<SEC-DOCUMENT>0001377739-20-000012.txt : 20200428
<SEC-HEADER>0001377739-20-000012.hdr.sgml : 20200428
<ACCEPTANCE-DATETIME>20200427180550
ACCESSION NUMBER:		0001377739-20-000012
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20200428
DATE AS OF CHANGE:		20200427
EFFECTIVENESS DATE:		20200428

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHIPOTLE MEXICAN GRILL INC
		CENTRAL INDEX KEY:			0001058090
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				841219301
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32731
		FILM NUMBER:		20821477

	BUSINESS ADDRESS:	
		STREET 1:		610 NEWPORT CENTER DR
		STREET 2:		SUITE 1300
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-524-4000

	MAIL ADDRESS:	
		STREET 1:		610 NEWPORT CENTER DR
		STREET 2:		SUITE 1300
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CtW Investment Group
		CENTRAL INDEX KEY:			0001377739
		IRS NUMBER:				203688367

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202 721 6060

	MAIL ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>cmgshltr20.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>cmgshltr20.htm - sixteen</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<!--$$/page=-->

<P><A name="page_1"></A></P>

<P>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman">SECURITIES &amp; EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman">WASHINGTON, D.C.&nbsp;&nbsp; 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face="times new roman">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face="times new roman">NAME OF REGISTRANT:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face="times new roman"> Chipotle Mexican Grill, Inc.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face="times new roman">NAME OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face="times new roman"> CtW Investment Group</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face="times new roman">ADDRESS OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face="times new roman"> 1900 L Street, N.W., Suite 900, Washington, D.C.&nbsp;&nbsp; 20036</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" color=#1a1a1a face="times new roman">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934:</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" color=#1a1a1a face="times new roman">___________________________________________________________________________________________________________________________________________________________________</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>

<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P align=center>
<IMG border=0 src="cmgshltr20x1x1.jpg"> </P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=Calibri,Arial,Helvetica,sans-serif>Dear Chipotle Shareholder:</FONT></P><FONT size=3>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>We urge you to vote FOR Proposal 5 </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>&#8211; </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>Independent Chair and Proposal 6 </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>&#8211; </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>Report on Employment-Related Arbitration, </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>at the Chipotle Mexican Grill, Inc. annual shareholders&#8217; meeting </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>on May 19, 2020. These resolutions both encourage the Board to adopt changes </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>that will improve the company&#8217;</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>s governance, increase transparency for shareholders, and ensure that the Board is able to independently vet key elements of company strategy, including its approach to human capital management. The </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>company&#8217;s April 21, 2020 agreement with the U.S. Department of Justice to pay the largest</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>-ever fine in a food safety case underscores the risks that oversight failures pose to investors and other stakeholders.</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>1</FONT></SUP></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>Particularly in light of the ongoing Covid-</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>19 pandemic, Chipotle&#8217;s past failures in ensuring proper food </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>safety practices in its restaurants make it especially important that the company convince customers, regulators, and employees that it is taking all steps necessary to ensure compliance with best practices in food safety. Unfortunately, despite the adoption of a suite of changes to restaurant operations since 2015, reports over the past year indicate that both formal and informal incentives exist that induce </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>restaurant managers to diverge from best practices and put employees, customers, and Chipotle&#8217;s </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>reputation at risk. By supporting these two resolutions, Chipotle shareholders will indicate their support for proactive and transparent Board oversight of human capital management, helping to ensure a future of sustainable, long-term growth in shareholder value.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>The CtW Investment Group works with union-sponsored pension funds to enhance long-term stockholder value through active ownership. These funds have over $250 billion in assets under management and are substantial Chipotle shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>Committing to an Independent Chair </FONT></B><B><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>Will Reduce the Board&#8217;s Deference to </FONT></B><B><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>the CEO</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>When founder, former CEO, and former Chairman Steve Ells stepped down as Chairman in early March, the Chipotle Board had an opportunity to institutionalize Board independence and accountability by formalizing the separation of the Chairman and CEO roles that began in 2017 when Mr. Ells resigned as CEO. Instead, the Board reverted to its past practice by appointing CEO Brian Niccol as Chairman, despite both the considerable evidence that an independent board chair improves oversight and </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>performance, and Chipotle&#8217;s own history of CEO</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>-dominance and inadequate Board supervision.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>A 2012 GMI study found that companies with independent board chairs paid less in CEO compensation and were less </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>likely to be rated &#8220;aggressive&#8221; in GMI&#8217;s </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>Accounting and Governance Risk model. Five-year shareholder returns at companies that separated the CEO and chair roles also outperformed companies with a unified structure by 28%, the study found.</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>Additionally, an independent chair may promote more effective management of change and dissent. A 2011 study concluded that retaining a prior CEO as board chair suppresses strategic change and makes large performance improvements less likely.</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>In a recent survey by PwC, 57% of directors at companies with a combined </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>CEO Chair responded that &#8220;it is difficult to voice a dissenting view&#8221; in the boardroom, compared to only 41% of directors at companies</FONT></P></FONT>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD vAlign=top width="2%" noWrap><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><U><FONT color=#0000ff size=1 face=Calibri,Arial,Helvetica,sans-serif>https://www.justice.gov/usao-cdca/pr/chipotle-mexican-grill-agrees-pay-25-million-fine-resolve-charges-stemming-more-1100</FONT></U> </TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Noam Noked, &#8220;The Costs of a Combined Chair/CEO</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>,</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&#8221; The Harvard Law School Forum on Corporate Governance July 13, 2012.</FONT> </TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Timothy A. Qui</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>gley and Donald C. Hambrick, &#8220;When the Former CEO Stays on as Board Chair: Effects on Successor Discretion, Strategic</FONT> </TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Change, and Performance&#8221; </FONT><I><FONT size=1 face=Calibri-Italic,Arial,Helvetica,sans-serif>Strategic Management Journa</FONT></I><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>l, 33: 834</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&#8211;</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>859, DOI: 10.1002/smj.1945, July 2012</FONT></P>
<IMG border=0 src="cmgshltr20x1x2.jpg"> <BR></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_2"></A><BR>

