[PX14A6G] CAMPBELL'S Co SEC Filing
As You Sow filed a Notice of Exempt Solicitation urging shareholders of Campbell Soup Company (CPB) to vote Yes on Item #5 at the annual meeting on November 18, 2025. The proposal asks Campbell’s to publish a report explaining if and how it will measure and disclose the effectiveness of its regenerative agriculture program, including pesticide reduction outcomes.
The filer argues that pesticide use can harm soil microorganisms, biodiversity, and farm resiliency, and that tracking reductions is central to credible regenerative outcomes. It notes Campbell’s collects some farm-level data but does not publicly disclose pesticide reduction results, which it says limits investors’ ability to assess risk and progress and could create reputational and competitive concerns. The filing cites peers that report pesticide metrics and contends transparent outcomes reporting would help investors evaluate supply-chain resiliency and sustainability performance.
As You Sow ha presentato una Notifica di Solicitation Esente richiedendo agli azionisti di Campbell Soup Company (CPB) di votare Sì sull'Articolo n. 5 all'assemblea annuale del 18 novembre 2025. La proposta chiede a Campbell's di pubblicare un rapporto che spieghi se e come misurerà e renderà pubblica l'efficacia del suo programma di agricoltura rigenerativa, inclusi gli esiti della riduzione dei pesticidi.
Il richiedente sostiene che l'uso di pesticidi può danneggiare i microrganismi del suolo, la biodiversità e la resilienza delle aziende agricole, e che monitorare le riduzioni è centrale per risultati rigenerativi credibili. Si nota che Campbell's raccoglie alcuni dati a livello di fattoria ma non divulga pubblicamente i risultati della riduzione dei pesticidi, il che, secondo loro, limita la capacità degli investitori di valutare rischi e progressi e potrebbe creare preoccupazioni reputazionali e competitive. L'atto cita peer che riportano metriche sui pesticidi e sostiene che una rendicontazione trasparente degli esiti aiuterebbe gli investitori a valutare la resilienza della catena di fornitura e la performance di sostenibilità.
As You Sow presentó una Notificación de Solicitud Exenta instando a los accionistas de Campbell Soup Company (CPB) a votar Sí en el Ítem #5 en la asamblea anual el 18 de noviembre de 2025. La propuesta pide a Campbell’s publicar un informe que explique si y cómo medirá y divulgará la efectividad de su programa de agricultura regenerativa, incluyendo los resultados de la reducción de pesticidas.
El solicitante argumenta que el uso de pesticidas puede dañar microorganismos del suelo, biodiversidad y resiliencia de las granjas, y que rastrear las reducciones es central para resultados regenerativos creíbles. Señala que Campbell’s recopila algunos datos a nivel de granja pero no divulga públicamente los resultados de la reducción de pesticidas, lo que, dice, limita la capacidad de los inversores para evaluar riesgos y progreso y podría generar preocupaciones reputacionales y competitivas. La presentación cita pares que informan métricas de pesticidas y sostiene que una rendición de cuentas de resultados transparente ayudaría a los inversores a evaluar la resiliencia de la cadena de suministro y el desempeño de sostenibilidad.
As You Sow는 Campbell Soup Company(CPB)의 주주들에게 2025년 11월 18일 연례총회에서 5번 안에 예를 투표하라고 촉구하는 면제된 Solicitation의 공지를 제출했습니다. 제안은 캠벌스가 재생 가능한 농업 프로그램의 효과를 측정하고 공개하는 방법과 여부를 설명하는 보고서를 발표하고, 농약 감축 성과를 포함해야 한다고 요구합니다.
제출자는 농약 사용이 토양 미생물, 생물다양성 및 농장 회복력에 해를 끼칠 수 있으며 감소량 추적이 재생 가능한 성과의 신뢰성을 좌우한다고 주장합니다. Campbell's가 일부 농장 수준 데이터를 수집하지만 농약 감소 결과를 공개하지 않는 점은 투자자들이 위험과 진전을 평가하는 데 제한을 두며 평판 및 경쟁상의 우려를 초래할 수 있다고 지적합니다. 이 제출서는 농약 지표를 보고하는 동료들을 인용하며, 투명한 결과 보고가 공급망 회복력 및 지속 가능성 성과를 평가하는 데 도움이 될 것이라고 주장합니다.
