UPS (UPS) AGM 2025 summary

Opening remarks and agenda

• The meeting was conducted virtually, with all board nominees, executive leadership, auditors, and the Inspector of Election present.

• The agenda included five key matters: election of directors, executive compensation, auditor ratification, and two shareholder proposals.

Board and executive committee updates

• Mike Burns retired after 20 years of board service; Kevin Clark joined the board in March.

• The board is focused on independent oversight, with a majority of independent directors and structured onboarding and engagement programs.

• Directors are limited to serving on no more than four public company boards and must ensure outside commitments do not interfere with their duties.

Shareholder proposals

• Proposal to equalize voting rights for all shares was presented, citing governance concerns and growing support over the years.

• Proposal for a report on risks from voluntary carbon reduction commitments was discussed, questioning the adequacy of current disclosures.

• The board recommended voting against both shareholder proposals.