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Trillium Successfully Withdraws Shareholder Proposals at Chipotle

March 9, 2017 // Boston, MA – Trillium Asset Management is pleased to announce that it has successfully withdrawn two shareholder proposals, filed on behalf of our clients, at Chipotle Mexican Grill (NYSE: CMG); one on sustainability reporting and one on minimum wage reform.

Trillium has withdrawn its shareholder proposal on sustainability reporting, co-filed alongside Domini Impact Investments and Reynders McVeigh Capital Management. Following constructive dialogue, Chipotle has committed to publishing a comprehensive sustainability report covering material environmental, social, and governance (ESG) issues, which will likely include the company’s management strategies and performance related to food safety, supply chain management, responsible food sourcing and energy, water, and waste management, among others.

Chipotle will also include a discussion of its key public policy efforts, including its position on minimum wage reform in this new sustainability report, which satisfies the requests made in the shareholder proposal on minimum wage reform allowing us to withdraw this proposal as well.

Trillium will continue our dialogue with Chipotle as it works to develop the new sustainability report, including its discussion around wages.

We commend Chipotle for engaging in productive dialogue and making meaningful commitments to sustainability reporting and minimum wage reform. We believe this added transparency will benefit the Company and its shareholders.

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Founded in 1982, Trillium Asset Management is the oldest investment advisor focused exclusively on sustainable and responsible investing. Trillium manages over $2 billion in assets for clients including individuals, foundations, endowments, religious institutions, and other non-profits. Trillium leverages the power of stock ownership to promote social and environmental change while providing both impact and performance to our investors. To learn more, please visit www.trilliuminvest.com.

This information is not a recommendation to buy or sell the security mentioned. It should not be assumed that investments in such security has been or will be profitable. The security mentioned was selected to illustrate the views expressed and does not represent all of the securities purchased, sold or recommended.

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