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The case to vote AGAINST Proposal 5 (“Human Rights Impact Assessment”) on Cisco’s 2026 Proxy Statement

PROXY MEMORANDUM

To: Shareholders of Cisco Systems, Inc. (“Cisco” or the “Company”)

From: The Anti-Defamation League (“ADL”) & JLens (together, “we”)

Date: November 3, 2026

Re: The case to vote AGAINST Proposal 5 (“Human Rights Impact Assessment”) on Cisco’s 2026 Proxy Statement

We Urge Cisco Shareholders to Vote AGAINST Proposal 5

ADL and JLens urge Cisco shareholders to vote AGAINST Proposal 5 (“Human Rights Impact Assessment”) at Cisco’s 2026 annual meeting scheduled for December 15, 2026 [1].

Proposal 5, filed by Azzad Asset Management (“Azzad”), requests that the Cisco Board of Directors (the “Board”) commission and oversee an independent third-party Human Rights Impact Assessment (“HRIA”) to evaluate severe and foreseeable human rights risks and impacts associated with high-risk customers, end users, and business relationships [1]. Although the supporting statement also references other examples, including China’s Golden Shield surveillance system and U.S. immigration enforcement, each in a single sentence, its most extensive allegations concern Cisco’s Israeli government and security customers and its Digital Hub partnerships in Israeli settlements, the same subjects featured in the Boycott, Divestment, and Sanctions (“BDS”) movement’s Cisco campaign materials [1][2]. 

ADL and JLens support the consistent application of human rights standards across companies and countries, without singling out Israel for differential treatment. We believe shareholders should evaluate whether to vote for Proposal 5 not only on the assessment it requests, but also in the broader context of Cisco’s strategic business interests, the objectives of the campaigns that appear to overlap or be aligned with the proposal, and its potential implications for long-term shareholder value. We are concerned that support for this proposal may be used to advance broader policy objectives that do not serve shareholders’ best interests.

Our central concern is how a vote for this proposal would be used. The BDS movement has named Cisco a priority target and is pressing the Company’s customers to cancel their contracts [3][4]. At Microsoft in 2025, after a shareholder proposal co-filed by Azzad and similarly framed around human rights reporting was opposed by nearly 75% of votes cast, advocacy groups that supported the proposal nevertheless cited the result as a demonstration of concern about Microsoft’s Israeli military contracts, although shareholders had not been asked to endorse that objective [5]–[9]. We believe a vote for this proposal could be put to similar use and that Cisco shareholders should strongly consider three key points when deciding how to vote on Proposal 5, each discussed below:

  • Why Israel matters to Cisco’s shareholders. Israel has been an important center for Cisco’s research and development and technological innovation for nearly three decades. Cisco’s substantial investments, acquisitions, and commercial relationships in Israel contribute to products and services sold worldwide. We believe that efforts to limit or sever these relationships could undermine strategically valuable investments and capabilities, potentially harming Cisco’s long-term competitiveness and shareholder value. The BDS campaign against Cisco also targets its customers worldwide, extending that risk well beyond Israel.
  • How the proposal fits a broader campaign against Cisco’s business with Israel. The proposal overlaps with a broader campaign advocating boycotts, divestment, and restrictions on Cisco’s Israeli business relationships. JLens saw a similar pattern at Microsoft, where some supporters of a human rights due diligence proposal, co-filed by Azzad, subsequently cited the shareholder vote to advance concerns about Microsoft’s Israeli military contracts, even though shareholders were not asked to endorse that objective. 
  • What Cisco already discloses. Cisco already maintains a human rights policy and due diligence processes, commissions independent third-party human rights impact assessments, and assigns oversight of human rights to a committee of its Board. Given these measures, it is unclear to us what material additional information the requested assessment would provide shareholders.

1. Why Israel Matters to Cisco’s Shareholders

Israel has been a strategically important part of Cisco’s global business for nearly three decades, serving as a center for research and development and technological innovation. In 2017, Cisco marked 20 years of activity in Israel, where it operated research and development centers in Jerusalem and Netanya [10]. By 2018, Cisco had acquired 13 Israel-based companies for approximately $7 billion combined, including NDS, which Cisco acquired in 2012 for $5 billion [10]. As of 2026, Cisco employs approximately 900 people in Israel across sites in Tel Aviv, Netanya, and Caesarea, and it is expanding its Caesarea offices under a new ten-year lease [10].

