PROXY MEMORANDUM
To: Shareholders of Intel Corporation (the “Company” or “Intel”)
From: JLens (“we”)
Date: April 10, 2026
Re: The case to vote AGAINST Proposal 7 (“Report on Intel’s Human Rights Due Diligence Process”) on Intel’s 2026 Proxy Statement
______________________________________________________________________
We Urge You to Vote AGAINST Proposal 7 in Intel’s 2026 Proxy Statement
Proposal 7 asks the Board of Directors of Intel to oversee an independent review and publish a report on the effectiveness of the Company’s human rights due diligence processes in Conflict-Affected and High-Risk Areas (“CAHRA”). While framed as a call for human rights due diligence, the proposal should be evaluated in the broader context of ongoing political and geopolitical campaigns, including those associated with the Boycott, Divestment, and Sanctions (“BDS”) movement, which have frequently targeted companies with business operations in Israel. Intel, which has significant operations in Israel, has historically been a focus of such campaigns.[1] To that end, we question whether Proposal 7 is intended to address company-specific governance risks, or whether it reflects broader political or geopolitical advocacy objectives.
What is the BDS Movement, and Why Does It Matter
The BDS movement calls for economic, cultural, and institutional pressure against Israel. By its own description, the movement seeks to mobilize boycotts, divestment efforts, and sanctions to delegitimize and destabilize. In practice, that pressure has often been directed not only at governments, but at any institution viewed as having commercial or operational ties to Israel.
In the corporate context, that pressure often takes the form of public campaigns and watchlists designed to discourage business activity involving Israel. As discussed below, we have also observed an increase in shareholder proposals that appear consistent with these broader efforts. In our view, although the movement presents itself as a human rights campaign, it appears to apply disproportionate pressure on Israel and companies doing business with Israel while largely overlooking or downplaying other conflict zones.[2]
Proposal 7 Should Be Viewed in Context, Not Isolation
Intel has long been a target of BDS-related activism because of its substantial presence in Israel.3 The Company is one of Israel’s largest private employers, with roughly 9,000 workers there,3 and has made significant long-term investments in the country. Following Intel’s announcement in December 2023 of the chip plant, categorized as Israel’s largest investment ever,[4] BDS-related activism intensified, including a formal #BoycottIntel campaign[5] and demonstrations tied to the Company’s Israeli operations.[6]
That broader context is extremely important here. In 2025, the same proponent submitted a proposal at Intel seeking an ethical impact assessment, expressly stating that “Intel operates significant business facilities in Israel and is one of the largest private employers in Israel, during a period when the country is facing serious international allegations of human rights violations, crimes against humanity, and potential genocide in Gaza.”[7] This year, the proposal shifts to using less overt and inflammatory language, and includes other CAHRA in its supporting statement, which we view as a clear attempt to distract shareholders under the guise of a more global scope rather than a sole focus on Israel.
We urge shareholders not to treat each reformulated proposal as if it arrived in isolation. When the same proponent brings successive proposals using different governance frames, but repeatedly steers investors toward the same Israel-related contract and controversy, investors should evaluate the proposal in that full context. We believe Proposal 7 is best understood against that backdrop and is consistent with the broader pattern of BDS-aligned shareholder proposals.[8]
The Proponent’s Public Record Confirms the Pattern
The proponent of Proposal 7, Nicholas Collins, has made public statements that raise questions about whether this resolution is a genuine endeavor to enhance the Company’s governance structures and risk oversight. Beyond the 2025 shareholder proposal, Mr. Collins stated in an October 2025 LinkedIn post that his decision to leave Intel was a “moral stand” against the company’s operations in Israel. He characterized Intel’s regional actions as “war crimes and likely genocide,” suggesting that employee labor can be used to influence corporate behavior. Mr. Collins specifically encouraged employees to “withdraw our most valuable resources: our talent, our time, our creative energy” to hold companies accountable for their actions in Israel.[9] That being the case, we believe Proposal 7 is part of a sustained campaign to advance BDS objectives through the shareholder proposal mechanism.
BDS-Aligned Proposals Ignore Israel’s Critical Security Context
The October 7, 2023 attacks, where Hamas terrorists infiltrated Israel’s borders and murdered over 1,200 civilians, raped women, killed children, and took over 250 hostages, were the worst attacks against the Jewish people since the Holocaust.[10,11] These attacks underscore the necessity of robust defense capabilities. We believe that BDS-aligned proposals disregard this reality and omit Israel’s right to protect its citizens, effectively recasting certain defensive actions as controversial.