As You Sow a déposé un avis de sollicitation exonérée exhortant les actionnaires de Campbell Soup Company (CPB) à voter Oui sur le point n°5 lors de l’assemblée annuelle du 18 novembre 2025. La proposition demande à Campbell’s de publier un rapport expliquant si et comment elle mesurera et divulguera l’efficacité de son programme d’agriculture régénératrice, y compris les résultats de la réduction des pesticides.
Le déposant soutient que l’utilisation de pesticides peut nuire aux microorganismes du sol, à la biodiversité et à la résilience des exploitations, et que suivre les réductions est central pour des résultats régénératifs crédibles. Il note que Campbell’s collecte certaines données au niveau des fermes mais ne divulgue pas publiquement les résultats de la réduction des pesticides, ce qui, selon lui, limite la capacité des investisseurs à évaluer les risques et les progrès et pourrait créer des préoccupations de réputation et de compétitivité. Le dossier cite des pairs qui rapportent des indicateurs sur les pesticides et soutient qu’une communication transparente des résultats aiderait les investisseurs à évaluer la résilience de la chaîne d’approvisionnement et la performance en matière de durabilité.
As You Sow hat eine exemptierte Aufforderung eingereicht, die Aktionäre der Campbell Soup Company (CPB) auffordert, bei der Jahreshauptversammlung am 18. November 2025 über Punkt Nr. 5 Ja zu stimmen. Der Vorschlag bittet Campbell’s, einen Bericht zu veröffentlichen, der erklärt, ob und wie die Wirksamkeit ihres regenerativen Landwirtschaftsprogramms gemessen und offengelegt wird, einschließlich der Ergebnisse zur Reduzierung von Pflanzenschutzmitteln.
Der Einreicher argumentiert, dass der Einsatz von Pestiziden schädlich für Bodenmikroorganismen, Biodiversität und die Widerstandsfähigkeit der Betriebe sein kann und dass die Verfolgung von Reduktionsraten zentral für glaubwürdige regenerative Ergebnisse ist. Es wird darauf hingewiesen, dass Campbell’s einige Farmdaten sammelt, jedoch die Ergebnisse der Reduzierung von Pestiziden nicht öffentlich bekannt gibt, was Investoren bei der Bewertung von Risiken und Fortschritten einschränken und reputations- sowie wettbewerbsbezogene Bedenken hervorrufen könnte. Die Einreichung verweist auf Peer-Unternehmen, die Pestizidkennzahlen berichten, und behauptet, transparente Ergebnisberichterstattung würde Investoren helfen, die Resilienz der Lieferkette und die Nachhaltigkeitsleistung zu bewerten.
As You Sow قد قدمت إشعاراً بمسوّقة مستثناة تحثّ مساهمي Campbell Soup Company (CPB) على التصويت بـ< b>نعم على البند رقم 5 في اجتماعها السنوي في 18 نوفمبر 2025. تقترح الاقتراح أن Campbells تنشر تقريراً يشرح ما إذا كانت ستقيس وتكشف عن فعالية برنامج الزراعة المتجددة لديها، بما في ذلك نتائج تقليل المبيدات.
يجادل مقدمو الطلب بأن استخدام المبيدات يمكن أن يضر الكائنات الدقيقة في التربة والتنوع الحيوي ومرونة المزارع، وأن تتبّع التخفيضات أمر مركزي لنتائج متجددة ذات مصداقية. يذكرون أن Campbell’s يجمع بعض البيانات على مستوى المزارع ولكنه لا يكشف علناً عن نتائج تقليل المبيدات، وهو ما يحد من قدرة المستثمرين على تقييم المخاطر والتقدم وقد يخلق مخاوف تتعلق بالسمعة والمنافسة. يشير الطلب إلى نظراء يبلغون عن مقاييس المبيدات ويدعي أن تقرير النتائج بشفافية سيمكّن المستثمرين من تقييم مرونة سلسلة الإمداد وأداء الاستدامة.
