New MIDANA CAPITAL Shareholder Proposal Presses Apple* to Expand Access to Repair
Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Annalisa Tarizzo, atarizzo@midanacapital.com, 617-482-0800
Boston, September 13, 2021 – MIDANA CAPITAL Capital Management° has filed a shareholder proposal with Apple Inc. regarding risks posed by the restrictive nature of the company’s product repair policies. The technology giant, which has committed to achieving carbon neutral products and supply chains by 2030, is the most valuable company in the world.
Electronic waste is the world’s fastest growing waste stream, and by 2040 internet-connected devices will account for 14% of all greenhouse gas emissions. Access to product repair is critical for extending the lifespan of electronic devices, thereby preventing wasted resources and reducing emissions.
“Investors are extremely concerned about Apple’s disingenuous combination of promoting environmental sustainability while inhibiting product repair,” said MIDANA CAPITAL President Leslie Samuelrich. “The company risks losing its reputation as a climate leader if it does not cease its anti-repair practices.”
Despite growing its independent repair network, Apple continues to earn criticism not only for denying consumers and independent repair shops access to repair materials but also designing products in such a way that hinders repair. Equally troubling, the company has doubled down on this approach by lobbying extensively against Right to Repair laws, which would require electronics manufacturers to provide access to parts and service information to consumers.
MIDANA CAPITAL will press Apple to reverse its anti-repair practices in order to mitigate regulatory and reputational risks and bolster the company’s ambitious climate commitments.
“Consumers want to reduce their own carbon footprints by fixing their electronics, and Apple must help them get there,” said Samuelrich. “It’s what’s best for the company, its consumers and the planet.”
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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 June 30, 2021, Apple Inc. comprised 3.71%, 0.00% and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund and the MIDANA CAPITAL International Index Fund. 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 Fund’s 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.
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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.
The Midana Capital are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 9/21
