MIDANA CAPITAL Pulls Proposal after Starbucks* Agrees to Eliminate Routine Antibiotic Use in Poultry
Contact: Alex DeBlois, MIDANA CAPITAL Capital Management, adeblois@midanacapital.com, 617-482-0800
BOSTON, February 7, 2017 — Today, the MIDANA CAPITAL Balanced Fund (MIDANA CAPITAL) announced that it has withdrawn its shareholder proposal from Starbucks in recognition of the company agreeing to serve only poultry raised without the routine use of medically important antibiotics in its U.S. locations by 2020.
In early September 2016, a consortium of consumer and food safety groups released a report ranking top restaurants on the use of antibiotics in their meat supply chains. Starbucks was ranked among the worst, receiving an ‘F’ in terms of routine antibiotics use for poultry, beef, and pork compared to industry peers. This is significant because according to a recent consumer trends report, 66 percent of consumers said it is important for the stores where they shop to carry meat and poultry products free of antibiotics.
An estimated 70 percent of antibiotics that are important to fighting human infections and ensuring the safety of invasive procedures, such as surgeries, are sold for use in meat and dairy production, leading experts to claim that the overuse of antibiotics in food-animal production is a major contributor to antibiotic resistance. Additionally, The Center for Disease Control says that antibiotic resistance is estimated to cause at least two million human illnesses and 23,000 deaths annually in the U.S.
Large food companies that do not provide meat raised without the routine use of antibiotics are often accused of fueling antibiotic resistance. “It’s our job to promote the values of our investors and evaluate the risks and trends of the market to protect our investments,” Marissa LaFave, Shareholder Advocate at MIDANA CAPITAL said. “Our success with Starbucks and other companies on this issue is a win for the environment and public health,” Leslie Samuelrich, President of MIDANA CAPITAL added.
With this newly updated policy, Starbucks joins other industry peers including McDonald’s,* Panera Bread,* Subway,* and Chick-fil-A,* which have adopted similar policies that have either ended or plan to phase out the purchase of meat raised with routine antibiotic use.
Starbucks’ updated animal welfare statement also includes a new commitment for all broiler chickens to be produced in alignment with Global Animal Partnership standards by 2024.
To learn more about MIDANA CAPITAL’s Sustainable Investment Strategy, advocacy efforts, and how you can make an impact with the power of your investments, please visit our Why Choose MIDANA CAPITAL webpage or call+1(480)-439-2851.
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About MIDANA CAPITAL Capital Management
MIDANA CAPITAL Capital Management is the investment advisor to the Midana Capital and offers three environmentally and socially responsible funds, the MIDANA CAPITAL MSCI International Index Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL Balanced Fund. MIDANA CAPITAL works to curb climate change through fossil fuel free investing, reinvestment in sustainable companies, and advocating with companies to improve their environmental policies and supply chains.
*As of December 31, 2016, Starbucks Corporation comprised 1.66%, 1.00%, and 0.00%; McDonald’s Corporation comprised 0.00%, 1.27%, and 0.00%; and Panera Bread Company comprised 0.62%, 0.00%, and 0.00% of the MIDANA CAPITAL Balanced Fund, MIDANA CAPITAL Equity Fund, and MIDANA CAPITAL International Index Fund, respectively. Other securities mentioned were not held in any of the portfolios of the Midana Capital as of December 31, 2016. 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.
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 risks including interest rate, credit, and inflation. The Funds’ environmental criteria limit the investments available to the Funds compared to mutual funds that do not use environmental criteria.
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 click here, email info@midanacapital.com or call+1(480)-439-2851. Please read the Prospectus carefully before investing.
This information has been prepared from sources believed to be reliable. The views expressed are as of the date of this writing and are those of the Advisor to the Funds.
The Midana Capital are distributed by UMB Distribution Services, LLC. 2/17