<a name="_bclPageBorder2"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=3 face=Calibri,Arial,Helvetica,sans-serif>that split these leadership positions.</FONT><FONT size=3><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>4 </FONT></SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>Numerous leading corporate governance advocates, including Norges Bank, CalPERS, and the Council of Institutional Investors, all favor independent board chairs.</FONT></FONT></P><FONT size=3>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>Independent board leadership would be particularly constructive at Chipotle, given both the Board</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>&#8217;s </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>history of excessive deference toward </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>the company&#8217;s </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>CEOs, and its continued struggles with food-borne illness. For instance, from 2009-2016, Chipotle maintained the unusual practice of having two CEOs, both of whom were paid comparably to sole CEOs. In 2014, Chipotle shareholders cast 77% of the vote agains</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>t approving the company&#8217;s &#8220;Say on Pay&#8221; resolution, but despite such overwhelming opposition</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>, the co-</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>CEO structure did not end until December 2016, after the company&#8217;s operations and earnings </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>had been hit by repeated outbreaks of food-borne illnesses in its restaurants. These outbreaks nevertheless continued: A 2018 outbreak in Ohio was the largest yet, sickening hundreds, and officials identified a type of bacterium found in food stored at the wrong temperature as the culprit.</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>In April 2019, Chipotle disclosed receiving several subpoenas from U.S. federal prosecutors related to that outbreak and others, leading to a 5% stock price drop.</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>6 </FONT></SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>On April 21, 2020, the company agreed to pay a $25 million fine to settle criminal charges related to food-borne illnesses that sickened over 1,000 people between 2015-2018.</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>7 </FONT></SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>More robust Board oversight could help keep food safety a high priority, including ensuring that compensation incentives do not encourage cost reductions or human capital management practices that undermine food safety objectives.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>A Report on Employment-Related Arbitration Would Provide Shareholders with Valuable Insight into Human Capital Management Practices</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>Mandatory arbitration precludes employees from suing in court for wrongs like wage theft, discrimination, and harassment, and requires them to submit to private arbitration, which has been found to favor companies and discourage claims. Sexual harassment is an urgent concern in the fast food industry </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>&#8211; </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>a 2016 study found that 40% of female fast-food employees had been sexually harassed.</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>8 </FONT></SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>Additionally, wage theft from low-wage employees is widespread; a study estimated that wage theft costs low-wage workers in three large U.S. cities $3 billion per year.</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>9</FONT></SUP></P></FONT><FONT size=3>

