<SEC-DOCUMENT>0001214659-23-005124.txt : 20230410
<SEC-HEADER>0001214659-23-005124.hdr.sgml : 20230410
<ACCEPTANCE-DATETIME>20230410093035
ACCESSION NUMBER:		0001214659-23-005124
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230410
DATE AS OF CHANGE:		20230410
EFFECTIVENESS DATE:		20230410

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KELLOGG CO
		CENTRAL INDEX KEY:			0000055067
		STANDARD INDUSTRIAL CLASSIFICATION:	GRAIN MILL PRODUCTS [2040]
		IRS NUMBER:				380710690
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04171
		FILM NUMBER:		23809885

	BUSINESS ADDRESS:	
		STREET 1:		ONE KELLOGG SQ
		STREET 2:		P O BOX 3599
		CITY:			BATTLE CREEK
		STATE:			MI
		ZIP:			49016-3599
		BUSINESS PHONE:		2699612000

	MAIL ADDRESS:	
		STREET 1:		ONE KELLOGG SQUARE
		STREET 2:		P O BOX 3599
		CITY:			BATTLE CREEK
		STATE:			MI
		ZIP:			49016-3599

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			McRitchie James
		CENTRAL INDEX KEY:			0001736547

	FILING VALUES:
		FORM TYPE:		PX14A6G

	MAIL ADDRESS:	
		STREET 1:		9295 YORKSHIP CT
		CITY:			ELK GROVE
		STATE:			CA
		ZIP:			95758
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Notice
of Exempt Solicitation</B></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">Notice of Exempt Solicitation Under Rule 14a-103 (Voluntary Submission)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Corporate Registrant: Kellogg Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name of person filing Exemption: James McRitchie</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of person relying on exemption: jm@corpgov.net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted under 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 and is made voluntarily.</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 6pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: rgb(153,153,153) 2pt 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We urge you to VOTE &ldquo;FOR&rdquo; PROPOSAL 6 in the proxy card,
Reporting on Pay Equity, <B>before</B> the Kellogg Company meeting of Shareholders on April 28, 2023.</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">Resolved: James McRitchie, of CorpGov.net, and other shareholders,
request Kellogg Company (Kellogg) report annually on unadjusted median pay gaps across race and gender globally and/or by country, where
appropriate, including associated policy, reputational, competitive, and operational risks, and risks related to recruiting and retaining
diverse talent. Pay includes base, bonus, and equity compensation either aggregated or, preferably, disaggregated. The reports should
be prepared annually at reasonable cost, omitting proprietary information, litigation strategy, and legal compliance information. Racial/gender
pay gaps are defined as the difference between non-minority and minority/male and female median earnings expressed as a percentage of
non-minority/male and female earnings.</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>Rationale</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"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="padding-right: 0.5in"><B>Best practice pay equity reporting consists of <U>two parts</U>:</B></TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="padding-right: 0.5in"><B><I><U>Unadjusted </U></I><U>pay gaps</U>: median gaps assess how jobs are distributed by race and
gender and which groups hold the high-paying jobs. </B>Black workers in the US earn 81 cents on the dollar versus white workers. Women
in the US earn 83 cents on the dollar versus men. UK and Irish-based companies are mandated to report unadjusted median pay.</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="padding-right: 0.5in"><B><I><U>Adjusted gaps</U></I>, a statistical assessment of pay between minorities/non-minorities, women/men,
performing similar roles. </B>What minorities and women are paid versus their direct peers, <U>statistically adjusted</U> for factors
such as job, seniority, and geography. Glassdoor reports there is a 4.9% adjusted gender pay gap in the United States.<SUP>1</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0.75in"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="padding-right: 0.5in"><B>Unadjusted median pay is considered <I>the </I>valid measure of gender pay inequity by the US Census
Bureau, Department of Labor, OECD, and International Labor Organization</B>. While the Company began disclosing statistically adjusted
pay gaps after the proposal was filed, it rejected establishing a timeline to disclose median pay gaps, which is <I>the</I> internationally
recognized standard for measuring inequity. While diversity data and statistically adjusted pay audits represent progress, that data is
not a substitute for unadjusted median pay gap disclosures, which are less subject to manipulation.</TD></TR></TABLE>

