<SEC-DOCUMENT>0001377739-23-000017.txt : 20230417
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<ACCEPTANCE-DATETIME>20230417135432
ACCESSION NUMBER:		0001377739-23-000017
CONFORMED SUBMISSION TYPE:	PX14A6N
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230417
DATE AS OF CHANGE:		20230417
EFFECTIVENESS DATE:		20230417

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YUM BRANDS INC
		CENTRAL INDEX KEY:			0001041061
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				133951308
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6N
		SEC ACT:		1934 Act
		FILM NUMBER:		23823516

	BUSINESS ADDRESS:	
		STREET 1:		1441 GARDINER LANE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40213
		BUSINESS PHONE:		5028748300

	MAIL ADDRESS:	
		STREET 1:		1900 COLONEL SANDERS LANE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40213

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRICON GLOBAL RESTAURANTS INC
		DATE OF NAME CHANGE:	19970627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREAT AMERICAN RESTAURANT CO
		DATE OF NAME CHANGE:	19970618

FILED BY:		

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

	FILING VALUES:
		FORM TYPE:		PX14A6N

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CtW Investment Group
		DATE OF NAME CHANGE:	20061006
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<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">SECURITIES &amp; EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">WASHINGTON, D.C.&nbsp;&nbsp; 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</FONT></B></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF REGISTRANT:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> Yum! Brands, Inc. </FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> SOC Investment Group</FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">ADDRESS OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> 1900 L Street, NW, Suite 900, Washington, DC 20036</FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">Written materials are submitted pursuant to Rule 14a-6(1) promulgated under the Securities Exchange Act of 1934:</FONT></B></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">____________________________________________________________________________________________________________________________________________________________________________________________</FONT></B></P>

<P style="MARGIN: 0in"><STRONG><FONT color=#1a1a1a></FONT></STRONG>&nbsp;</P>

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<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>April 17, 2023</FONT><FONT style="FONT-SIZE: 10pt"><BR><BR><FONT face=Calibri,Arial,Helvetica,sans-serif>Dear YUM! Brands Shareholder,</FONT></FONT></P><FONT style="FONT-SIZE: 10pt"></FONT><FONT style="FONT-SIZE: 10pt">

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt"></FONT><STRONG><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>On May 18</FONT><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>th</FONT><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>, we urge YUM shareholders to support Item 6: Shareholder Proposal Regarding Issuance of Annual Report on Lobbying, which requests that YUM annually disclose the following information:</FONT></FONT></STRONG></P>

<TABLE cellSpacing=0 border=0>



<TR>

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

   <TD width="98%" colSpan=2><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Policies and procedures governing YUM</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8217;s </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>lobbying, both direct and indirect, and grassroots lobbying communications.</FONT> </TD></TR>

<TR>

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

   <TD width="98%" colSpan=2><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Payments by the company used for</FONT> </TD></TR>

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   <TD width="2%">&nbsp;</TD>

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

   <TD width="96%"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>direct or indirect lobbying or</FONT> </TD></TR>

<TR>

   <TD width="2%">&nbsp;</TD>

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

   <TD width="96%"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>grassroots lobbying communications, in each case including the amount of the payment and the recipient.</FONT> </TD></TR>

<TR>

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

   <TD width="98%" colSpan=2><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Description of management&#8217;s decision</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>making process and the Board&#8217;s oversight of this process.</FONT> </TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>The SOC Investment Group works with pension funds sponsored by unions affiliated with the Strategic Organizing Center, a coalition of unions representing millions of members, to enhance long term shareholder value through active ownership. These funds have over $250 billion in assets under management and are substantial YUM shareholders.</FONT></P><FONT style="FONT-SIZE: 10pt">