Israel faces persistent hostility from groups openly committed to its destruction. In our view, operations in Gaza following the October 7, 2023 attacks were undertaken in response to those attacks and aimed at protecting Israeli civilians. However, we believe Proposal 7 attempts to treat such support as problematic and legitimate economic activity as controversial.
Portraying any business relationship with Israel as inherently suspicious marginalizes the real-world necessity of responding to terror attacks and ongoing existential threats. It relies on distorted and ideologically motivated information without offering balanced context.
Conclusion: Vote NO to a Politically-Charged Proposal and Protect Shareholder Interests
In short, we believe Proposal 7 does not reflect a primarily governance-driven initiative, but rather appears to be the latest iteration of a multi-year campaign to pressure Intel into abandoning its operations in Israel. The proponent’s track record, the proposal’s evolution from its 2025 predecessor and the broader context of BDS activism targeting Intel support the view that this proposal appears intended to advance a political agenda rather than enhance human rights oversight or create shareholder value.
By voting AGAINST this proposal, shareholders can reject what we believe is the use of the proxy process for geopolitical advocacy, support Intel’s ability to maintain lawful business relationships consistent with U.S. strategic interests, and ensure that corporate governance remains focused on value creation rather than ideologically driven pressure campaigns. We urge you to vote NO on Proposal 7.
Thank you for your careful consideration.
For more information, please contact Dani Nurick, JLens Director of Advocacy, at
dani@jlensnetwork.org.
Endnotes:
- Boycott, Divestment, Sanctions (BDS) Movement, “No Tech for Oppression, Apartheid or Genocide”, https://www.bdsmovement.net/no-tech-oppression-apartheid-or-genocide.
- “About BDS,” NGO Monitor, https://ngo-monitor.org/key-issues/bds/about/
- Calcalist/CTech, “Intel’s Israeli Workforce Set to Fall Below 9,000,” July 14, 2025; Tom’s Hardware, “More Intel Layoffs Are Hitting, This Time in Israel,” July 9, 2025, https://www.calcalistech.com/ctechnews/article/35ztcxa95
- Mark Thompson, “Intel Will Build $25 Billion Chip Factory in Israel’s ‘Largest Investment Ever,’” CNN, December 26, 2023, https://edition.cnn.com/2023/12/26/tech/intel-israel-investment/index.html
- Camillia Dass, “BDS Movement Launch Global Boycott Campaign Against Intel,” Marketing-Interactive, March 20, 2024, https://www.marketing-interactive.com/bds-movement-launch-global-boycott-campaign-against-intel
- Roger Peet, “Victory at Intel,” Justseeds, July 2, 2024, https://justseeds.org/victory-at-intel/
- “Intel Corporation 2025 Proxy Statement,” Intel Corporation, March 27, 2025, https://d1io3yog0oux5.cloudfront.net/_844f145f9a91b13ccc935dd523ccfe9b/intel/db/888/9121/file/2025+Proxy+Statement+Final.pdf
- J. Staff, “BDS Fight Moves From Campus to Corporate Boardrooms — and Stakes Rise”, Forward, June 2015, https://forward.com/fast-forward/319282/bds-fight-moves-from-campus-to-corporate-boardrooms-and-stakes-rise/
- Nicholas Collins, LinkedIn post, October 2025, “WorkWithPurpose / CorporateAccountability / EmployeeActivism,” LinkedIn, October 2025, https://www.linkedin.com/posts/nick-collins-68888a_workwithpurpose-corporateaccountability-activity-7274200702128726016-MRQ8/?skipRedirect=true.
- Oct 7 Map, “Oct 7, 2023 Hamas Attacks on Israel”, Oct7Map.com, https://oct7map.com/.
- Jeffrey Gettleman, Anat Schwartz and Adam Sella, “Hamas Attacks on Israel: Sexual Violence in Conflict”, The New York Times, December 28, 2023, https://www.nytimes.com/2023/12/28/world/middleeast/oct-7-attacks-hamas-israel-sexual-violence.html.
About JLens
JLens’ mission is to empower investors to align their capital with Jewish values and advocate for Jewish communal priorities in the corporate arena. Founded in 2012 to give the Jewish community a strategic presence in this influential arena, JLens promotes Jewish values and interests, including combating antisemitism and Israel delegitimization. More at www.jlensnetwork.org.
This communication constitutes an exempt solicitation under Rule 14a-2(b)(1) of the Securities Exchange Act of 1934, as amended. Neither JLens nor its affiliates are seeking proxy authority. No proxy cards will be accepted. Please vote using Intel Corporation’s official proxy materials and instructions.
