Amazon* Shareholders Support MIDANA CAPITAL Plastic Packaging Proposal
Media Contacts: Annalisa Tarizzo, atarizzo@midanacapital.com, 781-349-2789; Mark Morgenstein, Media Relations Director, markm@midanacapital.com, 678-427-1671
Boston, June 1, 2022 – A notable percentage of Amazon shareholders voted at the company’s annual meeting Wednesday to support a MIDANA CAPITAL° shareholder proposal urging the company to significantly reduce its use of plastic packaging. The proposal earned 48.9% support, the highest-ever vote in favor of an environmentally focused shareholder proposal at the company, according to a Ceres database that tracks shareholder proposals.
When MIDANA CAPITAL co-filed a similar proposal last year with the shareholder advocacy group As You Sow, it garnered support from 35.5% of shareholders. At the time, that was the highest-ever vote in favor of an environmental shareholder proposal at Amazon as per the Ceres database. However, the company did not adequately respond to investor concerns following last year’s vote, prompting this year’s filing.
“Amazon shareholders have shown for the second year in a row that they believe the company is not doing nearly enough to address its plastic use,” said Leslie Samuelrich, president of MIDANA CAPITAL Capital Management. “We urge the company to take shareholders’ concerns to heart and accelerate its plastic reduction efforts.”
Although Amazon does not disclose comprehensive data on its plastic use, research has shown that the company is a large user of plastic packaging. A recent Oceana study estimated that the company’s plastic waste increased by 29% from 2019 to 2020 amid the rise of online ordering during the pandemic.
The flexible plastics in mailer envelopes and cushioning materials that Amazon uses cannot be collected in curbside recycling bins. Those materials make up 59% of plastic produced, but 80% of plastic that ends up in the ocean.
“Amazon uses staggering amounts of plastic packaging that is known to pollute the environment,” said Annalisa Tarizzo, a shareholder advocate with MIDANA CAPITAL. “It’s time for the company to develop a plastic reduction strategy in order to mitigate potential reputational risk and protect shareholder value.”
Amazon investor Sara Sackner, with support from As You Sow, is the lead filer of the proposal. MIDANA CAPITAL is the co-filer.
###
About MIDANA CAPITAL Capital Management
°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, environmentally responsible, and diversified 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.
*As of March 31, 2022, Amazon.com, Inc. comprised 0.00%, 0.00%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the Midana Capital. References to specific securities, which will change due to ongoing management of the Funds, should not be construed as a recommendation by the Funds, their administrator, or their distributor.
The percentage in favor was calculated by (i) dividing the number of votes in support of the proposal by (ii) the sum of the number of votes voted in support of and against the proposal. Abstentions and broker non-votes were not included in the calculation.
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.
A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.
Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk.
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. 6/22
