<SEC-DOCUMENT>0001214659-22-000714.txt : 20220114
<SEC-HEADER>0001214659-22-000714.hdr.sgml : 20220114
<ACCEPTANCE-DATETIME>20220114152827
ACCESSION NUMBER:		0001214659-22-000714
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220114
DATE AS OF CHANGE:		20220114
EFFECTIVENESS DATE:		20220114

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COSTCO WHOLESALE CORP /NEW
		CENTRAL INDEX KEY:			0000909832
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-VARIETY STORES [5331]
		IRS NUMBER:				911223280
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			0901

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20355
		FILM NUMBER:		22531770

	BUSINESS ADDRESS:	
		STREET 1:		999 LAKE DRIVE
		CITY:			ISSAQUAH
		STATE:			WA
		ZIP:			98027-
		BUSINESS PHONE:		4253138100

	MAIL ADDRESS:	
		STREET 1:		999 LAKE DRIVE
		CITY:			ISSAQUAH
		STATE:			WA
		ZIP:			98027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COSTCO COMPANIES INC
		DATE OF NAME CHANGE:	19970401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRICE/COSTCO INC
		DATE OF NAME CHANGE:	19930728

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Investor Advocates for Social Justice
		CENTRAL INDEX KEY:			0001636143
		IRS NUMBER:				843966071
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		40 S FULLERTON AVE
		CITY:			MONTCLAIR
		STATE:			NJ
		ZIP:			07042
		BUSINESS PHONE:		9735098800

	MAIL ADDRESS:	
		STREET 1:		40 S FULLERTON AVE
		CITY:			MONTCLAIR
		STATE:			NJ
		ZIP:			07042

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tri-State Coalition for Responsible Investment
		DATE OF NAME CHANGE:	20150310
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>j114223px14a6g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Notice of Exempt Solicitation</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Costco Wholesale Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of persons relying on exemption: American Baptist Home Mission
Society, Franciscan Sisters of Perpetual Adoration, and Trinity Health</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of persons relying on exemption: Investor Advocates for Social
Justice (formerly the Tri-State Coalition for Responsible Investment), 40 S Fullerton Ave, Montclair, NJ 07042</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule, but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The proponents urge stockholders to vote FOR Proposal 6, the shareholder
proposal requesting a report on Racial Justice and Food Equity, at the Costco Wholesale Corporation annual shareholder meeting to be held
on January 20, 2022.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary of the Proposal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposal requests a report describing if, and how, Costco applies
its Sustainability Commitment to its core food business to address the links between structural racism, nutrition insecurity, and health
disparities. Reporting may include systems Costco has in place to address racial justice and food equity concerns through product development,
marketing, and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Support for this proposal is warranted and in the best interest
of shareholders because:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><B>As the fourth largest food retailer in the U.S.,<SUP>1</SUP> Costco is well positioned to leverage its core food business to help
reduce racial disparities in nutrition and health outcomes in the U.S., whic<FONT STYLE="font-size: 10pt">h have only worsened during
the COVID-19 pandemic.<SUP>2</SUP></FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">https://www.supermarketnews.com/retail-financial/top-50-food-and-grocery-retailers-sales</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP>
https://frac.org/news/hungerpovertyhealthreport2021&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Silver 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #8C8C8C">40
S Fullerton Ave, Montclair, NJ 07042 <B>&loz;</B> 973-509-8800 <B>&loz;</B> info@iasj.org</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #8C8C8C"><B>&loz;
</B>www.iasj.org</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Inequality and structural racism impact the global food system
across the value chain, from exploitation in the agricultural supply chain to inequities in consumer access to affordable, nutritious
foods in communities of color.<SUP>3</SUP> Food retailers have significant power and influence in the food system, which creates a responsibility
to take meaningful action to advance racial justice and food equity. Product development, marketing, and distribution are examples of
business functions where Costco could apply a racial equity analysis to ensure that its business practices are promoting equitable nutrition
outcomes. Looking beyond the scope of the proposal to emerging best practices in racial equity disclosures, commissioning a third-party
Civil Rights Audit would enable Costco to assess its racial equity impacts across the value chain and identify solutions to prevent and
mitigate any racial disparities or instances of discrimination.<SUP>4</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>Costco&rsquo;s existing disclosures fail to meaningfully address if, and how, the Company is evaluating the ways in which systemic
racism fuels nutritional disparities and making business model changes to help close those gaps</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Costco&rsquo;s existing workforce DEI (diversity, equity,
and inclusion) commitments, CEO statement on racial justice, and philanthropic contributions do not address racism in the food system
or apply to Costco&rsquo;s food business.<SUP>5</SUP> Costco has not made a commitment to advance equitable access to nutritious foods.
The brief food security report Costco filed in attempt to exclude the proposal from the proxy statement through an unsuccessful no-action
request did not address racial justice issues and was unresponsive to the request of the proposal.<SUP>6</SUP> Instead, reporting focused
on food product affordability and quality, as well as philanthropic food donation efforts. Investors are concerned about the Company&rsquo;s
potential racial equity impacts and opportunities related to the core food business, which are not addressed in Costco&rsquo;s current
disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B>Urgent action on racial justice and nutrition equity is critical to Costco&rsquo;s ability to maintain its reputation as a sustainable
retailer and catch up to peers in this area, or else Costco risks negative impacts to its brand as well as consumer and investor trust.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Costco lags peer retailers such as Walmart in efforts to
advance equitable access to nutritious foods.<SUP>7</SUP> While Costco has a reputation as a sustainable retailer with regards to its
workforce and supply chain initiatives, racial equity and nutrition present clear opportunities for improvement, and failure to take meaningful
action may negatively impact the brand. Costco was not responsive to efforts by long-term shareholders to engage with the Company on racial
justice <FONT STYLE="font-size: 10pt">and food equity through letter writing or requests for dialogue. Proponents filed a shareholder
proposal on this topic due to this unresponsiveness and insufficient disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.rootsofchange.org/our-positions/food-justice-racism-in-the-food-system/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> http://www.civilrightsdocs.info/pdf/reports/Civil-Rights-Audit-Report-2021.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.costco.com/inclusion.html ; https://www.costco.com/ceo-message.html?&amp;reloaded=true
; https://www.prnewswire.com/news-releases/costco-wholesale-commits-25-million-to-liscs-black-economic-development-fund-301120377.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://mobilecontent.costco.com/live/resource/img/static-landing/Communities-Costco-Food-Security-Report-2021-Final.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://corporate.walmart.com/esgreport/esg-issues/diversity-equity-inclusion
; https://corporate.walmart.com/esgreport/esg-issues/safer-healthier-food-other-products#metrics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Proponents urge all Costco shareholders to vote FOR the Proposal
6 on Racial Justice and Food Equity and encourage the Company to take action to implement the request of the proposal.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For questions regarding Costco Proposal 6, please contact: Gina Falada,
Senior Program Associate at Investor Advocates for Social Justice and SRI Consultant to the American Baptist Home Mission Society, via
email: gfalada@iasj.org or phone: 973-509-8800.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">3</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
