COLUMBIA SPORTSWEAR CO

The proposal requests that the board adopt proxy access enabling shareholders who have owned at least 3% of outstanding company shares continuously for three years to aggregate holdings (with no limit on the number of aggregating shareholders) to nominate up to 25% of the board. It asks for a nomination window of no earlier than 90 and no later than 120 days before the prior-year proxy mailing anniversary and that each proxy access nominee be allowed a supporting statement of up to 500 words in the company’s proxy materials. The proponent argues proxy access improves board accountability, can reduce the cost and disruption of contested elections, and enhances attention to social and environmental risks, citing analyses and investor support for proxy access. The proposal is focused on changing nomination mechanics (threshold, aggregation, nomination window, and inclusion of nominee statements) rather than specifying particular nominees.