As You Sow 已提交一份豁免招股说明书式的通知，敦促 Campbell Soup Company (CPB) 的股东在年度股东大会于2025年11月18日就第5项投票< b>Yes。该提案要求 Campbell’s 发布一份报告，说明其是否以及如何衡量并披露其再生农业计划的有效性，其中包括农药减量结果。
提交者认为农药的使用会损害土壤微生物、生物多样性和农场韧性，追踪减量对于可信的再生结果至关重要。它指出 Campbell’s 收集了一些田间层面的数据，但并未公开披露农药减量结果，这限制了投资者评估风险和进展的能力，可能带来声誉和竞争方面的担忧。该提交还引用同行在农药指标方面的报告，并主张透明的结果披露将帮助投资者评估供应链韧性和可持续性绩效。
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As You Sow ha presentato una Notifica di Solicitation Esente richiedendo agli azionisti di Campbell Soup Company (CPB) di votare Sì sull'Articolo n. 5 all'assemblea annuale del 18 novembre 2025. La proposta chiede a Campbell's di pubblicare un rapporto che spieghi se e come misurerà e renderà pubblica l'efficacia del suo programma di agricoltura rigenerativa, inclusi gli esiti della riduzione dei pesticidi.
Il richiedente sostiene che l'uso di pesticidi può danneggiare i microrganismi del suolo, la biodiversità e la resilienza delle aziende agricole, e che monitorare le riduzioni è centrale per risultati rigenerativi credibili. Si nota che Campbell's raccoglie alcuni dati a livello di fattoria ma non divulga pubblicamente i risultati della riduzione dei pesticidi, il che, secondo loro, limita la capacità degli investitori di valutare rischi e progressi e potrebbe creare preoccupazioni reputazionali e competitive. L'atto cita peer che riportano metriche sui pesticidi e sostiene che una rendicontazione trasparente degli esiti aiuterebbe gli investitori a valutare la resilienza della catena di fornitura e la performance di sostenibilità.
As You Sow presentó una Notificación de Solicitud Exenta instando a los accionistas de Campbell Soup Company (CPB) a votar Sí en el Ítem #5 en la asamblea anual el 18 de noviembre de 2025. La propuesta pide a Campbell’s publicar un informe que explique si y cómo medirá y divulgará la efectividad de su programa de agricultura regenerativa, incluyendo los resultados de la reducción de pesticidas.
El solicitante argumenta que el uso de pesticidas puede dañar microorganismos del suelo, biodiversidad y resiliencia de las granjas, y que rastrear las reducciones es central para resultados regenerativos creíbles. Señala que Campbell’s recopila algunos datos a nivel de granja pero no divulga públicamente los resultados de la reducción de pesticidas, lo que, dice, limita la capacidad de los inversores para evaluar riesgos y progreso y podría generar preocupaciones reputacionales y competitivas. La presentación cita pares que informan métricas de pesticidas y sostiene que una rendición de cuentas de resultados transparente ayudaría a los inversores a evaluar la resiliencia de la cadena de suministro y el desempeño de sostenibilidad.
As You Sow는 Campbell Soup Company(CPB)의 주주들에게 2025년 11월 18일 연례총회에서 5번 안에 예를 투표하라고 촉구하는 면제된 Solicitation의 공지를 제출했습니다. 제안은 캠벌스가 재생 가능한 농업 프로그램의 효과를 측정하고 공개하는 방법과 여부를 설명하는 보고서를 발표하고, 농약 감축 성과를 포함해야 한다고 요구합니다.
제출자는 농약 사용이 토양 미생물, 생물다양성 및 농장 회복력에 해를 끼칠 수 있으며 감소량 추적이 재생 가능한 성과의 신뢰성을 좌우한다고 주장합니다. Campbell's가 일부 농장 수준 데이터를 수집하지만 농약 감소 결과를 공개하지 않는 점은 투자자들이 위험과 진전을 평가하는 데 제한을 두며 평판 및 경쟁상의 우려를 초래할 수 있다고 지적합니다. 이 제출서는 농약 지표를 보고하는 동료들을 인용하며, 투명한 결과 보고가 공급망 회복력 및 지속 가능성 성과를 평가하는 데 도움이 될 것이라고 주장합니다.
