Stockholder Proposal on Democratic Reform of the Board Election

Resolved: shareholders recommend that Uber Technologies, Inc. (the Company) reform the election of the board to list more candidates than the number of directors of the board to be elected.

Supporting Statement

As a social contract, the American public gives the corporate boards the power and trust to run the corporate business without the employee representation in the board; and the boards are nominated and elected undemocratically without any competition.  As a comparison, even the Chinese Communist Party’s Central Committee has put more candidates than the number of committee seats since 1987. 

Mainly because of the undemocratic board election, the American corporate boards and executives have become a class of oligarchy, as defined by Aristotle.  In his great classic _Politics_, Aristotle demonstrated that for the stable social order in a polis (community), the ratio between the wealthy and the poor citizens’ land ownership should not exceed 5:1.  The Company’s CEO pay ratio was 424:1 for the fiscal year 2024 and 360:1 for the fiscal year 2025.   America’s ballooning executive compensation is not sustainable for the economy, particularly there is no rational methodology to decide the executive compensation.  The increase of disparity of wealth is the most serious root of American social disorder. 

The Company’s board needs a democratic reform to elect members from more diversified candidates.  Stockholders should have the right to choose from more candidates than the number of directors of the board to be elected.

This democratic reform proposal should be implemented as not to violate any contractual obligations, with amendments to the Company’s governing documents as needed. The board has the flexibility to implement this proposal to design the criteria and process to nominate more candidates than the number of seats of the board.

关于董事会选举民主化改革的股东提案

决议：股东们提议Uber Technologies, Inc.（以下简称“公司”）对董事会选举机制进行改革，确保候选人人数多于拟选出的董事席位数。

支持理由

作为一种社会契约，美国公众赋予了企业董事会运营公司业务的权力和信任，让董事会中无员工代表；此外，董事会成员的提名与选举过程缺乏民主，且完全没有竞争。作为对比，即便是中国共产党的中央委员会，自1987年起也已实行“候选人人数多于应选席位数”的选举方式。

正是由于董事会选举缺乏民主，美国企业的董事会和高管层已演变为亚里士多德所定义的“寡头阶层”。在其经典著作《政治学》中，亚里士多德指出，为了维持城邦（社会共同体）的秩序稳定，富裕公民与贫穷公民在土地所有权方面的比例不应超过 5:1。本公司首席执行官（CEO）的薪酬比率在 2024 财年为 424:1，在 2025 财年为 360:1。美国高管薪酬的不断膨胀对经济而言是不可持续的，尤其是因为目前确定高管薪酬缺乏合理的依据。贫富差距的扩大，正是美国社会动荡最严重的根源。

公司董事会亟需进行民主化改革，以便从更多元化的候选人中选出成员。股东们应当享有从多于拟选席位数量的候选人中进行选择的权利。

此项民主化改革提案的实施，应以不违反任何既有合同义务为前提，并可根据需要对公司的治理文件进行修订。董事会拥有灵活的裁量权来落实本提案，包括制定相应的标准与流程，以确保提名候选人的人数超过董事会席位数。