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<TITLE>Shareholder Proposal to Dominion Energy from David Backer, 2022, and Responses</TITLE>
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<h3 class="notice">Shareholder Proposal to Dominion Energy from David Backer, 2022, and Responses</h3>
<p class="main">In discussions with Freeda Cathcart of Virginia, David Backer filed a shareholder proposal to Dominion Energy requesting that the company commit to "medium-term targets" for the reduction of its so-called Scope 3* greenhouse gas emissions, and commit to tracking its progress toward those goals in annual reports.<br>
<p class="main">The shareholder proposal begins:</p>
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<h5>Adopt GHG reduction targets</h5>
<p class="main"><b>Whereas:</b><br>
<br>
We, the shareholders, must protect our assets against devastating climate change, and
therefore we support Dominion Energy (the company) to substantially reduce
greenhouse gas (GHG) emissions.<br>
<br>
<b>Resolved:</b><br>
Shareholders support the company to include medium-term targets covering the
greenhouse gas (GHG) emissions of the Company's energy products (Scope 3) on their
pathway to their long-term target, which is net-zero emissions before 2050.
To allow maximum flexibility, nothing in this resolution shall serve to micromanage the
Company by seeking to impose methods for implementing complex policies in place of
the ongoing judgement of management as overseen by its board of directors.<br>
<br>
You have our support.</p>
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[Read the <a href="Dominion 2022 Resolution GHG Emissions.pdf" target="_blank">full text of the proposal with the Supporting Statement here</a> (opens new window). ]</p>
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<b>Process for the Proposal</b><br>
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<li>The proposal from David Backer was filed with Dominion on Nov. 24, 2021</li>
<li>Another shareholder proposal had been filed two days earlier on Nov. 22, 2021 by the organization As You Sow, which asked Dominion to "integrate Scope 3 value chain emissions" in its 2050 target; so Dominion stated <a href="Active_154503210_1_Dominion Energy, Inc. no action letter request (Backer shareholder proposal).PDF" target="_blank">in a letter to the Securities and Exchange Commission (SEC)</a> that <I>"we believe that the Backer Proposal is substantially duplicative of the As You Sow Proposal, which will be submitted in the Company's Proxy Materials"</I> and as a result Dominion requested that it be allowed to exclude the Backer proposal from the proxy statement (Jan. 3, 2022).</li>
<li>However, the As You Sow proposal was later withdrawn, so Dominion withdrew its request to the SEC to exclude the proposal from David Backer (<a href="Withdrawal of No Action Letter Request (D. Backer proposal).pdf" target="_blank">Dominion letter to SEC</a>, Feb. 22, 2022).</li>
<li>The SEC <a href="SEC-response-Dominion Energy (Backer).pdf" target="_blank">acknowledged the withdrawal</a>, stating <I>"Your letter indicates that the Company will include the [Backer] Proposal in its proxy materials"</I> (Feb. 22, 2022).</li>
<li>Dominion then issued an <a href="Backer Opposing Statement2022.pdf" target="_blank">Opposing Statement</a> providing its reasons for shareholders to vote against the Backer proposal (Feb. 24, 2022).</li>
<li>Representatives from Dominion discussed the proposal with David Backer via two video conferences in February and March, and reviewed Dominion's existing disclosure documents and plans. David Backer declined to withdraw the proposal.</li>
<li>As a result, the proposal from David Backer will be included in the Dominion Energy proxy statement, and will be voted on by shareholders at the <a href="https://news.dominionenergy.com/2022-02-28-Dominion-Energy-Sets-Annual-Meeting" target="_blank">Dominion Annual General Meeting</a> on Wednesday May 11th, 2022.</li>
</ul>
<p class="main">A memo advising support of the shareholder proposal has been distributed to institutional proxy voters, <a href="2022-MemoBackerDominionShareholder-FINAL.pdf" target="_blank">see full support memo here</a>.</p>
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<TD><p class="main">_____<br>
* Scope 3 emissions: Indirect emissions from upstream and downstream activities in Dominion's value chain, e.g. electricity purchased to power the grid, fuel for its power stations and gas distribution systems, and consumption by natural gas customers.
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