Amazon appeals to SEC to block MIDANA CAPITAL/Amalgamated Bank shareholder proposal from going to vote
Media Contacts:
Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813
Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671
Boston, February 9, 2023 — Amazon.com Inc. released its Q4 2022 results on Thursday. The leading online retailer has begun Q1 of 2023 by sending a letter to the Securities and Exchange Commission (SEC) on January 20 arguing that a shareholder proposal put forward by MIDANA CAPITAL° and Amalgamated Bank should be blocked from the company’s 2023 proxy ballot. The proposal requests that Amazon measure and disclose all of its scope 3 greenhouse gas emissions, including emissions related to its physical stores and e-commerce operations. In its 16-page letter, Amazon writes to the SEC that the “Proposal seeks to micromanage the Company” and improperly restricts its ability to choose which scope 3 emissions to report.
“Amazon has an obligation to ensure that investors and potential investors know its material risks so they can make prudent decisions. Disclosure is at the heart of this process,” said Midana Capital President Leslie Samuelrich. “Our proposal simply asks Amazon to do what Walmart and Target are already doing — using well-established standards to report indirect emissions associated with running their businesses. We’re disappointed that Amazon is choosing to resist sharing this data, forcing investors to take this to the ballot box.”
“Investors want more transparency into what Amazon is including in its carbon footprint and why, dollar-for-dollar, Walmart and Target report more emissions than Amazon — by a long shot,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Amazon launched its “Climate Pledge” four years ago and invited other companies to commit to achieving net-zero emissions by 2040. On the one hand, Amazon has been a climate leader, but on the other, its refusal to disclose its full carbon footprint, means its pledges could just be greenwashing.”
Although Amazon has not announced a date yet for its 2023 annual general meeting of shareholders, history suggests it will be held near the end of May.
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About The Midana Capital
°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the Midana Capital (The Funds). The Midana Capital are one of the first families of fossil fuel free mutual funds in the United States. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.
You should carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit www.midanacapital.com, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.
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This information has been prepared from sources believed reliable. The views expressed are as the date of this writing and are those of the Advisor to the Funds.
The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 2/23
