The Shareholder Commons Announces Withdrawal of Shareholder Proposal after Yum! Brands Commits to Disclose Systemic Costs of Antibiotic Use

The Shareholder Commons announced today that Yum! Brands (NYSE: YUM, the “Company”) has agreed to provide comprehensive reporting on the systemic effects of the use of antibiotics in its supply chain by the end of 2021. Paul Rissman, a long-time shareholder of the Company, worked with The Shareholder Commons, a non-profit organization that seeks to shift the paradigm of investor thinking towards a systems-first approach, to submit a shareholder proposal earlier in the year. Rissman and The Shareholder Commons have now withdrawn their proposal on the same matter in recognition of the agreement.

The agreement with The Shareholder Commons requires the Company to:

• incorporate a study of the system-wide costs of antimicrobial resistance (AMR) into its public sustainability reporting.

• disclose its findings regarding how antibiotic use in animal husbandry threatens global health and well-being, as well as the global economy and diversified shareholder interests.

• discuss an optimal, global scenario for the food industry to eliminate or internalize AMR costs and address competitive concerns that would make progress more difficult without such an approach.

• describe how its policies and procedures—including those covering lobbying, political expenditures, and other forms of political influence—affect the realization of the global scenario.