As You Sow a déposé un avis de sollicitation exonérée exhortant les actionnaires de Campbell Soup Company (CPB) à voter Oui sur le point n°5 lors de l’assemblée annuelle du 18 novembre 2025. La proposition demande à Campbell’s de publier un rapport expliquant si et comment elle mesurera et divulguera l’efficacité de son programme d’agriculture régénératrice, y compris les résultats de la réduction des pesticides.
Le déposant soutient que l’utilisation de pesticides peut nuire aux microorganismes du sol, à la biodiversité et à la résilience des exploitations, et que suivre les réductions est central pour des résultats régénératifs crédibles. Il note que Campbell’s collecte certaines données au niveau des fermes mais ne divulgue pas publiquement les résultats de la réduction des pesticides, ce qui, selon lui, limite la capacité des investisseurs à évaluer les risques et les progrès et pourrait créer des préoccupations de réputation et de compétitivité. Le dossier cite des pairs qui rapportent des indicateurs sur les pesticides et soutient qu’une communication transparente des résultats aiderait les investisseurs à évaluer la résilience de la chaîne d’approvisionnement et la performance en matière de durabilité.
As You Sow hat eine exemptierte Aufforderung eingereicht, die Aktionäre der Campbell Soup Company (CPB) auffordert, bei der Jahreshauptversammlung am 18. November 2025 über Punkt Nr. 5 Ja zu stimmen. Der Vorschlag bittet Campbell’s, einen Bericht zu veröffentlichen, der erklärt, ob und wie die Wirksamkeit ihres regenerativen Landwirtschaftsprogramms gemessen und offengelegt wird, einschließlich der Ergebnisse zur Reduzierung von Pflanzenschutzmitteln.
Der Einreicher argumentiert, dass der Einsatz von Pestiziden schädlich für Bodenmikroorganismen, Biodiversität und die Widerstandsfähigkeit der Betriebe sein kann und dass die Verfolgung von Reduktionsraten zentral für glaubwürdige regenerative Ergebnisse ist. Es wird darauf hingewiesen, dass Campbell’s einige Farmdaten sammelt, jedoch die Ergebnisse der Reduzierung von Pestiziden nicht öffentlich bekannt gibt, was Investoren bei der Bewertung von Risiken und Fortschritten einschränken und reputations- sowie wettbewerbsbezogene Bedenken hervorrufen könnte. Die Einreichung verweist auf Peer-Unternehmen, die Pestizidkennzahlen berichten, und behauptet, transparente Ergebnisberichterstattung würde Investoren helfen, die Resilienz der Lieferkette und die Nachhaltigkeitsleistung zu bewerten.
Notice of Exempt Solicitation Pursuant to Rule 14a-103
Name of Registrant: The Campbell’s Company CPB
Name of person relying on exemption: As You Sow®
Address of persons relying on exemption: 11461 San Pablo Ave, Suite 400, El Cerrito, CA 94530
The attached written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. As You Sow® does not beneficially own more than $5 million of the class of subject securities, and this notice of exempt solicitation is therefore being provided on a voluntary basis.
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11461 San Pablo Ave. Suite 400 | www.asyousow.org |
El Cerrito, CA 94530
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BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992 |
The Campbell’s Company (CPB)
Vote Yes: Item #5 – Regenerative Agriculture Program Report
Annual Meeting: November 18, 2025
CONTACT: Cailin Dendas | cdendas@asyousow.org
THE RESOLUTION
Resolved: Shareholders request that Campbell’s issue a report, at reasonable expense and omitting proprietary information, disclosing if and how the company intends to measure and disclose the effectiveness of its regenerative agriculture program, including pesticide reduction outcomes.
SUMMARY
This Proposal asks Campbell’s to report if and how it intends to measure and disclose its regenerative agriculture program’s success, including pesticide reduction, a key criterion to regenerating healthy soil. A healthy soil ecosystem is alive, with thriving microorganisms that retain nutrients and water, prevent topsoil loss, and assist plants in making use of available nutrients. Healthy soils also increase farm resiliency in the face of climate-related droughts, extreme heat, and floods and increase soil’s ability to sequester carbon.1
Pesticides kill soil microorganisms, thereby reducing soil health and increasing risk to farm resiliency. This problem is only intensified as climate-related risks increase and hinder crop production.2,3,4 Pesticides also create negative health impacts for farm workers and fenceline communities, increase water pollution, and harm biodiversity. Therefore, regenerative agriculture programs that fail to significantly reduce pesticide use are unable to effectively achieve regenerative outcomes.
Other aspects of regenerative agriculture, such as no-till or reduced tillage or crop rotation, can help retain healthy soils in place and help reduce crop disease, but they are insufficient alone. The base of a successful regenerative agriculture system is healthy soils, which are incompatible with heavy pesticide use.
Tracking regenerative outcomes, including pesticide reduction, is necessary for investors, and the Company, to effectively manage risk. While Campbell’s reports that it collects data from its potato growers practicing cover cropping and crop rotation,5 it does not publicly disclose such data, nor does it report pesticide reduction data, leaving shareholders with insufficient information to understand the success of the Company’s regenerative agriculture program and whether it adequately mitigates the risks in the Company’s agricultural supply chains.
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1 https://www.sciencedaily.com/releases/2023/02/230208125121.htm#:~:text=Both%20studies%20conclude%20that%20climate,growth%20and%20improve%20plant%20resilience
2 https://www.sciencedirect.com/science/article/pii/S2212094716300068#s0070
3 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2984095/#:~:text=Heavy%20treatment%20of%20soil%20with,fungi%2C%20then%20the%20soil%20degrades
4 https://www.sciencedirect.com/science/article/pii/S0264837718319343#:~:text=The%20headline%20result%20is%20that,on%20world%20agri%2Dfood%20markets
5 https://www.thecampbellscompany.com/wp-content/uploads/2024/04/2024-Corporate-Responsibility-Report.pdf, p. 23
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2025 Proxy Memo The Campbell’s Company | Regenerative Agriculture Program Report |
Campbell’s similarly does not report improved biodiversity, water quality, or soil health to disclose the success of its regenerative program. In such case, shareholders require pesticide use and reduction data to assess a program’s ability to reduce risk and achieve regenerative outcomes. Campbell’s unwillingness to disclose pesticide reductions also leaves our Company vulnerable to claims of greenwashing and competitive risks, as Campbell’s falls behind peers.
Campbell’s’ competitors, including Lamb Weston and Conagra, are measuring and publicly reporting pesticide reduction data across their supply chains to disclose the effectiveness of their regenerative agriculture programs. These actions are responsive not only to investors, but to concerned customers and advocates seeking the elimination or reduction of pesticide use, including consumer advocacy groups petitioning for more protective regulatory standards to address environmental and human health.6
In addition, Campbell’s potential failure to significantly reduce pesticide use in its regenerative agriculture program leaves our Company susceptible to decreased farm resiliency and litigation associated with pesticide-related health harms.
Finally, the Boston Consulting Group (BCG) estimates that farmers adopting regenerative practices will see between 70% to 120% higher profitability over time, above peers farming conventionally, due to increased resiliency7 and reducing the input costs from significant pesticide and fertilizer use. By promoting the adoption of effective regenerative agricultural practices in its supply chain, Campbell’s can help stabilize farmers’ incomes and crop production, thereby improving its own resiliency.
RATIONALE FOR A YES VOTE
| 1. | Reporting pesticide reduction outcomes achieved through Campbell’s regenerative agriculture program is essential to assessing effectiveness in mitigating risks |
| 2. | Campbell’s lags its peers in disclosing pesticide use and reduction data through its regenerative agriculture program |
| 3. | Publicly disclosing pesticide reduction data through the Company’s regenerative agriculture program is essential to minimizing the risk of greenwashing claims |
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6 https://www.ewg.org/news-insights/news/2019/02/glyphosate-contamination-food-goes-far-beyond-oat-products
7 https://www.wbcsd.org/resources/cultivating-farmer-prosperity/
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2025 Proxy Memo The Campbell’s Company | Regenerative Agriculture Program Report |
DISCUSSION
| 1. | Reporting pesticide reduction outcomes achieved through Campbell’s regenerative agriculture program is essential to assessing effectiveness in mitigating risks |
The use of pesticides, especially in regenerative agriculture programs, creates a range of risks for food companies. Pesticides can impair the dynamic microbial ecosystems that retain soil in place, sustain healthy plant production, sequester carbon, and, importantly, reduce harm to critical pollinators such as bees, butterflies and other insects. The World Bank estimates that the collapse of select ecosystem services provided by nature, including wild pollination and carbon sequestration, could result in a loss to the global economy of $2.7 trillion by 2030.8
Widespread pesticide use also makes farms vulnerable to floods and other natural disasters that are worsening as a result of climate change. The loss of topsoil from flooding is already causing significant alarm about the productivity of impacted farmland.9 The Food and Agriculture Organization reports that floods, droughts, and other climate events cause nearly $123 billion in lost food production annually.10 These losses are passed on to food producers, including Campbell’s.
Consumers are increasingly making purchasing decisions based on a company’s impact on the environment and their own health. The World Economic Forum reports that 65% of consumers want access to healthy and sustainable foods, a growing market to which global food purveyors must increasingly adapt or be left at a competitive disadvantage.11
Our Company also faces potential litigation associated with pesticide use in its agricultural supply chain, especially to farm workers and fenceline communities. Pesticide exposure is linked to several serious human health effects, including cancer, respiratory harm, Parkinson’s disease, Alzheimer’s disease, and infertility, among others.12,13,14,15
Studies indicate that 77% of U.S. farmworkers are Hispanic and one-third live in California, where the agricultural industry uses 200 million pounds of pesticides annually, raising claims of environmental injustice.16,17 Approximately 25 million farmworkers are poisoned by pesticides each year.18
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8 htt`ps://www.worldbank.org/en/topic/natural-capital
9 https://www.sciencedirect.com/science/article/abs/pii/S0169772223000517#:~:text=Water%20induced%20erosion%20comprises%2056,to%20introduce%20effective%20management%20practices
10 https://openknowledge.fao.org/items/cd76116f-0269-43e4-8146-d912329f411c
11 https://www.weforum.org/agenda/2023/01/consumer-power-net-zero-food-producer-retailer-davos23/#:~:text=Forum%20Annual%20Meeting-,At%20least%2065%25%20of%20consumers%20want%20to%20make%20the%20right,nourishing%20the%20growing%20global%20population
12 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9231402/
13 https://www.sciencedirect.com/science/article/abs/pii/S0013935121004552
14 https://pmc.ncbi.nlm.nih.gov/articles/PMC5007474/
15 https://pmc.ncbi.nlm.nih.gov/articles/PMC8707831/
16 https://mhpsalud.org/who-we-serve/farmworkers-in-the-united-states/#:~:text=Farmworker%20Demographics,identify%20as%20Hispanic
17 https://www.organic-center.org/sites/default/files/agrochemicals_racism_and_justice_in_us_history.pdf
18 https://pmc.ncbi.nlm.nih.gov/articles/PMC2946087/
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2025 Proxy Memo The Campbell’s Company | Regenerative Agriculture Program Report |
Toxic pesticides can also travel several miles from the farmlands where they are applied, impacting the health and safety of nearby rural communities.19 The Environmental Working Group found that over 4,000 elementary schools are located within 200 feet of crop fields that use pesticides, increasing children’s susceptibility to serious health conditions like cancer, asthma, ADHD, anxiety, depression, and acute pesticide poisoning.20
Shareholders require pesticide reduction or avoidance information to assess our Company’s progress toward reducing pesticide-related risks and vulnerabilities, including environmental and health harms, soil loss, litigation, and lost market share related to consumer demand for clean food and reduced environmental and health impacts.
