








We expect the following proposal (Item 5 on the proxy card) to be presented by shareholders at the Annual Meeting. The company is not
responsible for any inaccuracies this shareholder proposal may contain. As explained below, the Board unanimously recommends that you
vote “AGAINST” this shareholder proposal.
Item 5 – Report on Political Expenditures Congruency
National Center for Public Policy Research, 20 F Street NW Suite 700, Washington DC 20001, which represents that it owns at least
$2,000 worth of Pfizer common stock, has notified Pfizer that it will present the following proposal at the 2022 Annual Meetin
g
:
The Shareholder’s Resolution
RESOLVED:
Pfizer publish an annual report, at reasonable expense, analyzing the congruency of political and electioneering expenditures
during the preceding year against the company's fundamental purpose and publicly stated company values and policies.
SUPPORTING STATEMENT
The Pfizer Inc. Board's Governance and Sustainability Committee is responsible for "maintain[ing] an informed status on the Company's
issues related to public policy, including political spending policies and practices, through ...periodic reports from management; and [for]
monitor[ing] emerging issues potentially affecting the reputation of the pharmaceutical industry and the Company." Company pol
icy
states that "political contributions are made to support the election of candidates, political parties and committees that sup
port public
policies important to the industry, such as innovation and access to medicines."
However, Pfizer's politically focused expenditures appear to be misaligned with the company's purpose, values, and interests.
•
Pfizer's fundamental purpose and legal duty, as a Delaware business corporation, are to maximize long-term shareholder value
by deft development, production, and sale of pharmaceuticals. Yet it has supported many candidates who support government-
run single-payer or universal health-care programs that will stifle innovation and resources that support research and
development, all while increasing taxes exponentially.
1
This will undermine Pfizer's long-term prospects.
•
Pfizer's non-discrimination policy states that "[a]ll workplace decisions are made without regard to personal characteristics
protected under applicable laws and Pfizer policy, including race, age, gender, religion, etc. We do not tolerate discriminat
on,
harassment, or retaliation of any kind."
2
Yet it has supported many candidates and advocacy organizations that support
legislation and regulation that would force Pfizer and other companies into facial discrimination against white and male
employees, while demeaning the talents and responsibility of other employees.
•
Pfizer opposes the "use of all forms of forced, bonded, indentured, or compulsory labor," and recognizes that "the risks of
modern slavery are particularly likely where our business partners rely upon migrant workers," but it supports many candidat
e
s
who have failed to support legislation that would end Uyghur forced labor and who fuel the vulnerable migrant worker problem
here by opposing sensible border security.
3
•
Pfizer recognizes "the rights to a healthy environment,
health, water and sanitation, and standard of living," but it supports
many candidates who oppose even minimal, common-sense pro-life policies to protect society's most vulnerable members.
Proponents believe Pfizer should establish policies and reporting systems that minimize risk to the firm's reputation and br
and by
addressing possible missteps in corporate electioneering and political spending that contrast with its fundamental fiduciary p
urpose and
stated policy objectives.
Proponents recommend that the report also contain management's analysis of risks to our company's brand, reputation, or shareholder
value of expenditures in conflict with publicly stated company values. "Expenditures for electioneering communications" means
spending,
from the corporate treasury and from PACs, directly or through a third party, at any time during the year, which are reasonably
interpretable as in support of or opposition to a specific candidate.
1
https://cdn.pfizer.com/pfizercom/investors/corporate/2019-2020_Pfizer_PAC_and_Corporate_Political_Contributions_Report.pdf; https://www.opensecrets.org/political-action-
committees-pacs/pfizer-inc/C00016683/candidate-recipients/2020; https://www.congress.gov/bill/116th-congress/house-bill/1384/cosponsors; https://www.hhs.gov/sites/default/
files/Reforming-Americas-Healthcare-System-Through-Choice-and-Competition.pdf; https://www.heritage.org/health-care-reform/report/the-real-price-public-health-plan-less-
innovation-and-lower-quality; https://bigthink.com/videos/government-regulation-stifles-innovation; https://americansforprosperity.org/government-option-is-the-wrong-
approach-to-health-care-at-the-wrong-time/; https://www.rand.org/pubs/research_reports/RR2424.html.
2
https://cdn.pfizer.com/pfizercom/about/Human-Rights-Policy-Aug-2020.pdf.
3
https://www.rubio.senate.gov/public/index.cfm/2021/1/rubio-merkley-colleagues-re-introduce-uyghur-forced-labor-prevention-act; https://www.washingtonexaminer.com/
opinion/the-new-guard-of-the-democratic-party-absolutely-supports-open-borders; https://www.huffpost.com/entry/decriminalizing-border-crossing-
democrats-2020_n_5d15884ee4b03d6116392906.
Pfizer
2022 PROXY STATEMENT
Shareholder
Proposals
Item
5
-
Report
on
Political
Expenditures
Congruency
E
c
i<
life,
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