<SEC-DOCUMENT>0001214659-18-002148.txt : 20180315
<SEC-HEADER>0001214659-18-002148.hdr.sgml : 20180315
<ACCEPTANCE-DATETIME>20180314181329
ACCESSION NUMBER:		0001214659-18-002148
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180315
DATE AS OF CHANGE:		20180314
EFFECTIVENESS DATE:		20180315

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HUNT J B TRANSPORT SERVICES INC
		CENTRAL INDEX KEY:			0000728535
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				710335111
		STATE OF INCORPORATION:			AR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11757
		FILM NUMBER:		18690564

	BUSINESS ADDRESS:	
		STREET 1:		615 JB HUNT CORPORATE DR
		STREET 2:		PO BOX 130
		CITY:			LOWELL
		STATE:			AR
		ZIP:			72745
		BUSINESS PHONE:		479-820-0000

	MAIL ADDRESS:	
		STREET 1:		615 JB HUNT CORPORATE DRIVE
		STREET 2:		PO BOX 130
		CITY:			LOWELL
		STATE:			AR
		ZIP:			72745

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRILLIUM ASSET MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0000884541
		IRS NUMBER:				042549211
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		TWO FINANCIAL CENTER
		STREET 2:		60 SOUTH STREET, SUITE 1100
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		617-423-6655

	MAIL ADDRESS:	
		STREET 1:		TWO FINANCIAL CENTER
		STREET 2:		60 SOUTH STREET, SUITE 1100
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRILLIUM ASSET MANAGEMENT CORP
		DATE OF NAME CHANGE:	20000519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN RESEARCH & DEVELOPMENT CORP
		DATE OF NAME CHANGE:	19990326
</SEC-HEADER>
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<div style="TEXT-ALIGN: left">Dear J.B. Hunt Transport Services Shareholder:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">We are writing to urge you to vote for Item 5 on J.B. Hunt Transport Services&#8217; (JBHT) 2018 proxy statement regarding greenhouse gas emissions reduction targets. This document provides a detailed explanation for why we believe shareholders should vote for this proposal, which makes the following request:</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Shareholders request J.B. Hunt Transport Services adopt company-wide, quantitative, science-based targets to reduce greenhouse gas (GHG) emissions from its vehicle fleet and operations and issue a report, at reasonable cost and omitting proprietary information, discussing its plans and progress towards achieving these targets.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Rationale for a Yes Vote:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">There is a strong business case for why JBHT should set GHG emissions reduction targets.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Emissions reductions in the transportation sector are vital to meet global climate challenges.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">The Company&#8217;s opposition statement is contradictory.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">JBHT has not been able to achieve limited-scope emissions reduction targets in the past, suggesting a new approach is needed.</div>
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<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Discussion</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">1.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">There is a strong business case for why J.B. Hunt should set GHG emissions reduction targets.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Perhaps the most compelling financial argument for why JBHT should set emissions reduction targets is a simple one. The fuel needed to run a transportation company is both a major cost and a major source of the Company&#8217;s GHG emissions. Therefore, reducing fuel consumption would result in lower costs <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">and </font>reduced emissions. It stands to reason that setting and achieving ambitious company-wide emissions reduction targets would also result in reduced costs and would be a meaningful way to provide shareholders with an indication of the Company&#8217;s intentions to maximize shareholder value.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In addition to the obvious rationale for reducing emissions by reducing fuel consumption, there are numerous other financial arguments for why JBHT should set emissions reduction targets. Setting GHG reduction targets is frequently found to be a sound business strategy. For example, a 2013 report by CDP, WWF, and McKinsey &amp; Company found that companies with GHG targets achieved 9% better return on invested capital than companies without targets.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Setting GHG targets that align with international climate science (science-based targets) could be an important tool for JBHT to attract and retain customers that are increasingly looking to contract with suppliers that are reducing their GHG emissions. Notably, Wal-Mart, one of JBHT&#8217;s major customers, has very aggressive supply chain emissions reduction goals and is encouraging suppliers to set their own ambitious science-based emissions reduction targets. Wal-Mart even states, &#8220;From our own experience, we understand that business benefits can come from developing, setting, and pursuing a GHG reduction target.&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup> Setting a science-based GHG emissions reduction goal would send a clear signal to its customers that JBHT is an environmentally responsible partner.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">_____________________________</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #0563c1"><u>https://www.walmartsustainabilityhub.com/project-gigaton/emissions-targets</u></font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investors too are requesting companies set GHG emissions reduction targets. For instance, o<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">ne of the recommendations of the Task Force on Climate-related Financial Disclosures, whose members include JPMorgan Chase, UBS Asset Management, Generation Investment Management, and BlackRock, is: &#8220;Describe the targets used by the organization to manage climate-related risks and opportunities and performance against these targets.&#8221; </font>In its guidance for the road transportation sector, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Sustainability Accounting Standards Board (SASB), </font>recommends companies provide a &#8220;Description of long-term and short-term strategy or plans to manage Scope 1 emissions, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">emissions reduction targets, and an analysis of performance against those targets</font> [Emphasis added].&#8221; In its opposition statement, JBHT says it participates in industry working groups such as SASB, which leads us to believe the Company is attune to this interest.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Proponents see a very compelling financial rationale for why JBHT should set GHG reduction targets and we believe shareholders should vote in favor of this proposal to let JBHT know this is an area of significant investor interest.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">2.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Emissions reductions in the transportation sector are vital to meet global climate challenges.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In December 2015, leaders of 195 countries, including the U.S., set forth an ambition to limit global temperature increases to 2-degrees Celsius above pre-industrial levels. This global agreement reflects the nearly universal scientific understanding that climate change presents serious threats to global society. To do its part to achieve this goal, the U.S. established an economy-wide goal to reduce emissions 26-28% below 2005 levels by 2025.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The U.S. Energy Information Administration reports the transportation sector recently passed the electricity generation sector as the largest producer of GHG emissions in the country. The transportation sector is also the only major sector with increasing emissions &#8211; emissions from the residential, commercial, industrial, and electric power sectors have all declined in recent years.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3</sup> Therefore, it is critical that all actors in the transportation sector do their part to reign in GHG emissions.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Recognizing that businesses have a vital role to play in achieving this goal, over 350 global businesses have now committed to set GHG emissions reduction targets consistent with the global 2-degree goal. These are known as science-based targets. Beyond these 350 companies that are leading the way, hundreds, if not thousands of other businesses have set company-wide GHG emissions reduction goals, including over 50% of JBHT&#8217;s peers in the S&amp;P 500. Ryder System, Norfolk Southern, and CSX Corporation are e</font>xamples of transportation sector companies with GHG emissions reduction goals.</div>

