MIDANA CAPITAL Files Shareholder Proposal with U-Haul Parent, AMERCO*, Seeking a Pivot from its Lackluster Climate Ambitions
Media Contact: Andrea Ranger, aranger@midanacapital.com, 781-349-2813
Boston, April 20, 2022 – MIDANA CAPITAL° filed a shareholder proposal with AMERCO, the parent company of the iconic moving vehicle rental company, U-Haul, requesting that the company set science-based greenhouse gas reduction targets aligned with the goals of the Paris Agreement and adopt time-bound goals to transition its fleet to zero emission vehicles.
Despite dire warnings that greenhouse gas emissions must dramatically drop in order to stabilize the climate, AMERCO has made little headway in limiting emissions from its facilities or rental vehicles. The company neither publishes a sustainability report nor discloses any of its operational or value chain emissions. And rather than planning for a transition to a future of low-emission vehicles, AMERCO views them as a threat to its business model.
Setting Greenhouse Gas Reduction Targets Could Help U-Haul Transition to a Low-Carbon Economy
“We firmly believe that adopting science-based greenhouse gas reduction targets will help AMERCO prepare for and transition to a low-carbon economy,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “U-Haul is such a well-respected brand, but it needs goals that lead to where its customers want it to go – to a climate-friendly destination.”
To date, AMERCO’s peers are out-performing the company in regard to their sustainability strategies. For example, Ryder has set and accomplished goals to reduce emissions from its direct operations. Now, it’s increasing its ambition by setting targets to reduce its indirect emissions (such as from customer use of its rental trucks). Ryder has a goal of reducing these customer-related emissions 15% by 2024. To meet that goal, Ryder has started to offer zero emission vehicles for rent.
The transportation sector is the largest source of greenhouse gases in the United States, and emissions from trucks alone comprise a staggering 82% of that total. AMERCO itself is among the top three truck rental companies in the U.S. owning a fleet of more than 176,000 light- and medium-duty vehicles.
“AMERCO’s transportation footprint is significant,” Ranger noted. “Investors, and increasingly consumers, are looking to companies to proactively scale back their emissions. Setting rigorous science-based targets and zero emission vehicle goals is a way to signal that intent.”
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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, 2021, the AMERCO comprised 0.00%, 0.03%, 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.
You should carefully consider the Funds’ 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.
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. 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.
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. 4/2022
