Investors Representing $9.95B AUM Back Investigation of ExxonMobil*
Contact: Leslie Samuelrich, 617-482-0800, lsamuelrich@midanacapital.com
Boston, MA — A coalition of investors representing $9.95 billion in AUM, including MIDANA CAPITAL Capital Management and the Seattle City Employees’ Retirement System, call on the Department of Justice to investigate whether ExxonMobil* intentionally misled the public and its shareholders about climate change.
“If ExxonMobil knew about the significant economic consequences that global warming would have on the economy and withheld this information, the public and its investors have a right to know,” said Leslie Samuelrich, President of MIDANA CAPITAL Capital Management, the environmentally responsible mutual fund company that organized the coalition. “Only a full investigation will uncover if the company knew, what it knew and when it knew it,” said Samuelrich.
In April, Attorneys General from 19 states and territories announced they would investigate oil and coal firms for misstatements to investors about the risks of global warming and called on the Department of Justice to investigate Exxon. The announcement came after articles were released detailing Exxon’s history in relation to climate change.
The company is facing pressure on more than one front. At the company’s annual shareholder meeting this week, activists outside the building are protesting the decades lost when action could have been taken against climate change.
“It is the right of shareholders to know the entire scope of a company’s operations, and the public has the right to know about something as threatening to public health and economic well-being as climate change,” said Samuelrich. “If Exxon intentionally misled the public about climate change and fossil fuels, then it should be held accountable.”
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MIDANA CAPITAL Capital Management is the investment advisor to the Midana Capital and offers two environmentally and socially responsible funds, 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. MIDANA CAPITAL also is the only U.S. mutual fund company owned by environmental non-profits, the Public Interest Research Groups (PIRGs).
*No securities mentioned were held in the portfolios of the Midana Capital as of March 31, 2016. References to specific securities, which will change due to the 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, or the market as a whole and may perform worse than the market. 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, please visit midanacapital.com, or call 1-800-93-GREEN. Please read the Prospectus 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 Midana Capital.
The Midana Capital are distributed by UMB Distribution Services, LLC. 5/16
