MIDANA CAPITAL Withdraws Right to Repair Shareholder Proposal After Google Parent Alphabet* Agrees to Make Pixel Replacement Parts Available
Google joins Right to Repair movement with its announcement
Media Release Contact: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Annalisa Tarizzo, atarizzo@midanacapital.com, (781) 349-2789
Boston, April 12, 2022 — MIDANA CAPITAL is withdrawing a shareholder proposal with Google parent Alphabet as the company announced on Friday that it will begin selling genuine Pixel phone parts to independent repair shops and consumers. MIDANA CAPITAL’s proposal urged Alphabet to make repairing its products more accessible to consumers and independent repair shops.
“We’re glad to see Google join the Right to Repair movement and catch up with its industry peers by announcing this new initiative,” said MIDANA CAPITAL Capital Management President Leslie Samuelrich. “Today’s announcement underscores consumer demand for repair options, the wave of change in the tech industry around product repair, and the power of shareholders.”
The replacement parts will be available for sale through iFixit, an online repair guide provider and Right to Repair advocate, and will cover models from the Pixel 2 through the Pixel 6 Pro, as well as future models. The announcement is a striking reversal for the company, which has long lobbied against Right to Repair reforms and employed policies that make repairing its products difficult.
“Access to spare parts is a critical component of Right to Repair,” Samuelrich said. “It helps companies like Alphabet mitigate risk by keeping electronic waste from smartphones out of the landfill, fulfilling consumer expectations for more repair options, and preparing for potential regulatory requirements at both the state and federal level, especially in light of the Federal Trade Commission’s recent statements on this issue.”
Alphabet’s announcement comes in the wake of similar ones made in the last year by Apple,* Microsoft,* and Samsung,* which have all committed to increasing repair accessibility for the devices they sell. Apple’s announcement was similarly prompted by a MIDANA CAPITAL shareholder proposal.
Making replacement parts more widely available is key to the Right to Repair and provides numerous environmental benefits by keeping devices in use for longer periods of time, such as reducing toxic electronic waste and greenhouse gas emissions associated with the manufacturing process.
“This is a positive development, and we encourage the company to expand its spare part offerings to all of its devices, including for its Nest Thermostats, and making a formal commitment to stop lobbying against Right to Repair reforms,” Samuelrich said.
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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, Alphabet, Inc. comprised 4.32%, 7.83%, and 0.00%; Apple, Inc. comprised 5.56%, 0.00%, and 0.00%; Microsoft comprised 4.07%, 11.01%, 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 Fund’s 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.
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