The Starbucks Proxy

Company filed their preliminary proxy with contested solicitation this morning

Back in November, I mentioned the forthcoming Starbucks-SOC proxy contest:

SBUX filed a concurrent solicitation with Strategic Organizing Center’s (SOC) DFAN14A urging investors to support their position.

The SOC nominees, per filing:

“Maria Echaveste, a former senior White House official and corporate attorney with significant international relations and public company board experience.

Hon. Joshua Gotbaum, who has been a director of both public and private companies with decades of experience in corporate governance and change, as well as significant public policy and government experience.

Wilma Liebman, who possesses over 40 years of experience in labor management, employee relations, wage negotiations, public policy and law – including having served as the Chair of the NLRB under President Barack Obama.”

SOC’s DFAN14A:

Starbucks solicitation responding to SOC:

Michael Levin (

The Activist Investor

) aptly referenced this: “The First ESG Proxy Contest Under UPC.”

Today, we got our first look into how Starbucks will position the board (and its new nominees) versus SOC nominees. (PREC14A here.)

See below the SBUX-disclosed timeline and list of events.

“[T]he Nominating/Governance Committee determined that none of the SOC Group’s nominees possessed the mix of necessary experience, skills, qualifications, and other attributes that would allow them to add meaningful value in addressing many of the key considerations faced by the board.”

***

“On January 9, 2024, the board and the Nominating/Governance Committee held a joint meeting to consider and discuss the experience, qualifications, skills, and other attributes of six director candidates. The candidates considered were Neal Mohan, Daniel Servitje and Mike Sievert and the SOC Group’s nominees. In evaluating the candidates, the Nominating/Governance Committee considered applicable biographical, professional, and other information and each of such candidates conversations with members of the board. Following extensive discussion, the Nominating/Governance Committee determined that each of Neal Mohan, Daniel Servitje, and Mike Sievert had the experience, skills, qualifications, and other attributes required to add significant and meaningful value and insight in addressing the key considerations faced by the board.”

The most recent additions to the SBUX board:

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