposal, if properly presented at the Annual Meeting, requesting the Board to adopt a policy, and amend the Company’s By-Laws as necessary, to require the Board Chair position be held by an independent director. 
 THE BOARD                                                                                                                                                                                                                          
 RECOMMENDS A VOTE AGAINST PROPOSAL                                                                                                                                                                                                 
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The Accountability Board, Inc., 401 Edgewater Place, #600, Wakefield, MA 01880, the beneficial owner of at least $15,000 of Kraft Heinz stock, has submitted and intends to present the following proposal for consideration at the Annual Meeting. We are not responsible for the accuracy or content of the proposal or supporting statement, which are presented as received from the proponent in accordance with SEC rules. STOCKHOLDER PROPOSAL Dear fellow shareholders, We believe well-defined and stable Board leadership is fundamental to strong governance. Thus, it’s highly concerning that Kraft Heinz’s (KHC) practices and policies with respect to Board leadership—especially director independence—keep shifting. Here’s the background: The “Key Corporate Governance Practices” sections of KHC’s 2016 through 2020 proxy statements touted that “we have adopted a number of corporate governance practices to promote and enhance the Board’s independent leadership, accountability, and oversight” including that “we have an independent Chairman” and that “no member of our management serves on the Board.” But in the 2021 proxy statement, the provision about management not serving on the Board disappeared, and the company’s CEO, Miguel Patricio, became a director that year. At least, however, KHC still had an independent Chair. In fact, a new “Corporate Governance Strengths” section in the 2021 proxy statement listed that as a “strength.” But in the 2022 proxy statement, that too was gone, with Mr. Patricio set to become both CEO and Board Chair following the annual meeting. And the next year, its 2023 proxy statement emphasized that, “We havea combined Chair and Chief Executive Officer” as a key practice. [Emphasis added.] That didn’t last long either though: in a quick reversal, KHC’s 2024 proxy statement touted its “refreshed” Board, noting “the Board decided to separate the CEO and Chair.” Although the Board can’t seem to make up its mind, we believe KHC was right all those years it said having an independent Chair