<P style="TEXT-ALIGN: left"><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>YUM&#8217;s policy and disclosures on lobbying payments are lagging.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>Corporate lobbying spending has steadily increased over the past decade. However, while there are issues that a company may lobby on to protect its business interests, any political actions taken by a company expose it and its shareholders to risks. In order to protect themselves from these risks, it is important for shareholders to be fully aware of any and all lobbying spending that a company engages in.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>In its opposition statement, YUM claims to be a leader in political contribution disclosure, however this is not the case when it comes to lobbying disclosures. Currently, the company only provides disclosures for trade associations that received at least $50,000 in dues, without providing the total amount of dues paid. It provides no disclosure of paym</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>ents to &#8220;social welfare groups&#8221; or payments for grassroots </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>lobbying communications, nor direct lobbying expenditures at all levels. YUM also touts its rankings in the CPA-Zicklin Index; however, referencing the CPA-Zicklin index is misleading when applied to the issue at hand. In fact, to address companies using the index as a bulwark against lobbying disclosure and transparency, CPA-Zicklin </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>issued a &#8220;purpose and misuse statement&#8221; in 2022. The statement reads: &#8220;The </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>Index does not make a value judgment on a </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>company&#8217;s political spending or alignment with its publicly </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>stated values and does not cover company lobbying spending or activities.</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>&#8221;</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>1</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>We contrast </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>YUM&#8217;s </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>disclosure to its peer, Chipotle. After receiving a similar lobbying proposal from us, Chipotle now discloses all dues and other payments made to trade associations and social welfare organizations. Chipotle also now discloses on its website direct payments made at the federal and state level, including for referendum expenditures.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>1 </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>CPA Zicklin, Index, Purpose and Misuse Statement, June 27, 2022, </FONT><FONT face=Calibri-Italic,Arial,Helvetica,sans-serif>available at&nbsp;https://www.politicalaccountability.net/wp-content/uploads/2022/06/CPA-Zicklin-Index-Purpose-and-Misuse-Statement/06.27.2022.pdf.</FONT></P>

<P style="TEXT-ALIGN: left">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=Arial>19<FONT color=#231f20>00 L Street NW, Suite 900, Washington, DC 20036</FONT></FONT><BR><FONT color=#231f20 face=Arial,Arial,Helvetica,sans-serif>(202) 721-0660</FONT></P></FONT>