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<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #0563c1"><u>https://obamawhitehouse.archives.gov/the-press-office/2015/03/31/fact-sheet-us-reports-its-2025-emissions-target-unfccc</u></font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3</sup> U.S. Energy Information Administration Monthly Energy Review September 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Proponents believe it is important from reputational, environmental, and financial standpoints for JBHT to set ambitious targets that will help align new and existing initiatives in a way that will put the Company on a path to achieving the necessary emissions reductions.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">The Company&#8217;s opposition statement is contradictory.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">JBHT has publicly communicated how it works to reduce emissions and lower environmental impacts in many different places. In its opposition statement, it states, &#8220;We have been reporting with CDP since 2010 to disclose these efforts [to lessen environmental impact and reduce GHG emissions] to customers and investors in an industry standard format.&#8221; And the Company&#8217;s CDP disclosures are in addition to the discussion in its opposition statement and on its Environmental Sustainability webpage (<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #0563c1"><u>https://www.jbhunt.com/company/investor_relations/esg/environmental-sustainability/</u></font>).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Perplexingly, after publicly touting its transparency around initiatives intended to reduce environmental impact and emissions, J.B. Hunt then proceeds to contradict itself in a major way. The second to last paragraph of the opposition statement says:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">&#8220;The proposal&#8217;s requests would in essence commit the Company to publicly disclosing our strategies and solutions for reducing GHG emissions. Publicly disclosing specific GHG reduction goals and reporting on the Company&#8217;s plans to achieve those goals, as required by this proposal, would give the Company&#8217;s competitors insight into management&#8217;s strategic business plans and operational goals and, ultimately, could impair the Company&#8217;s ability to achieve GHG emission reductions.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">JBHT&#8217;s claims that reporting on its strategies and solutions for reducing GHG emissions would place it at a disadvantage are very hard to believe given the Company has already gone to considerable lengths to disclose this very thing.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">As a result, we continue to believe setting ambitious company-wide GHG emissions reduction targets would be a meaningful way for JBHT to demonstrate that it is in fact committed to becoming an industry leader in reducing its environmental impact.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">4.&#160; &#160; JBHT has not been able to achieve limited-scope emissions reduction targets in the past, suggesting a new approach is needed.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In CDP responses in 2016 and 2017, JBHT mentions it had annual goals to decrease emissions per load in 2015 and 2016 respectively. These targets applied to less than 20% of the Company&#8217;s emissions and were not achieved. The company states: &#8220;The goal was to decrease emissions per load 2015 vs. 2016 and emissions per load increased due to soft market demands and having to travel farther to fill capacity.&#8221; While the Company was unable to achieve these limited-scope goals, it does leave proponents wondering about the financial benefits that could be returned to shareholders if JBHT were to set, and achieve, more ambitious goals that apply to 100% of its operations.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">We also believe that the Company&#8217;s inability to achieve these limited-scope goals suggests that a new approach may be needed. Clearly JBHT has undertaken many initiatives to reduce emissions, however proponents believe setting science-based GHG targets that apply across the Company would help spur innovation, align new and existing initiatives, lower costs, increase competitiveness, prepare for regulatory changes, and attract customers.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In other words, setting GHG targets represents a valuable new approach for JBHT &#8211; one that many other companies are already pursuing and that would help JBHT realize reputational, financial, and environmental benefits.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Conclusion</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">If J.B. Hunt is really committed to &#8220;stand at the forefront of environmentally-friendly transportation services&#8221; as it claims in its opposition statement, proponents see no better way to validate this claim than by setting science-based GHG emissions reduction targets. As noted throughout this letter, investors see compelling evidence that setting such targets would enable JBHT to align and enhance its various emissions reduction strategies in a way that would result in meaningful emissions reductions while benefitting both the company and its shareholders.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">We urge you to vote for proposal #5 on J.B. Hunt&#8217;s proxy statement to send an important signal to JBHT&#8217;s leadership that its shareholders want to see it maximize shareholder value by setting ambitious GHG reduction targets.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Please contact Allan Pearce at 503-953-8345 or <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #0563c1"><u>apearce@trilliuminvest.com</u></font> for additional information.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Allan Pearce</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Shareholder Advocate</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Trillium Asset Management, LLC.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">IMPORTANT NOTICE:&#160; The cost of this communication is being borne entirely by Trillium Asset Management, LLC.&#160; Trillium is NOT asking for your proxy card and is not providing investment advice.&#160; We will not accept proxy cards, and any proxy cards received will be returned.&#160;&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">The information provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. The securities mentioned have been selected by the authors on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. A complete list of companies that are on Trillium&#8217;s &#8216;Buy List&#8217; is available on request. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is for informational purposes and should not be construed as a research report.</div>

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