<P style="TEXT-ALIGN: left"><FONT size=3></FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>Moreover, prospective employees are rarely if ever informed of mandatory arbitration provisions to their employment agreement until after they have agreed to take the job, and often have been working for several days before being asked to sign documents acknowledging the arbitration requirement. As a result, employees who have been denied the right to pursue an employment-related dispute in court will unsurprisingly perceive that denial as unfair, undermining morale and engagement. Unfortunately, the Chipotle Board seems not to recognize </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>the involuntary nature of these &#8220;agreements,&#8221; as </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>the proxy statement includes the question-</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>begging assertion that &#8220;management is in the best position to assess which forum is most suitable based on the specific facts and circumstances of each matter.&#8221; </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>No fair process of dispute resolution grants one party the unilateral authority to determine all pertinent aspects of that process.</FONT></FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>4 </FONT></SUP><I><FONT size=1 face=Calibri-Italic,Arial,Helvetica,sans-serif>PwC&#8217;s 2019 Annual Corporate Directo</FONT></I><I><FONT size=1 face=Calibri-Italic,Arial,Helvetica,sans-serif>rs Survey</FONT></I><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>, pg. 8</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>5 </FONT></SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Scott Neuman, </FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>&#8220;Chipotle to Retrain Employees After Latest Outbreak of Food Poisoning&#8221; NPR, August 17, 2018</FONT></P>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD vAlign=top width="2%" noWrap><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>https://www.reuters.com/article/us-chipotle-foodsafety/latest-subpoena-sours-chipotles-quarterly-beat-idUSKCN1S11I8</FONT> </TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>7</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>https://www.sec.gov/ix?doc=/Archives/edgar/data/1058090/000119312520113342/d909015d8k.htm</FONT> </TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>8</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><U><FONT color=#0000ff size=1 face=Calibri,Arial,Helvetica,sans-serif>https://www.eater.com/2016/10/7/13203590/female-fast-food-workers-sexual-harassment</FONT></U> </TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>9</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>See https://www.supremecourt.gov/opinions/17pdf/Dissent, at 26- 27</FONT> </TD></TR></TABLE></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_3"></A><BR>

<a name="_bclPageBorder3"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=3 face=Calibri,Arial,Helvetica,sans-serif>Additionally, while the Board claims that arbitration can provide </FONT><FONT size=3><FONT face=Calibri,Arial,Helvetica,sans-serif>&#8220;</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>benefits to all parties utilizing arbitration to resolve employment-related disputes, including privacy, speed of resolution, the informal nature of the proceeding and location and the fact that the complainant is not required to testify in a </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>public court,&#8221; recent evidence strongly suggests that in fact</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>, mandatory arbitration does not provide any benefits in terms of speed or cost. Indeed, maintaining the right to have a case heard in court does not in any way limit or discourage a person who prefers to resolve a dispute privately. Like other companies that utilize mandatory arbitration, including Uber and Postmates, Chipotle has found that the costs of arbitrating hundreds of individual cases are daunting even before any adverse decisions are handed down.</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>10 </FONT></SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>Indeed, Chipotle asked a federal judge to halt the filing of arbitration cases, claiming that the </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>large number and associated costs of such cases threatened the company with &#8220;irreparable harm&#8221;; the court declined the company&#8217;s motion, deeming it &#8220;unseemly.&#8221;</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>11 </FONT></SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>Actually knowing whether Chipotle employees have used arbitration to efficiently resolve disputes, or if they have simply been deterred from seeking an equitable resolution by the one-sided arbitration process, requires disclosure of precisely the information requested by this proposal. Chipotle managers in New York and California have been subject to lawsuits alleging incidents of assault, violence, and sexual harassment, including the December 2019 settlement of a sexual harassment and retaliation lawsuit brought by the Equal Employment Opportunity Commission (EEOC).</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>12</FONT></SUP></FONT></P><FONT size=3>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>Finally, it is worth noting the widespread and bipartisan support for ending this practice: A bill to end mandatory arbitration of sexual harassment claims passed in the U.S. House of Representatives in September 2019, and 56 state and territorial attorneys general voiced support for it. California recently passed legislation banning mandatory arbitration agreements as a condition of employment, and Washington state enacted a law in 2018 invalidating contracts requiring arbitration of sexual harassment or assault claims. While the California law has been stayed by a federal court, the considerable opposition to this practice only increases the likelihood of reputational damage to companies that utilize it. Adoption of this resolution would provide shareholders with otherwise unavailable information to evaluate this risk.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>Poorly conceived incentives and audit system leave restaurant customers and employees at risk</FONT></B></P></FONT><FONT size=3>