Cisco’s commitment is growing. Since 2021 it has acquired Israeli companies including Epsagon, Lightspin, Robust Intelligence, and Astrix Security, for roughly $1.5 billion combined. In October 2026, it announced a larger chip development team in Caesarea focused on AI silicon, and senior executive Jeetu Patel told Israeli staff the country “will be a central part of Cisco’s future” [10].

Cisco’s presence in Israel also extends beyond its own operations. The proposal describes Cisco’s Digital Hub partnerships as operating in Israeli settlements in the West Bank and Golan Heights [1]. The hubs are part of Cisco’s Country Digital Acceleration program, which operates in more than 50 countries, including Saudi Arabia, the United Arab Emirates, and Egypt [10]. In Israel, the hubs are part of what CTech described in 2018 as “Cisco’s social initiative to digitize Israel’s peripheral communities,” with hubs in towns in Israel’s south and in both East and West Jerusalem, intended to connect those communities with the country’s economic and technological center in Tel Aviv; a Cisco Israel executive said the goal was “to contribute to equality” [10]. Today the hubs are part of Klika, a coworking network run by the Israeli government and local authorities. Its current locations include the Bedouin towns of Rahat and Hura, the Arab town of Kfar Qasim, and the Druze town of Daliyat al-Karmel [10].

We believe Israel’s importance to Cisco cannot be measured solely by local revenue, which the Company does not disclose, or by headcount alone, because Israeli investments strengthen Cisco’s global business and competitive position. As shareholders evaluate how to vote on Proposal 5, we believe the commercial and strategic value of Cisco’s longstanding investments and business relationships in Israel deserves consideration alongside the purported risks identified by the proponent.

2. How the Proposal Fits a Broader Campaign Against Cisco’s Business with Israel

What Is the BDS Movement, and Why Does It Matter

The BDS movement calls for economic, cultural, and institutional pressure against Israel through boycotts, divestment, and sanctions. 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. Many of the BDS movement’s founding goals are, in ADL’s view, antisemitic because they effectively reject or ignore the Jewish people’s right to self-determination and, if achieved, would result in the elimination of the world’s only Jewish state [11][12].

The BDS Campaign Targeting Cisco

In February 2025, the Palestinian BDS National Committee (“BNC”) organized a “Dump Cisco” Day of Action and identified Cisco as a “priority tech target.” Its stated strategy was to mobilize institutional customers, including city councils, universities, hospitals, and trade unions, to end their Cisco contracts. The campaign specifically named Webex, Meraki, Duo Mobile, Splunk, ThousandEyes, Jasper, and Cisco hardware, including Cisco-brand phones and security cameras. The stated aim was to pressure Cisco to end its contracts with the Israeli military, police, prisons, and government [3].

The BDS movement’s Cisco campaign page makes its broader demands explicit: exclude Cisco from procurement opportunities, terminate existing contracts, refuse renewals, and divest from the Company and its subsidiaries. These demands extend to institutions and businesses purchasing ordinary networking, communications, and cybersecurity products, not only to the government customers discussed in the shareholder proposal [4]. That pressure is aimed at Cisco’s revenue from commercial and public-sector customers worldwide, not just its Israeli contracts. In our view, a vote that campaign supporters could present as investor endorsement of their broader objectives would add to that pressure on Cisco’s customer base and, in turn, on shareholder value.

The supporting statement’s most detailed allegations concern Cisco’s Israeli government and security customers and Digital Hub partnerships, the same issues highlighted in the BDS movement’s Cisco campaign materials [1][2]. While we understand that these efforts involve distinct organizations with different tactics and objectives, and not all participants necessarily support BDS, their public materials overlap substantially.

