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 J.B Hunt. We view J.B. Hunt’s existing climate disclosure as limited but improving. It, too, does not reference the Paris Agreement goals nor set multiyear targets to reduce emissions. J.B. Hunt recognizes the importance of the business case for sustainability, acknowledging that operating as efficiently as possible is in its economic best interest. In both our engagement and the board’s rebuttal to the shareholder proposal, company leaders said adopting the proposal would duplicate efforts now under way. We disagreed. we explained that enacting these proposals would improve disclosure of key risks to shareholders and make more visible how each board oversees sustainability issues as an element of corporate strategy.