<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>S O C I N V E S T M E N T G R O U P . C O M</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>The publication of a report containing this vital information will help shareholders ensure that any </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>lobbying spending made by YUM is in line with its mission to be &#8220;the world's most loved, trusted, and </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>fastest-</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>growing restaurant brands.&#8221; It will also ensure that the company and shareholders are not </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>exposed to excessive risk as a result of lobbying practices.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>Public</FONT><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>ly available data on YUM&#8217;s direct state and local lobbying contributions is inconsistent</FONT><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>While federal lobbying spending is easily accessible to shareholders online, there is no reliable way for investors to collect data on direct lobbying at the state, local, or municipal level. Shareholders encounter a variety of obstacles in its efforts to collect data on direct lobbying expenditures at the state and local level. This is due to the lack of uniformity in disclosure requirements between states and municipalities. For example, while some states may require a company to submit quarterly disclosures on their precise lobbying expenditures, other states, such as Florida might only disclose a spending range (ex: $1.00-$9,999.99). Additionally, these websites are not always accessible to shareholders due to a myriad of technological issues. Shareholders need a centrally located </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>and reliably accessible disclosure of YUM&#8217;s </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>lobbying expenditures. Given the increasing scrutiny on which types of lobbying initiatives companies are allocating support, YUM can and should disclose any state and local-level lobbying expenditures to its investors.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>Disclosure of indirect lobbying payments would provide greater transparency to investors, with minimal burden to the company.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>Greater transparency on indirect lobbying payments to </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>trade associations and &#8220;social welfare&#8221; </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>organizations would provide investors with a </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>full picture of the company&#8217;s political activity, while </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>simultaneously being of minimal cost and burden to the company given that YUM is already collecting this information. For example, c</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>ompanies can use &#8220;indirect&#8221; contributions to industry/trade associations </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>or other organizations as a means to influence government policy. These memberships and contributions are difficult for shareholders to trace unless the company publicly discloses this information, or the organization publicly lists its membership and any contributions that it has received.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>YUM is a member of the International Franchise Association (IFA), Business Roundtable (BRT), and the National Restaurant Association (NRA). These groups are capable of spending significant sums of money to influence policy on important issues. In 2022, the Business Roundtable spent $20,410,000, the NRA spent $2,890,000, and the International Franchise Association spent $1,240,000. In recent Congresses, the NRA lobbied against raising the federal minimum wage, paid sick leave during the COVID-19 pandemic, and supported legislation that would ease child labor restrictions. The NRA is also behind ServSafe, a company that offers online food safety courses that are often mandatory before a worker is able to begin a job in the food-service industry, and whose profits are then used by the NRA to lobby in favor its political interests.</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>2</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>YUM also does not disclose payments to 501(c)(4) organizations, which have been increasingly politically active in recent years. </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>Such &#8220;social welfare&#8221; </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>organizations have been known </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>to be a source of &#8220;Dark </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>Money,</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>&#8221; given that </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>these entities are not required to disclose their donors. Further, because of the lack</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>2 </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>David Fahrentold and Talmon Joseph Smith, &#8220;How Restaurant Workers Help Pay for Lobbying to Keep Their </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>Wages Low, </FONT><FONT face=Calibri-Italic,Arial,Helvetica,sans-serif>The New York Times</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>, January 17, 2023, </FONT><FONT face=Calibri-Italic,Arial,Helvetica,sans-serif>available at </FONT><FONT color=#0563c1 face=Calibri,Arial,Helvetica,sans-serif>https://www.nytimes.com/2023/01/17/us/politics/restaurant-workers-wages-lobbying.html</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>.</FONT></P></DIV></FONT></FONT>

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<P style="TEXT-ALIGN: left"><FONT style="FONT-SIZE: 10pt" face=Calibri,Arial,Helvetica,sans-serif>of transparency on spending by social welfare organizations, corporate contributions to these organizations may be used for inappropriate purposes, such as gifts or entertainment that could benefit lawmakers, at a state, federal or local level, exposing donors to potential legal risks.</FONT></P><FONT style="FONT-SIZE: 10pt">

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>Lastly, state level contributions and indirect contributions to third-party groups may also work against shareholders</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>&#8217; </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>long-term interests. For example, in 2022, YUM spent $115,000 on lobbying in California, largely in opposition to the FAST Recovery Act in California, a law that established a council of stakeholders in the fast-food industry to address issues such as setting minimum wage standards, working hours, and other working conditions. In opposition to this law, national trade associations like </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>the IFA, BRT, and NRA established the &#8220;Save Local Restaurants&#8221; campaign, </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>intending to overturn the new law via a referendum in 2024. As of March 2023, this organization has received over $21,066,600 in contributions, and YUM alone has contributed $1,500,000 directly to oppose the new law in California. A similar law has been introduced in Virginia. Such significant funding to oppose a law that is likely to improve working conditions for employees </FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>appears contrary to YUM&#8217;s goal of sustainable, long</FONT><FONT face=Calibri,Arial,Helvetica,sans-serif>-term growth.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=Calibri,Arial,Helvetica,sans-serif>For these reasons, we urge you to vote FOR Item 6: Shareholder Proposal Regarding Issuance of Annual Report on Lobbying.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif><STRONG>THIS IS NOT A PROXY SOLICITATION AND NO PROXY CARDS WILL BE ACCEPTED</STRONG></FONT></P></FONT>

<P style="TEXT-ALIGN: center"><FONT style="FONT-SIZE: 10pt"><STRONG><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>Please execute and return your proxy card according to </FONT><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>YUM&#8217;s </FONT><FONT face=Calibri-Bold,Arial,Helvetica,sans-serif>instructions.</FONT></FONT></STRONG></P></DIV><BR>

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