Proposal 5’s supporting statement does not appear to identify any specific misuse of a Cisco product, contract violation, or incident. Instead, the genesis of the concern driving the need for the assessment appears to be that Cisco has Israeli government and security customers at all. In our view, that is the same objection the BDS campaign makes, presented as a request for a human rights assessment. The resolution is worded to cover high-risk customers generally, but the supporting statement gives China and U.S. immigration enforcement one sentence each and builds its central case around Israel. We believe shareholders should weigh how the proposal is argued, not only how it is worded.

Azzad’s Prior Israel-Related Advocacy

Azzad’s filings and its own materials document prior Israel-related shareholder advocacy. Azzad has repeatedly joined investor efforts targeting companies’ business with Israel, including efforts alongside organizations that openly support BDS [13][5][14]–[17]. In a March 2026 webinar presenting its work under the heading “Working for Justice in Palestine,” Azzad cited:

  • Its role in a 2019 investor coalition asking Microsoft to end support for the Israeli facial-recognition firm AnyVision, an outcome the BDS movement and Jewish Voice for Peace claimed as a victory [18]. Jewish Voice for Peace has publicly endorsed BDS [19].
  • Its support for shareholder proposals at Alphabet concerning Project Nimbus [18].
  • Its work with the American Friends Service Committee (“AFSC”) on a campaign pressing General Mills to leave its Pillsbury operation in East Jerusalem, a campaign AFSC says was coordinated by the Palestinian BDS National Committee. General Mills sold its stake in 2022, citing its business strategy [20][21].
  • Letters urging defense contractors to stop supplying weapons that Azzad says are being used against Palestinians [18].

Azzad describes its current Cisco proposal as an effort to obtain additional information [22].

The Israel-Related Advocacy at Microsoft Demonstrates How Shareholder Support Can Be Invoked in Subsequent Campaign Efforts

Microsoft’s 2025 annual meeting demonstrates how support for shareholder proposals that overlap or align with the BDS campaign can be invoked in subsequent advocacy. Microsoft’s human rights due diligence proposal, Proposal 9 at the 2025 annual meeting, filed by Investor Advocates for Social Justice (“IASJ”) and co-filed by Azzad, among others, was opposed by approximately 74% of votes cast [5]. Following approximately 26% support, Ekō (formerly SumOfUs), a nonprofit advocacy organization focused on “stopping big corporations from behaving badly” [23], said, according to GeekWire, that the results showed growing concerns about Microsoft’s contracts with the Israeli military [6]. 

For ADL and JLens, the concern is that support for broadly framed reporting requests may subsequently be presented as evidence of shareholder backing for broader campaign objectives, even though investors were not asked to endorse those objectives. For a more detailed discussion, see our memorandum on Microsoft’s 2026 shareholder proposals [24].

A Broader Campaign Across Corporate Proxy Ballots

Cisco is not the only major U.S. company targeted by campaigns opposing its business relationships with Israel. JLens research identified 38 corporations from the 500 largest U.S. public companies targeted by prominent BDS campaigns in 2024, increasing to 47 in 2025 [25]. Shareholder proposals are one channel through which that pressure reaches investors. Since 2016, JLens has opposed more than a dozen shareholder proposals that, in our view, share similarities with or have a connection to BDS-aligned objectives at major companies across the technology, defense, energy, and travel sectors [25]–[27].

These proposals are frequently framed as concerning human rights due diligence, data privacy, defense-related products, or other governance matters, often without explicitly mentioning Israel [24][28]–[30]. Their focus on Israel-related business relationships often becomes apparent only in the supporting statements and accompanying advocacy. Investors reviewing only the language of the proposal itself may therefore overlook the broader objectives of the campaigns promoting these proposals.

The Proposal Relies on One-Sided and Advocacy-Oriented Sources

The proposal’s Israel-related allegations draw substantially on two sources, Drop Site News and the International Court of Justice. In our view, these sources cannot be treated as neutral or dispositive evidence of wrongdoing.

  • Drop Site News, whose reporting on Cisco the proposal cites [31], has drawn scrutiny over its independence and reliability. The outlet launched with an 8,000-word interview with two senior Hamas leaders, its official X account has shared a Hamas message calling for “days of rage,” and it has argued against claims that Hamas committed rape during the October 7 attacks. Jewish Insider, reporting on the outlet’s selection for the White House press corps rotation, said Drop Site had built “a reputation of credulously reporting on Hamas’ claims and repeating the group’s propaganda” [32].

