Company: SOJE
Filing Date: 2025-04-21
Form Type: PX14A6G
Source: 0001214659-25-006174
Chunk: 9

Company: SOUTHERN CO
Filing Date: 2025-04-21
Form: PX14A6G
Chunk 9
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 would increase prices for Southern’s customers                                                                      
 lacks supporting evidence. In contrast, failing to disclose key information leaves investors unable to verify whether the Company is pursuing 
 the most cost-effective, low-risk energy investments. Investors are not asking for commercially sensitive contracts or bidding strategies     
 but rather the foundational assumptions that are shaping Southern’s energy future—information that is critical to assessing                   
 risk, capital allocation, and alignment with decarbonization trends.                                                                          |

| 2025                                                    
 Proxy Memo                                              
 Southern Co | Disclosing Assumptions Behind High Carbon 
 Investments                                             |

Southern states: “We believe the third-party modeling of our GHG emissions trajectory that is cited by the proponent fails to reflect our pending state regulatory proceedings, an evolving policy landscape and outstanding requests for proposal for incremental generating resources to meet increased projected load growth.”

The Proponent cites Rocky Mountain Institute’s (RMI) modeling
of Southern’s emissions trajectory because the Company doesn’t provide it. Southern’s critique of RMI’s modelling
only emphasizes the fact that investors must rely on third party estimates when assessing climate-related risks.

Southern argues in its opposition statement: “Southern already publicly discloses detailed information about its decarbonization strategy…These disclosures include our Net Zero Q&A Supplement, which was published in response to our past conversations with the proponent and other stakeholders.”

Southern’s decarbonization disclosures do not meet best practice
and do not constitute a formal “strategy”. The “Net Zero Q&A Supplement” the Company refers to was disclosed
in 2023. It suggests reliance on hydrogen, renewable methane gas, and carbon capture, all technologies that have not reached cost parity,
nor have they been demonstrated at scale. Further, it is the assumptions behind current plans that are at issue in this proceeding. Investors
seek to evaluate current assumptions against current conditions, technology, and outside data. The general and outdated information provided
in the 2023 disclosure, while directionally helpful, does not answer the questions posed here.

CONCLUSION

Vote “Yes” on this Shareholder Proposal #6. This
proposal increases transparency around risk management and will provide necessary information to allow investors to assess whether Southern
Company is prioritizing the management of financially material climate-related risks and opportunities.

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For questions, please contact Kelly Poole, As You Sow, kpoole@asyousow.org

THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND