Vanguard expects boards to produce disclosures that enable meaningful analysis, productive dialogue, and accurate security pricing. We ultimately felt that more disclosure was needed at UPS. UPS identifies climate change as a material risk, but its current reporting falls short of our expectations for companies in the transportation sector. Through our research and engagements, we appreciated that UPS had published sustainability disclosures for quite some time. It already measures key performance indicators across the business, including on several environmental issues, and the company sets selected GHG targets. But its current disclosure fails to address how the company will reduce airline fuel emissions, the largest portion of UPS’s carbon footprint. Notably, current disclosure does not comment on company progress toward the goals in the Paris Agreement. The company recently hired a successor to its chief sustainability officer; we look forward to further engagement as UPS’s sustainability efforts continue to evolve under this new leadership.