  • The International Court of Justice advisory opinion cited by the proponent is non-binding and was rejected by Israel [33]. Under President Biden, the U.S. State Department criticized the opinion, expressing concern that “the breadth of the court’s opinion will complicate efforts to resolve the conflict,” and said the opinion was “inconsistent with the established framework” for resolving the conflict. The State Department further advised that it “strongly discourages” parties from using the ICJ opinion “as a pretext for further unilateral actions that deepen divisions or for supplanting a negotiated two-state solution” [34].

In short, the proposal’s allegations about Cisco’s Israeli customers rest chiefly on one outlet’s account of leaked documents [31]. That reporting describes Cisco’s sales and contracts with Israeli government and military customers and the use of its networking equipment in military operations; it does not allege that Cisco violated its own policies or that any customer breached its terms. In our view, shareholders are being asked to commission an assessment of lawful commercial relationships, whose findings could then be used to press Cisco to end the same Israeli contracts the BDS campaign targets.

3. What Cisco Already Discloses

In its statement opposing the proposal, the Board states that Cisco already commissions independent third-party human rights impact assessments and that the Public Policy Committee of the Board reviews human rights matters [1]. Cisco has maintained a Global Human Rights Policy since 2012 and reports that it conducts human rights due diligence and human rights impact assessments, considering factors such as the operating context, end users and partners in high-risk sectors, and product capabilities [35]. The Company completed its most recent human rights saliency assessment in fiscal 2025, and its Board provides oversight of human rights risks identified by management [35]. In our view, these disclosures provide shareholders with substantial information, raising questions about what material additional information the proposed assessment would provide.

The proponent cites independent HRIAs at Microsoft and Meta as a model [1]. Cisco already commissions independent third-party assessments. The proposal does not identify a specific disclosure gap that a new assessment would close, and given the campaign context described above, we are concerned its findings would be used for purposes beyond informing investors.

Conclusion: Vote AGAINST Proposal 5

ADL and JLens support the consistent application of human rights standards across Cisco’s global operations, without singling out Israel for differential treatment. Cisco already commissions independent human rights assessments and discloses how its human rights due diligence works, and we do not believe the requested assessment would add material information. We believe this proposal cannot be evaluated apart from a broader campaign to delegitimize Israel and isolate it economically. That campaign has targeted Cisco directly: the BDS campaign against the Company openly calls for contract cancellations, procurement exclusions, and divestment, and the proposal is advanced by a proponent with a documented history of Israel-related shareholder advocacy.

Our concern extends well beyond the assessment requested. As Microsoft’s experience demonstrates, shareholder support for human rights reporting can subsequently be invoked as evidence of investor backing for broader campaign objectives that shareholders were never asked to endorse. Shareholders can support rigorous human rights standards, consistently applied across companies and geographies, without supporting those objectives. We believe investors should consider not only what this resolution requests, but how a vote in its favor could be characterized afterward.

We urge a vote AGAINST Proposal 5.

For more information, please contact Dani Nurick, JLens Director of Advocacy, at [email protected].

Endnotes

  1. Cisco Systems, Inc., Definitive Proxy Statement (Schedule 14A) (2026), Proposal 5 (stockholder proposal requesting a Human Rights Impact Assessment) and Cisco’s Statement in Opposition to Proposal No. 5, filed Oct. 29, 2026, pp. 77–79, https://www.sec.gov/Archives/edgar/data/858877/000130817926000439/csco-20261029.htm; Cisco Systems, Inc., Annual Report (Form 10-K) for the fiscal year ended July 25, 2026, Item 1, https://www.sec.gov/Archives/edgar/data/0000858877/000085887726000132/csco-20260725.htm.
  2. Palestinian BDS National Committee, “Cisco Company Complicity Profile” (file labeled “Updated 6_11_2026”), accessed Oct. 13, 2026, https://bdsmovement.net/sites/default/files/2026-07/Cisco%20Company%20Complicity%20Profile%20UPDATED%206_11_2026.pdf.
  3. Palestinian BDS National Committee, “The BDS Movement Calls for a Dump Cisco Day of Action, February 11,” Feb. 5, 2025, https://bdsmovement.net/Dump-Cisco-Day-Of-Action-Feb-11.
  4. BDS Movement, “Cisco” campaign page, “Take Action” section, accessed Oct. 13, 2026, https://bdsmovement.net/cisco.
  5. Microsoft Corporation, Current Report on Form 8-K, filed Dec. 8, 2025, Item 5.07 (results of the Dec. 5, 2025 annual meeting), https://www.sec.gov/Archives/edgar/data/789019/000119312525311196/d34077d8k.htm. Support is calculated as votes FOR ÷ (FOR + AGAINST). For Azzad’s co-filing, see Investor Advocates for Social Justice, “Investors Signal Urgent Need for Microsoft to Strengthen Human Rights Due Diligence,” Dec. 9, 2025, https://iasj.org/investors-signal-urgent-need-for-microsoft-to-strengthen-human-rights-due-diligence/. See also Azzad Asset Management, Notice of Exempt Solicitation, Microsoft Corporation, Oct. 22, 2025 (Accession No. 0001214659-25-015203), https://www.sec.gov/Archives/edgar/data/789019/000121465925015203/y1022250px14a6g.htm; Azzad Asset Management, “Shareholder Advocacy” (listing co-filed Microsoft proposal), https://azzadasset.com/shareholder-advocacy/.
  6. Todd Bishop, “Filing: Human Rights Proposals Win More Than 25% of Votes at Microsoft Shareholder Meeting,” GeekWire, Dec. 9, 2025, https://www.geekwire.com/2025/filing-human-rights-proposals-win-more-than-25-of-votes-at-microsoft-shareholder-meeting/.
  7. Investor Advocates for Social Justice, “Investors Signal Urgent Need for Microsoft to Strengthen Human Rights Due Diligence,” Dec. 9, 2025, https://iasj.org/investors-signal-urgent-need-for-microsoft-to-strengthen-human-rights-due-diligence/.
  8. Investor Advocates for Social Justice, “Investor Concern Over Microsoft’s Human Rights Due Diligence Heightens as Co-filer Holdings Nearly Quadruple,” Notice of Exempt Solicitation, filed July 1, 2026, https://www.sec.gov/Archives/edgar/data/789019/000121465926008121/j72261px14a6g.htm.
  9. Ekō, Investor Advocates for Social Justice and Racial Justice Investing, “Too Little, Too Late: Microsoft Has a Due Diligence Problem. Here’s Why Investors Should Be Concerned,” investor briefing, filed by Investor Advocates for Social Justice as Notice of Exempt Solicitation, filed Sept. 9, 2026, at 2, 8–13, 21, https://www.sec.gov/Archives/edgar/data/789019/000121465926011511/o91268px14a6g.htm.
