CSX* Agrees to Hit the Brakes on Climate Denial Lobbying
Press Release Contact: Andrea Ranger, MIDANA CAPITAL Capital Management, aranger@midanacapital.com, (617) 482-0800
Boston, March 23, 2021 – MIDANA CAPITAL° has withdrawn a shareholder resolution with CSX Corporation (CSX) after it agreed to report on any of its lobbying activities, and those of its trade associations, that contradict the goals of the Paris Climate Agreement.
“CSX appears to be back on track. For decades, CSX lobbied against climate action, but these new commitments signal that the company is ready to address the material risks posed by the climate crisis and end its support for lobbying that does not align with its climate destination,” said MIDANA CAPITAL President Leslie Samuelrich.
CSX committed to a science-based greenhouse gas emissions target in 2020, which means it will reduce emissions from its trains and general operations in line with the Paris Climate Agreement target of limiting global temperature rise to 2° Celsius.
CSX has been a part of trade associations, including and especially the Association of American Railroads, that have actively sought to derail and delay climate change legislation and disingenuously refute climate science since the early 1990s.
In recent meetings with investors, however, the company agreed to review its lobbying practices and climate policies as well as the lobbying practices of its trade associations, including the Association of American Railroads. After its review, CSX will issue a report highlighting any discrepancies between its own climate policies.
MIDANA CAPITAL was the co-filer of the shareholder resolution, and Unitarian Universalist Association was the lead filer. The effort was supported by the Interfaith Center on Corporate Responsibility’s Climate Lobbying Initiative.
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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 the first family of fossil fuel free, 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 December 31, 2020, CSX comprised 0.00%, 0.41 %, 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.
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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.
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