Dear Shareholders of BlackRock, Vanguard, and State Street

An Open Appeal for Sustainable Agriculture and Biodiversity

Dear Shareholders of BlackRock, Vanguard, and State Street,

I am writing to express my concerns about the agricultural practices promoted by four companies in which your firms hold significant shares and influence:

• Bayer/Monsanto: Known for glyphosate use and genetically modified (GM) crops.

• Syngenta: Specializes in neonicotinoids and patented seeds.

• Corteva Agriscience: Focuses on monoculture and GM technology.

• BASF: Emphasizes chemical-intensive farming.

These companies have considerable influence over global food systems and have been associated with efforts to limit indigenous seed sharing, such as recent developments in Kenya where farmers practicing ancestral barter exchange of even one heirloom seed can be punished with up to two years in prison, a fine of up to roughly $10,000 USD or both.

In case this message does not reach individual shareholders directly, I kindly ask the following esteemed individuals to help convey this message:

BlackRock Leadership and Board Members:

• Susan Wagner

• Laurence Fink

• Robert Kapito

• J. Richard Kushel

• Murry Gerber

• Jessica P. Einhorn

• William E. Ford

• Margaret L. Johnson

• Cheryl D. Mills

• Mark A. Weinberger

• Marco Antonio Slim Domit

• Bader M. Alsaad

• Charles H. Robbins

• Hans E. Vestberg

Vanguard Leadership and Board Members:

• Mortimer J. Buckley (Chairman and CEO)

• Mark Loughridge (Lead Independent Director)

• Joseph P. Brennan

• Emerson U. Fullwood

• Amy Gutmann

• F. Joseph Loughrey

• André F. Perold

• Sarah Bloom Raskin

• John J. Brennan (Chairman Emeritus)

State Street Leadership and Board Members:

• Ronald P. O'Hanley (Chairman, President, and CEO)

• Patrick de Saint-Aignan (Lead Independent Director)

• Lynn A. Dugle

• William C. Freda

• Sara Mathew

• William L. Meaney

• Sean O'Sullivan

• Julio A. Portalatin

• John L. Lahey

• Richard P. Sergel

I believe that as shareholders, you genuinely aim for stability, scalability, and financial predictability in the investments you oversee. However, I urge you to reconsider some assumptions underlying industrial agriculture and to recognize potential flaws:

1. Feeding a Growing Population

   • Assumption: Industrial farming is the only way to feed an increasing global population.

   • Flaw: Hunger often results from unequal distribution rather than insufficient production. Local and diverse agricultural systems can sustainably meet demand.

2. Climate Adaptation

   • Assumption: GM crops adapt more rapidly to climate challenges.

   • Flaw: Biodiverse, locally adapted seeds offer greater resilience without creating dependency on corporate-controlled inputs.

3. Food Security

   • Assumption: Centralized systems provide stability.

   • Flaw: Global supply chains can be vulnerable to disruptions. Local systems often offer greater flexibility and reliability.

4. Economic Efficiency

   • Assumption: Profit-driven agriculture funds sustainability.

   • Flaw: A focus on short-term profits can lead to monocultures and environmental degradation, undermining long-term ecological and economic stability.

5. Innovation for Sustainability

   • Assumption: Biotechnology is the only scalable innovation.

   • Flaw: Traditional agroecological practices are proven, scalable, and align more closely with regenerative principles.

6. Controlled Biodiversity

   • Assumption: Gene banks effectively preserve diversity.

   • Flaw: Seeds stored ex situ may lose vitality over time. On-farm cultivation preserves adaptive traits and maintains ecological balance.

7. Resource Control

   • Assumption: Certified seeds ensure safety and predictability.

   • Flaw: Farmer-saved seeds are often more resilient, cost-effective, and culturally appropriate, fostering self-reliance and community well-being.

Given these considerations and even the chance of flaws, I ask what the remaining reasons are for supporting the aforementioned companies that prioritize industrial agricultural models? While maximizing shareholder value and institutional inertia are understandable factors, the long-term implications for global food security, environmental health, and cultural practices are significant.

I want to believe we share good intentions and genuinely believe in the stability (peace), scalability (thriving humanity and planetary ecosystem), and financial predictability (our ability to plan into a prosperous future together).

As influential stakeholders in the global financial landscape, your decisions significantly impact the direction of our world's agricultural practices. I acknowledge the considerable role you play, but also recognize that meaningful change arises from the collective efforts of humanity. By supporting and investing in agricultural models that promote sustainability, biodiversity, and the empowerment of local communities, you can help pave the way toward a future where both people and the planet thrive. Together, we can foster a global food system that not only ensures financial stability but also nurtures ecological balance and cultural heritage.

Sincerely,

Will Ruddick