  10. Hagar Ravet, “Cisco CEO to Visit Israel, Launch a Network of Tech Hubs Designed to Digitize Israel’s Peripheral Communities,” CTech by Calcalist, Mar. 1, 2018, https://www.calcalistech.com/ctech/articles/0,7340,L-3733068,00.html; Hilit Yanai-Levision, “Cisco Leases Offices in Caesarea Campus,” Globes, Mar. 12, 2026, https://en.globes.co.il/en/article-cisco-leases-offices-in-caesarea-campus-1001537476; Calcalist, Cisco acquisition of Epsagon, July 26, 2022, https://www.calcalist.co.il/calcalistech/article/h1bh68tn5; Globes, Cisco acquisition of Lightspin, Mar. 29, 2023, https://en.globes.co.il/en/article-1001442679; CTech by Calcalist, Cisco acquisition of Robust Intelligence, 2024, https://www.calcalistech.com/ctechnews/article/b1a600iija; CTech by Calcalist, Cisco completes acquisition of Astrix Security, May 4, 2026, https://www.calcalistech.com/ctechnews/article/dy5obf581; Globes, Cisco extends Netanya lease (Hebrew), Dec. 8, 2025, https://www.globes.co.il/news/article.aspx?did=1001528545; Yaron Arbel, “Cisco Significantly Expands Chip Development Activity in Israel” (Hebrew), Chiportal, Oct. 15, 2026, https://chiportal.co.il/%D7%A1%D7%99%D7%A1%D7%A7%D7%95-%D7%9E%D7%A8%D7%97%D7%99%D7%91%D7%94-%D7%9E%D7%A9%D7%9E%D7%A2%D7%95%D7%AA%D7%99%D7%AA-%D7%90%D7%AA-%D7%A4%D7%A2%D7%99%D7%9C%D7%95%D7%AA-%D7%A4%D7%99%D7%AA%D7%95%D7%97/; Calcalist, interview with Zika Av-Tzuk, Cisco Israel (Hebrew), Dec. 5, 2023, https://www.calcalist.co.il/local_news/article/hklnkzsht; Startupim, “Klika” company profile, accessed Oct. 29, 2026, https://slimpages.startupim.com/company_page/klika; Spacing, Klika hub listings, accessed Oct. 29, 2026, https://www.spacing.co.il/en/results/?filter=r_klika; Startupim, “QasemHub” profile, accessed Oct. 29, 2026, https://slimpages.startupim.com/min_company_page/qasem-hub; Spacing, “NETGEV Hura” listing, accessed Oct. 29, 2026, https://spacing.co.il/en/location/962_3; Cisco Systems, Inc., “Country Digital Acceleration,” accessed Oct. 29, 2026, https://www.cisco.com/c/m/en_us/about/purpose/reporting-hub/community-resilience/cda.html; Cisco Systems, Inc., “Cisco Expands Presence in Saudi Arabia: Cloud Services Data Centers, AI Talent Development and Manufacturing Plans,” Feb. 9, 2025, https://news-blogs.cisco.com/emea/2025/02/09/cisco-saudi-arabia-cloud-data-centers-ai-talent-manufacturing/; “UAE Ministry Signs MoU with Global Firm to Accelerate Digital Economy,” Gulf Today, Oct. 6, 2022, https://gulftoday.ae/business/2022/10/06/uae-ministry-signs-mou-with-global-firm-to-accelerate-digital-economy; Aya El Sayed, “Egypt Signs Cybersecurity Training Deal with Cisco,” Amwal Al Ghad, Feb. 24, 2025, https://en.amwalalghad.com/egypt-signs-cybersecurity-training-deal-with-cisco/; Bank of Israel, “New Research: Arab Society in Israel’s High Tech Sector,” press release, Oct. 4, 2021, https://www.boi.org.il/en/communication-and-publications/press-releases/new-research-arab-society-in-israel-s-high-tech-sector/.
  11. Anti-Defamation League, “The Boycott, Divestment and Sanctions Campaign (BDS),” May 24, 2022, https://www.adl.org/resources/backgrounder/boycott-divestment-and-sanctions-campaign-bds.
  12. ADL, in partnership with JLens, “The Impact of Divestment Campaigns on Rising Antisemitism,” Sept. 6, 2024, https://www.adl.org/resources/article/impact-divestment-campaigns-rising-antisemitism.
  13. Open letter to the UN High Commissioner for Human Rights urging release of the database of business activities in Israeli settlements, Mar. 18, 2019 (signatories include Azzad Asset Management, American Friends Service Committee, and chapters of Jewish Voice for Peace), https://ccrjustice.org/un-high-commissioner-must-release-database-business-activities-settlements. See also note 14.
  14. Letter from investors including Azzad Asset Management, American Friends Service Committee and Investor Advocates for Social Justice to The Boeing Company, May 21, 2021, at 3, https://iasj.org/wp-content/uploads/Boeing-Letter-Re-Military-Assault-on-Gaza-PUBLIC.pdf.
  15. Azzad Asset Management, “Azzad Asks Alphabet to Adopt Holy Land Principles,” posted Jan. 5, 2017, https://azzadasset.com/press-releases/azzad-asks-alphabet-to-adopt-holy-land-principles/.
