General Mills (GIS) investor relations material

Executive summary

• Focused on the Accelerate strategy to drive sustainable, profitable growth and top-tier shareholder returns, emphasizing brand building, innovation, scale, and ESG commitments.

• Fiscal 2026 priorities included restoring North America Retail volume growth, accelerating North America Pet segment, and driving efficiencies for reinvestment.

• Portfolio reshaping included divesting the U.S. Yogurt business, integrating Whitebridge Pet Brands, and planning divestitures in Brazil and China.

• Fiscal 2026 net sales were $18.4B, adjusted operating profit $2.8B, and adjusted diluted EPS $3.55, with $1.8B returned to shareholders.

• Fiscal 2027 priorities: strengthen organic net sales, accelerate transformation, and maintain disciplined capital allocation.

Voting matters and shareholder proposals

• Shareholders to vote on election of 12 directors, advisory approval of executive compensation, ratification of KPMG as auditor, amendments for officer exculpation and federal forum provision, and three shareholder proposals.

• Board recommends FOR all management proposals and AGAINST all shareholder proposals, including restrictions on blank-check preferred stock, human rights reporting, and pesticide reduction reporting.

Board of directors and corporate governance

• Board is majority independent, with robust skills in consumer goods, finance, innovation, and global operations.

• Annual director elections by majority vote, proxy access by-law, and right to call special meetings.

• Comprehensive board refreshment and evaluation process, with two new directors added in 2026.

• Strong independent lead director and committee structure, with clear succession planning.