| 2. | Campbell’s lags its peers in disclosing pesticide use and reduction data through its regenerative agriculture program |
Campbell’s lags its peers in publicly disclosing pesticide use and reduction data from its suppliers engaging in regenerative agriculture. Other leading food companies are quantitatively reporting the success of their regenerative programs by disclosing pesticide use and/or reduction data. For example:
Conagra discloses in its 2023 Citizenship Report that regenerative agriculture practices in its supply chain avoided the need for 145,000 gallons of soil fumigant pesticides to be applied on fields.21
Lamb Weston disclosed its year-over-year active ingredient pesticide use in its 2024 sustainability report to show progress toward its regenerative agriculture program’s 2030 goal of reducing active ingredient pesticide use by 30%.22
As noted in the Board of Directors’ response, Campbell’s is already collecting and tracking farm-level data from its suppliers. Therefore, the Company can mitigate risk and inform shareholders of the effectiveness of its regenerative program by disclosing pesticide use and/or reduction data, while remaining competitive against its peers. Campbell’s unwillingness to report such data will prevent it from leading against major, competing companies.
| 3. | Publicly disclosing pesticide reduction data through the Company’s regenerative agriculture program is essential to minimizing the risk of greenwashing claims |
Investors are concerned that Campbell’s lack of disclosure on pesticide reductions achieved through its regenerative agriculture program leaves our Company susceptible to greenwashing claims. In its corporate responsibility report, Campbell’s states that its regenerative agriculture vision is to “develop supply chains that are more resilient (and) employ climate-smart production practices.”23 As outlined above, substantial reduction of pesticide use is essential to achieving increased resiliency and carbon sequestration.
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19 https://extensionpubs.unl.edu/publication/g1773/pdf/view/g1773-2019.pdf
20 https://www.ewg.org/news-insights/news/2023/11/ewg-schools-near-pesticide-spray-zones-could-lose-health-protections
21 https://www.conagrabrands.com/citizenship-reports/conagra-brands-citizenship-report-2023
22 https://www.lambweston.com/content/dam/lamb-weston/website/en-us/pdf/sustainability/LambWeston_2022_ESG.pdf
23 https://www.thecampbellscompany.com/wp-content/uploads/2024/04/2024-Corporate-Responsibility-Report.pdf, pg. 21
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2025 Proxy Memo The Campbell’s Company | Regenerative Agriculture Program Report |
Our Company’s failure to disclose pesticide reduction data to demonstrate its program’s progress, if any, toward achieving resiliency and carbon outcomes, increases the legal and regulatory risks associated with greenwashing. Equally important, Campbell’s puts itself at risk by using of the term regenerative agriculture without applying the full range of practices.
When a key practice, such as pesticide use, which can negatively impact most of these goals remains unreported, the company puts itself at risk. The benefits of retaining soil in place through cover crops and no till practices while also continuing to use pesticides that kill soil organisms and harm waterways, wildlife, and humans, creates confusion and, at the least, the perception that our Company is attempting to gain the benefits of calling its farming practices regenerative, while not undertaking the practices that will achieve the expected goals for that type of system.
Greenwashing lawsuits are on the rise, with fines reaching $35 billion.24 Campbell’s can mitigate legal, reputational, and regulatory risk and decrease its susceptibility to greenwashing fines by disclosing pesticide reduction data to support its claims and report progress toward targeted outcomes.
RESPONSE TO CAMPBELL’S BOARD OF DIRECTORS’ STATEMENT IN OPPOSITION
In its statement of opposition to the Proposal, the Board states:
| 1. | “The Company’s regenerative agriculture program is focused on advancing core principles.” |
Pesticide use reduction is a core principle of regenerative agriculture and is essential to achieving soil health regeneration. However, Campbell’s does not publicly report whether it requires or encourages its regenerative suppliers to reduce pesticide use, nor does it include pesticide reduction as one of its core regenerative principles.
The Board states that Campbell’s regenerative grant and pilot programs “support” cover cropping, compost application, fertilizer management, and precision drone pesticide application. It is unclear whether Campbell’s requires regenerative growers in its supply chain to actually engage in these practices. If our Company requires precision drone pesticide application by its regenerative suppliers, this proposal simply asks that Campbell’s disclose the success in reducing pesticide use and, in turn, improving soil health regeneration.