  16. Meta Platforms, Inc., Definitive Proxy Statement (Form DEF 14A) for the 2026 Annual Meeting of Stockholders (fiscal year 2025), filed Apr. 16, 2026, Proposal Seven (“Shareholder Proposal Regarding Report on Human Rights Due Diligence”), p. 75, https://www.sec.gov/Archives/edgar/data/1326801/000162828026025532/meta-20260416.htm; Azzad Asset Management, Notice of Exempt Solicitation, Meta Platforms, Inc., 2026, https://www.sec.gov/Archives/edgar/data/1326801/000121465926004859/o421260px14a6g.htm.
  17. Microsoft Corporation, 2026 Definitive Proxy Statement (Form DEF 14A), Proposal 6 (“Report on Data Operations in Human Rights and Conflict Hotspots”), pp. 75–77, https://www.sec.gov/Archives/edgar/data/789019/000119312526427849/d61756ddef14a1.pdf; Microsoft Corporation, 2025 Definitive Proxy Statement (Form DEF 14A), Proposal 8 (“Report on Data Operations in Human Rights Hotspots”), pp. 83–85, https://www.sec.gov/Archives/edgar/data/789019/000119312525245150/d908201ddef14a1.pdf.
  18. Azzad Asset Management, “Shareholder Advocacy: Investing with Purpose and Principle,” webinar, Mar. 23, 2026, https://azzadasset.com/videos/shareholder-advocacy-investing-with-purpose-and-principle/; BDS Movement and Jewish Voice for Peace, “BDS win! Microsoft drops AnyVision,” Mar. 29, 2020, https://www.bdsmovement.net/news/bds-win-microsoft-drops-anyvision.
  19. Jewish Voice for Peace, “Jewish Voice for Peace on Boycott, Divestment and Sanctions,” Feb. 20, 2015, https://www.jewishvoiceforpeace.org/2015/02/20/jewish-voice-for-peace-on-boycott-divestment-and-sanctions/; American Friends Service Committee, “What You Should Know About AFSC’s Support for the BDS Movement,” Jan. 7, 2019, https://afsc.org/news/what-you-should-know-about-afscs-support-bds-movement.
  20. Noam Perry, “How We Got General Mills to Divest from the Israeli Occupation,” American Friends Service Committee, Nov. 1, 2022, https://afsc.org/newsroom/how-we-got-general-mills-divest-israeli-occupation.
  21. Brooks Johnson, “General Mills Selling Its Stake in Often-Criticized Israel Business,” Star Tribune, June 2, 2022, https://www.startribune.com/article/600178653; Marc Rod, Jewish Insider, “General Mills Says Departing Israel Was a Business Decision, Not a Boycott,” June 2, 2022, https://jewishinsider.com/2022/06/general-mills-israel-production/.
  22. Azzad Asset Management, “Why We Filed a Shareholder Proposal at Cisco Systems,” Sept. 4, 2026, https://azzadasset.com/blog/why-we-filed-a-shareholder-proposal-at-cisco-systems/.
  23. Ekō (formerly SumOfUs), homepage, accessed Nov. 2, 2026, https://eko.org/en.
  24. ADL and JLens, Notice of Exempt Solicitation, Microsoft Corporation, “The case to vote AGAINST Proposal 5 (‘Report on Human Rights Due Diligence’) and Proposal 6 (‘Report on Data Operations in Human Rights and Conflict Hotspots’) on Microsoft’s 2026 Proxy Statement,” Oct. 28, 2026, https://www.sec.gov/Archives/edgar/data/789019/000092189526002869/px14a6g14098012_10282026.htm.
  25. ADL and JLens, “NYC Pensions Could Lose $37 Billion over 10 Years if Divested from Israel,” June 2026 (2024 and 2025 BDS target reviews), https://go.adl.org/resources/report/nyc-pensions-could-lose-37-billion-over-10-years-if-divested-israel.
  26. JLens, “The Jewish Shareholder Voice: JLens Proxy Voting 2025,” Mar. 24, 2026, https://www.jlensnetwork.org/the-jewish-shareholder-voice-jlens-proxy-voting-2025/.
  27. JLens and ADL, “The case to vote AGAINST Proposal 9 (‘Report on Human Rights Due Diligence’) on Microsoft’s 2025 Proxy Statement” (2025 proxy memorandum), https://www.jlensnetwork.org/the-case-to-vote-against-proposal-9-report-on-human-rights-due-diligence-on-microsofts-2025-proxy-statement/.
