UGI Corp. - 1792 Exchange

Rating Overview

UGI Corp. is Medium Risk.

UGI Corp. is Medium Risk. The company often yields to political activism in shaping corporate governance, potentially alienating consumers, dividing employees, and harming shareholders. The company implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. The company occasionally embraces corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues at times. This approach fails to safeguard free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Medium Risk
Discriminatory Philanthropy	Lower Risk
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	High Risk
Funding	Lower Risk
Political Actions	Lower Risk

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Medium

Rationale:

UGI integrates ESG into its business practices. From its 2023 ESG Report: “all executives have a diversity and inclusion component of their annual bonus” (1)(2). However, UGI has not canceled customers, suppliers, or vendors based on political views or religious beliefs (3).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

Lower

Rationale:

UGI does not discriminate against charitable organizations based on views or beliefs (1)(2).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

UGI operates a supplier diversity program. “[UGI has a] commitment to diversify the vendor pool” (1). UGI appears to prioritize diversity over merit in its leadership composition. From its 2026 Annual Statement: “In assessing director candidates, the Board of Directors and Corporate Governance Committee consider a number of qualifications, including independence, knowledge, judgment, character, leadership skills, education, experience, financial literacy, standing in the community and diversity of backgrounds and views” (2). UGI does not provide viewpoint protections for its employees (3).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

UGI’s former CEO, Roger Perreault, signed the CEO Action for Diversity & Inclusion pledge, which includes a commitment to promote DEI through bias education training in the workplace, strategize on DEI programs/initiatives with other signatories, and engage boards of directors when developing and evaluating DEI strategies (1)(2). UGI supports DEI within its business practices, employing a DEI Vice President (3). In 2024, UGI rebranded its DEI Vice President as Head of HR; despite the rebranding, the underlying divisive corporate position appear to remain in place (4). UGI supports ESG within its business practices. From its 2026 Proxy Statement: “Maintain strong governance, risk management practices, transparent and auditable reporting and ongoing stakeholder communication while integrating ESG considerations into strategic decision-making” (5). Otherwise, there are no publicly known cases of UGI using its reputation to advance ideological causes or policies (6).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Lower

Rationale:

UGI has not used corporate funds to advance ideological causes, organizations, or policies (1).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

Lower

Rationale:

UGI has not used its PAC donations for ideological purposes and has not reported on its lobbying (1)(2)(3).