<P style="TEXT-ALIGN: left"><FONT size=3><FONT face=Calibri,Arial,Helvetica,sans-serif>The importance of improving Board independence and human capital management practices at Chipotle was reinforced earlier this year by the publication of a National Consumer League </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>(&#8220;NCL&#8221;) </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>report on the </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>company&#8217;s New York City restaurants.</FONT><SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>13 </FONT></SUP><FONT face=Calibri,Arial,Helvetica,sans-serif>This report found multiple instances of restaurant managers compromising the health and safety of both customers and employees by pressuring sick workers to come into work, providing inadequate training for new workers, instructing workers to forgo required safety and cleaning procedures such as handwashing to increase throughput, and retaliating against workers (for instance, by reducing scheduled hours) who use sick leave. Beyond being worrisome in their own right, the incidents captured in the report strongly suggest th</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>at despite Chipotle&#8217;s policy </FONT></FONT><FONT face=Calibri,Arial,Helvetica,sans-serif><FONT size=3></FONT>changes since 2015, there continue to be powerful incentives in place at the restaurant level that induce managers to focus on financial </FONT>performance at the expense of food safety compliance, including a bonus</FONT></P>
<IMG border=0 src="cmgshltr20x3x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><U><FONT color=#0000ff size=1 face=Calibri,Arial,Helvetica,sans-serif>us-otc-massarb/after-postmates-again-balks-at-arbitration-fees-workers-seek-contempt-order-idUSKBN1Y62E8</FONT></U></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>11 </FONT></SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Michael Hiltzik, &#8220;Chipotle may have outsmarted itself by blocking thousands of employee lawsuits over wage theft&#8221; LA Times, J</FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>anuary 4, 2019.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>12 </FONT></SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>December 4, 2019. U.S. </FONT><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Equal Employment Opportunity Commission. &#8220;Chipotle to Pay $95,000 to Settle EEOC Sexual Harassment and Retaliation Lawsuit.&#8221; </FONT><U><FONT color=#1155cc size=1 face=Calibri,Arial,Helvetica,sans-serif>https://www.eeoc.gov/eeoc/newsroom/release/12-3-19a.cfm</FONT></U></P>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD vAlign=top width="2%" noWrap><SUP><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>13</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%"><U><FONT color=#0000ff size=1 face=Calibri,Arial,Helvetica,sans-serif>https://myfastfoodstory.org/wp-content/uploads/2020/02/UnsavoryReport_Digital03.pdf</FONT></U> </TD></TR></TABLE></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<!--$$/page=--><A name="page_4"></A><BR>

<a name="_bclPageBorder4"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=3 face=Calibri,Arial,Helvetica,sans-serif>structure whereby managers can earn up to an additional 25% of base pay by meeting performance goals that include reducing labor costs and increasing throughput, creating a highly pressurized work environment and a reason for managers to pressure workers to work sick instead of using paid sick days. Combined with what the report described as an ineffective food safety audit system and high worker turnover, this bonus program may incentivize managers to meet productivity goals by cutting corners on food safety or by violating worker protection laws.</FONT></P><FONT size=3>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>Given the critical attention the Covid-19 pandemic has drawn to workplace health and safety practices, employer sick-leave policies, and the difficulties of ensuring compliance at the ground </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>level, Chipotle&#8217;s </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>past struggles with food-safety make the company particularly vulnerable to the reputational risk stemming from practices like those described in the NCL report. Shareholders have every reason to support independent Board leadership and effective human capital management practices in order to mitigate that risk.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>We urge you to Vote FOR Proposal 5 and Proposal 6 at Chipotle&#8217;s annual meeting on May 19, 2020.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>Sincerely,</FONT></P></FONT><FONT size=3>

