2026 Shareholder Engagement Successes

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For decades leading up to 2022, AFA held shares in various publicly traded companies. Unfortunately, we were passive shareholders. Meaning we didn’t attend annual shareholder meetings, submit proposals, or otherwise engage with the company's investor relations team. What we realized in 2022 is that this was a missed opportunity. Especially considering the activist nature of AFA. Culture, activism, and engagement are in our DNA.

Since then, American Family Association has been using its investment portfolio to be an active shareholder. This has been made possible, in part, because of our partnership with Jerry Bowyer and Bowyer Research. From assisting in the draft of this email to preparing for corporate meetings I attend, Bowyer Research has been phenomenal to work with. Over the years, I’ve presented at the annual meetings of Apple, Amazon, Home Depot, Intel, and John Deere.

Throughout the last few years, we have occasionally updated our supporters, but with this email, I wanted to provide a more in-depth summary of various victories in this arena in 2026 alone.

Apple

This shareholder proposal pushed Apple for increased transparency on the steps the company takes to combat online child sex abuse material (CSAM), including through its messaging and cloud storage platforms. This proposal was originally submitted last season on behalf of American Family Association. After securing sufficient investor support at last year's annual meeting, the proposal was eligible for resubmission.

After meetings with Apple investor relations representatives this year, and in concert with growing legislative and reputational scrutiny, the company informed us that they would be (1) tightening enforcement over the App Store to ensure that users are only advertised age-rated applications for them, and (2) implementing abuse protocols for all underage users. As a result of these major steps, the proposal was withdrawn

Bank of America

This shareholder proposal pushed Bank of America to clarify its use of prohibitions on religious organizations to vet charities for eligibility in employee match programs. Filed on behalf of American Family Association, it pointed out the growing controversy surrounding disparate treatment of religious organizations in gift match programs, and the legal and reputational risks associated with discrimination based on an organization's religious nature.

After several meetings with Bank of America investor relations representatives, the company confirmed that, as a result of our engagement, they would be matching employee donations to all otherwise eligible organizations, regardless of religious status. As a result of these major steps, the proposal was withdrawn.

Walmart

This season, two shareholder proposals urged Walmart to commit to political neutrality on critical issues: (1) coverage of gender transition surgeries in healthcare plans and (2) distribution of mifepristone, the drug most commonly used in chemical abortions.

The first proposal, filed by Inspire Investing, urged the company to draw bright lines regarding what it will and will not cover via its healthcare plans, particularly given the rising controversy over such medical interventions. After meetings with Walmart investor relations representatives, the company confirmed that their publicly available benefits book explicitly does not cover such transition surgeries for minors.

The second proposal, filed on behalf of American Family Association, urged the company to clarify its plans regarding the future sale of drugs used in chemical abortions, and cited preliminary Bowyer Research analysis indicating that abortion creates lost revenue. After meetings with Walmart

investor relations representatives, the company confirmed they have no plans to dispense mifepristone in the future. As a result of these major steps, both proposals were withdrawn.

As I led off with, engaging corporate America with truth and Christian values has been in AFA’s DNA since my grandfather began this organization in 1977 and this work is only growing stronger each year. Lord willing, we will continue speaking truth into America’s corporate boardrooms and experience many victories ahead.