Foot Locker, Inc. | Report on GHG emissions targets at Foot Locker

Status
Withdrawn
AGM date
Previous AGM date
Resolution details
Company ticker
FL:US
Lead filer
As You Sow
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • GHG targets / emissions
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Consumer Discretionary
Company HQ country
United States
Resolved clause
The increasing rate and number of climate related disasters affecting society is causing alarms to be raised globally, making the corporate sector’s contribution to climate mitigation a significant policy issue.



In addition to environmental and social harms, climate change is creating systemic risks to the economy. The Commodity Futures Trading Commission underscored that climate change could impair the productive capacity of the U.S. economy.



Shareholders are increasingly concerned about material climate risk to their companies and their portfolios and seek clear and consistent disclosures from the companies in which they invest, including credible climate transition plans. BlackRock’s CEO notes that investment flows into “sustainable” and climate aligned assets will drive long term outperformance and that companies should disclose plans for how their business model will be compatible with a net zero economy.



In response to material climate risk, the Climate Action 100+ initiative (CA100+), a coalition of 615 investors with $60 trillion in assets, issued a Net Zero Benchmark (Benchmark) outlining metrics that create climate accountability for companies and transparency for shareholders. Indicators 1 through 5 of the Benchmark seek reporting on companies’ net zero emissions ambitions; short, medium, and long term greenhouse gas (GHG) reductions goals covering enterprise-wide emissions; and strategic action plans to achieve decarbonization targets.



Foot Locker, Inc. is a leading global retailer with a portfolio of brands offering a large selection of athletic footwear and apparel. Our Company has taken certain limited activities to reduce its GHG emissions, including replacing facility lighting with LEDs and utilizing modeling software to improve the efficiency of store delivery networks. While these are credible first steps, our Company has not set targets to reduce GHG emissions across its entire enterprise, including supply chain emissions, or disclosed a plan for how to achieve Paris-aligned, 1.5oC emissions reductions.



By setting GHG emissions reduction targets, including a net zero by 2050 ambition; reporting a climate transition plan in line with achieving such goals; and demonstrating progress to shareholders, Foot Locker can provide investors with assurance that management is reducing its climate contribution in line with global goals and addressing the growing risks associated with climate change.
Whereas clause
Shareholders request that Foot Locker, Inc. issue a report at reasonable cost and omitting proprietary information disclosing how the Company intends to reduce its enterprise-wide operational and supply chain GHG emissions in alignment with the Paris Agreement's 1.5 degree goal requiring net zero emissions by 2050.
Supporting statement
Proponents suggest, at Board and Company discretion, the report describe:
• A timeline for setting a net zero GHG reduction target and aligned interim goals
• An enterprise-wide climate transition plan to achieve net zero emissions
• A rationale for any decision not to set targets aligned with the Paris Agreement’s 1.5 degree goal
• Other information the Board deems appropriate

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
Presbyterian Church U.S.A. Foundation For

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