<P style="TEXT-ALIGN: left"><FONT size=3></FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>Dieter Waizenegger</FONT><BR><FONT face=Calibri,Arial,Helvetica,sans-serif>Executive Director</FONT></FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted.</FONT></B></P>
<IMG border=0 src="cmgshltr20x4x1.jpg"> <BR></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>cmgshltr20x1x1.jpg
<TEXT>
begin 644 cmgshltr20x1x1.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
M-0"$ P$B  (1 0,1 ?_$ !\   $% 0$! 0$!           ! @,$!08'" D*
M"__$ +40  (! P,"! ,%!00$   !?0$" P $$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$ !\!  ,! 0$! 0$! 0$        ! @,$!08'" D*"__$ +41  (!
M @0$ P0'!00$  $"=P ! @,1! 4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:  P#
M 0 "$0,1 #\ ZW6]:M]'@#2?/*_W(P>3[^PKG(;WQ-K1,MK^X@[$ *OYGDU6
ML(CXF\32S7&3;I\Q7_9!PJ_Y]Z[U55%"J J@8  X%(#CI?\ A+-.'FLYN$7D
M@;7_ $Z_E6YX?UM=8MV)C,<T>!(,?+^!_I6O4)$%G#++M6.,;I'*K^)/'6F
MVXO;6U=$N)XXFD^Z&;!;Z58K@O$NKV5_?V$MK,72$Y<[2,<CU'M73V_B72KF
M>."&Y+22,%4>6PR3^%*X"F[G@U?R)9,Q.?E&!WZ?KQ6K61KT7R13KP5.TG^5
M:-K,+BVCE'\0Y^O>L*4FIR@_4WJ).$9KT*^JW36ML#&V)&. ?3UIVF7+75H&
M<Y=20U9^H9O-5CM@?E7@_P S1I#&WOI;9^^1^(_^M62JOVWEL:NDO8^>YN5E
MV]W-<ZI(BR8@CSD8'...OUJY?S_9[.23/.,+]37/7$_]G>'+JYSB2?\ =1_C
MQ_C^5:U)-U(P7JS*$4J<IOT1GOXSNHM1GVQQS6N\A%/!V_6MS3_%>F7@"R2&
MVD/\,O3\^E><U9TZT:^OX+9>LC@$^@[G\JVN8'K*L&4,I!4C((Z&EK"U*[>W
MN4AMG,:PJ!@=/\XQ3H-<<<3QAA_>7@_E6#Q5-2<6="PTW%21MT5#;W,5S%YD
M1)&<<CO170FFKHP::=F<E\/RN^^'\6$Q]/FKLZX%_-\*>(RX0FUESCW0GI]1
M_GK7<6MU#>0+-;R+)&W0@T(1-3)8TFB>.0;D=2K#U!I7=8T+NP55&22< 51T
M[6+/4Y9H[63<T1P0>X]1[4P.5\4:7966H:?';0"-)3\X!//(KIX= TNWF2:*
MS59$(96W'@_G6'XT.-3TLG@;CS_P):ZZD!#>0_:+62+N1Q]>U9VB7(2&:*0X
M\OY^?3O6Q7.:I$UK>N4)"RC/Y]17+B&Z;55'50M-.FRYHZ&:XGNW')) _'D_
MTIFIK]EU*&Z ^5B,_AU_2M'3X?(LHDQ@XR?J:CU:$36+\<I\P_#_ .M0Z35'
MSW^8U47MO+8IZU*998;:/DGG\3P*K:W<:,GDZ7J>\ ('5USA3R,G'?KVI^D(
M9KIKB4Y6%>I^F!^E</J]Z=1U.>Y)X=OE]E' _2G0]Z]1]2:_NI4UT-R;PE'<
MQF;2+^*X3^ZQ&?S'^ JSX5T>XT^^N;J_A:+R$PN>A)ZD'OP/UKDH9I;>020R
M/&XZ,C$&NWNM<N-*T'3WG"W%S<#<PD[KU[=^0*Z#G()9#+*\C=6))IE26VN:
M)?D+<1O92GOGY?S_ /K5J6VE(T\<T4Z309SE3U_*O+EA:E^YZ<<53MV-*Q@^
MSVD<>.0,GZT58HKU8I15D>8VV[LJZAI]MJ5L8+J/<O4'NI]0:Y9_"FIV,K/I
M5_A3V+%#^..#71ZA>-:7"/R8U@ED9!_%MVX_F:#JJ1,ZW,31%"0>01]W</S
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M[T44 1Q6-O"RLB'>I+;F8LQ)&.23D\>M-&FV@WXBX8%<%B0 >H S\OX8HHH
M@DTRW^U0XWJ/G9L2-N)(49W9ST%7XHTAB6.-0J*, #M110 ^BBB@!*6BB@ H
%HHH _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>cmgshltr20x1x2.jpg
<TEXT>
begin 644 cmgshltr20x1x2.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
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M "BBB@!:*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ I*6B@!**6B@!**6B@!**6B
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
?"BBB@ HHHH **** "BBB@ HHHH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>cmgshltr20x3x1.jpg
<TEXT>
begin 644 cmgshltr20x3x1.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
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M5RAANDF*\C7N+R&VD19W2-64MO=U4#&/4Y[]A3#J=@(5F-];")CM5_-7:3Z
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MTC3,7@)+NV[=T88'S'BHF\-AKDW8F@BN596C:&V"*"#DEAG+$_45HEA[ZO\
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$"C__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>cmgshltr20x4x1.jpg
<TEXT>
begin 644 cmgshltr20x4x1.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
M1P#H P$B  (1 0,1 ?_$ !\   $% 0$! 0$!           ! @,$!08'" D*
M"__$ +40  (! P,"! ,%!00$   !?0$" P $$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$ !\!  ,! 0$! 0$! 0$        ! @,$!08'" D*"__$ +41  (!
M @0$ P0'!00$  $"=P ! @,1! 4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:  P#
M 0 "$0,1 #\ ] HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
K"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