<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">_____________________________</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>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.glassdoor.com/research/app/uploads/sites/2/2019/03/Gender-Pay-Gap-2019-Research-Report-1.pdf</FONT></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B><I>Unadjusted median</I> pay gap disclosures can improve performance and provide a baseline to investors for measuring progress.
</B></TD></TR></TABLE>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>A 2019 study&nbsp;cited
in the Harvard Business Review&nbsp;found wage transparency, where mandated, narrowed the <I>median</I> wage gap. Refinitive<SUP>2</SUP>
found companies reporting no gender pay gaps outperformed companies reporting negative pay gaps from 2016-2021, with a 58.16% spread for
their FTSE All-World portfolio and a 135.92% spread for their FTSE North American portfolio. That&rsquo;s huge.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Citigroup was the first US company to publish its global gender and US minority median pay gaps in 2019. It has since shrunk those
gaps 3 points each.</TD></TR></TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>There are many ways to shrink racial/gender pay gaps: improving diversity, statistically adjusted pay audits, advancing women/minorities
into good jobs and positions of leadership, etc. T<B>he only benchmark to measure if the real pay gap is shrinking is the unadjusted median
pay gap</B>.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Kellogg lags on racial and gender pay gap disclosures.</B> From 2021 to 2023, Microsoft, Visa, Bank of New York Mellon, Best Buy,
Chipotle, Disney, Home Depot, Lowe&rsquo;s, Target, Amalgamated Bank, Visa, Thermo Fisher, BlackRock, and Netflix committed to expanding
their pay gap disclosures to include unadjusted median pay.</TD></TR></TABLE>

<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>Board Opposition Statement</B></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Statistically adjusted pay numbers and representation data are not a substitute for reporting unadjusted median pay gaps. </B>The
Board contends &ldquo;<FONT STYLE="background-color: white">An unadjusted median pay statistic does not account for factors such as cost
of living, job function and level, experience, tenure,&rdquo; etc.</FONT> However, such reports provide a reliable view on whether minorities/women
are holding as many good-paying jobs as non-minorities/men. It allows investors to assess the equal opportunity. Unadjusted median pay
data shows how companies assign value to their employees through the roles they inhabit and the pay they receive. Further, it provides
a digestible data point for investors to compare representation progress year over year.</TD></TR></TABLE>

<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">Statistically adjusted numbers can be misleading if not complemented
with unadjusted median pay gap numbers. It is easier for companies to remediate statistically adjusted pay gaps with a handful of pay
adjustments in certain employment categories that don&rsquo;t impact employees at large. Remediating unadjusted median pay gaps requires
hiring, developing, and promoting minorities/women into good-paying positions across the firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">2.</TD><TD><B>Median Pay Disclosure will complement Kellogg&rsquo;s</B> <FONT STYLE="background-color: white">equity, diversity and inclusion
efforts</FONT><B>. </B>Kellogg describes its &ldquo;<FONT STYLE="background-color: white">K-Values&rdquo; and EEO-1 reporting</FONT> initiatives
to justify its obfuscation of median pay data. While these initiatives are important, unadjusted median pay statistics would complement
the company&rsquo;s efforts and facilitate benchmarking progress toward pay equity goals.</TD></TR></TABLE>

<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>Kellogg&rsquo;s refusal to set a timeline for publishing unadjusted
pay gap data is reflective of a lack of transparency and accountability to investors and employees. Vote FOR Proposal 6, which is in the
long-term best interest of both. </B></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="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>2</SUP> https://www.refinitiv.com/en/resources/special-report/gender-pay-gap-report</P>

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

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