| 2. | “The Company already discloses meaningful information regarding responsible pesticide management and pesticide risk outcomes.” |
In its opposition statement, the company discloses, “for our direct tomato and potato supply chains, we track pesticide use by chemical, volume, and timing. . . to measure and disclose the percentage of applications that avoid high-hazard products.” Campbell’s sole focus on measuring highly hazardous pesticide avoidance (EPA categories and UC ratings) ignores the remaining classes of pesticides and conflates human toxicity or bee impacts with soil health outcomes, which are fundamentally different measures. Many pesticides not labeled highly hazardous degrade soil health.25
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24 https://www.reuters.com/article/us-volkswagen-results-diesel-idUSKBN2141JB/
25 Increasing pesticide diversity impairs soil microbial functions | PNAS
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2025 Proxy Memo The Campbell’s Company | Regenerative Agriculture Program Report |
In a 2021 study,26 scientists tested pesticides across all classes and found that, in 71% of cases, pesticides negatively impacted soil organisms. As outlined above, soil organisms are responsible for building and maintaining healthy soil that retains water and nutrients and holds soil in place. Campbell's limited approach does not provide shareholders with meaningful information; rather, it creates both competitive disadvantage and greenwashing risk as consumers increasingly expect "regenerative" to mean substantial pesticide reduction, and the benefits that are achieved by reducing or eliminating pesticide use, not just avoidance of the most highly toxic chemicals.
By reporting on only a narrow subset of pesticides, Campbell's fails to provide shareholders with the information needed to assess whether their regenerative agriculture program actually improves soil health, how their sustainability performance compares to competitors, or whether their approach meets evolving consumer and regulatory expectations.
| 3. | “A discrete pesticide reduction goal could undermine participation in our regenerative agriculture program.” |
Pesticide reduction is a core principle of regenerative agriculture. As outlined above, pesticide reduction is essential to achieving regenerative outcomes that benefit the environment, human health, and the long-term viability of our Company. In turn, regenerative agriculture that fails to reduce pesticide use, may increase topsoil loss, hinder soil carbon sequestration, reduce soil water holding capacity, and decrease crop resilience to extreme climate impacts.
Additionally, this proposal does not ask the Company to adopt a pesticide reduction goal. Rather, it asks that Campbell’s disclose how it intends to measure and disclose the effectiveness of its regenerative agriculture program.
All farmers are required by law to track and keep records related to "Restricted Use Pesticides” (i.e., pesticides with the potential to cause unreasonable adverse effects to the environment and injury to humans),27 and most farmers also keep extensive records on pesticide use to ensure application efficiency. Collecting data already recorded by farmers should not deter their participation in Campbell’s regenerative agriculture program, as this would add little to no additional work for the farmer.
| 4. | “We are enhancing our data collection from farmers, and using it primarily for program design and practice evaluation.” |
If our Company is collecting pesticide use data from the regenerative farmers in its supply chain, this proposal simply asks the company to publicly disclose, in some meaningful form, such data to inform shareholders of the effectiveness of its regenerative program or to otherwise measure and report the outcomes of its program. Contrary to the Board’s argument, disclosing the effectiveness of Campbell’s regenerative agriculture program would not “divert energies and resources from where they matter most.”
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26 Frontiers | Pesticides and Soil Invertebrates: A Hazard Assessment
27 https://www.ams.usda.gov/rules-regulations/pesticide-records
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2025 Proxy Memo The Campbell’s Company | Regenerative Agriculture Program Report |
Effective regenerative agriculture can provide significant financial and reputational benefits that matter to the long-term stability of our Company. Whether Campbell’s is actually achieving those outcomes and thereby mitigating risk and protecting the long-term success and stability of our Company is important information to investment decision making.
CONCLUSION
Vote “Yes” on this Shareholder Proposal #5, to Report on the Effectiveness of Campbell’s Regenerative Agriculture Program.
Measuring and disclosing pesticide reduction, among other regenerative outcomes achieved through Campbell’s regenerative agriculture program can help shareholders assess the program’s effectiveness at mitigating growing environmental and human health impacts and reputational, regulatory, and financial risks. We urge a “Yes” vote on this proposal.
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For questions, please contact Cailin Dendas, As You Sow, cdendas@asyousow.org
THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD.
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FAQ
What does CPB Item #5 propose?
Who is advocating for CPB shareholders on Item #5?
When is Campbell Soup’s (CPB) annual meeting?
What disclosures does the filer say are missing at CPB?
Why does the filer emphasize pesticide reduction?
How does the filing reference peers?
What is the requested report’s scope?