  28. JLens, “The case to vote AGAINST Proposal 11 (‘Shareholder Proposal Regarding a Report on Data Privacy’) on Alphabet’s 2026 Proxy Statement,” Apr. 28, 2026, https://www.jlensnetwork.org/the-case-to-vote-against-proposal-11-shareholder-proposal-regarding-a-report-on-data-privacy-on-alphabets-2026-proxy-statement/.
  29. ADL and JLens, “ADL and JLens Urge Chevron Shareholders to Vote AGAINST Proposal 6 at the Annual Meeting of Shareholders on May 27, 2026,” press release, May 12, 2026, https://www.jlensnetwork.org/adl-and-jlens-urge-chevron-shareholders-to-vote-against-proposal-6-at-the-annual-meeting-of-shareholders-on-may-27-2026/.
  30. ADL and JLens, “The case to vote AGAINST Proposal 6 (‘Shareholder Resolution Regarding Business Operations in Israeli Settlements’) on Booking Holdings Inc.’s 2026 Proxy Statement,” May 13, 2026, https://www.jlensnetwork.org/the-case-to-vote-against-proposal-6-shareholder-resolution-regarding-business-operations-in-israeli-settlements-on-booking-holdings-inc-s-2026-proxy-statement/.
  31. Murtaza Hussain, “Leaked Documents Show Cisco Systems’ Deep Relationship with Israeli Security State,” Drop Site News, May 14, 2026, https://www.dropsitenews.com/p/cisco-systems-israel-genocide-gaza.
  32. Gabby Deutch, “White House Taps Hamas-Sympathetic Drop Site News in Press Corps Rotation,” Jewish Insider, Feb. 2, 2026, https://jewishinsider.com/2026/02/drop-site-news-white-house-press-corps-new-media-seat/.
  33. International Court of Justice, “Legal Consequences Arising from the Policies and Practices of Israel in the Occupied Palestinian Territory, Including East Jerusalem,” Advisory Opinion, July 19, 2024, https://www.icj-cij.org/case/186.
  34. Kanishka Singh, “US Criticizes ICJ Opinion on Israeli Occupation of Palestinian Territories,” Reuters, July 20, 2024, https://www.reuters.com/world/us-criticizes-icj-opinion-israeli-occupation-palestinian-territories-2024-07-20/.
  35. Cisco Systems, Inc., “Human Rights at Cisco,” accessed Oct. 29, 2026, https://www.cisco.com/c/m/en_us/about/purpose/reporting-hub/responsible-innovation/human-rights.html.

 

About ADL

ADL is the leading anti-hate organization in the world. Founded in 1913, its timeless mission is “to stop the defamation of the Jewish people and to secure justice and fair treatment to all.” Today, ADL continues to fight all forms of antisemitism and bias, using innovation and partnerships to drive impact. A global leader in combating antisemitism, countering extremism and battling bigotry wherever and whenever it happens, ADL works to protect democracy and ensure a just and inclusive society for all. More at www.adl.org.

About JLens

Founded in 2012, JLens is a 501(c)(3) nonprofit and Registered Investment Advisor that empowers investors to align their capital with Jewish values and advocates for Jewish communal priorities in the corporate arena. JLens’s Jewish Investor Network is composed of more than 40 Jewish institutions, representing $15 billion in communal capital (as of 6/30/26). In 2022, JLens established an affiliation with ADL, the leading anti-hate organization in the world. More at www.jlensnetwork.org.

This is not a solicitation of authority to vote your proxy. Please do not send us your proxy card; ADL and JLens are not able to vote your proxies, nor does this communication contemplate such an event. Please vote according to the instructions in Cisco’s proxy materials.

Exempt Proxy Solicitations, Impact, Israel, Proxy Season

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