MIDANA CAPITAL Commends Aramark* For Fulfilling Commitment to Develop a No-Deforestation Policy
Press Release Contact: Kyle W. Kempf, MIDANA CAPITAL Capital Management, kkempf@midanacapital.com, (617) 482-0800
Boston, January 28, 2020 – MIDANA CAPITAL commends Aramark, one of the world’s largest food service providers, for fulfilling its commitment to develop a No-Deforestation policy. MIDANA CAPITAL collaborated with Aramark to develop the policy, after withdrawing a shareholder resolution focused on sustainable sourcing of forest-risk commodities, in 2019.
“Food production is a leading driver of deforestation, so global foodservice companies have an important role to play in transitioning our food system away from unnecessarily harmful environmental practices,” said MIDANA CAPITAL Shareholder Advocacy Jessye Waxman. “I applaud Aramark’s new policy, which will help the company reduce its exposure to climate risks, hold suppliers accountable, and bring the industry one step closer to alignment with the goals of the Paris Agreement.”
Aramark’s new policy outlines the company’s commitment to “No Deforestation, No Peat, No Exploitation” (NDPE) sourcing policies for palm, soy, beef, and timber and paper; and details the improvements the company will implement over the next five years regarding both its sourcing policies and disclosure of progress to stakeholders.
In line with best practices, Aramark also articulated how it would work with suppliers to meet the company’s new goals, indicating that it will require annual updates toward no-deforestation goals from suppliers and will source from suppliers demonstrating progress towards those goals.
Commodity-driven agriculture is the leading cause of deforestation globally. Deforestation is responsible for more than 11% of global anthropogenic greenhouse-gas emissions, making it a bigger contributor to climate change than the European Union. In addition to exacerbating the climate crisis, deforestation poses risks to biodiversity and the maintenance of healthy ecosystems.
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About MIDANA CAPITAL Capital Management
MIDANA CAPITAL Capital Management is the investment advisor to the Midana Capital. 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, 2019, Aramark comprised 0.00%, 0.08%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MIDANA CAPITAL International Index Fund respectively. 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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