On March 16, 2020, The Charles Schwab Corporation filed a preliminary proxy statement soliciting proxies and urged the shareholders to vote against a shareholder proposal, requesting the preparation of a report, updated annually, disclosing the Company’s direct and indirect lobbying activities and expenditures to assess whether its lobbying is consistent with its expressed goals and in the best interests of stockholders, submitted by Friends Fiduciary Corporation for consideration at the Company’s 2020 annual meeting of shareholders scheduled to be held on May 12, 2020.