Lamb Weston* Announces New Greenhouse Gas Reduction Goal, A Year After Engagement with MIDANA CAPITAL
Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Andrea Ranger, aranger@midanacapital.com, 617-482-0800
Boston, June 25, 2021 – A year after MIDANA CAPITAL Capital Management° filed a shareholder proposal with Lamb Weston, a premiere frozen french fry supplier to McDonald’s,* the company announced a new goal aligned with Paris Agreement targets.
The company is targeting a reduction in greenhouse gas (GHG) emissions and recently joined the Science-Based Targets Initiative (SBTi), a global organization aimed at limiting global warming to 1.5°C.
“I have no doubt that our investor pressure on Lamb Weston spurred it to act. Climate risk was barely on its radar a year ago even though its products are 100% exposed to a changing climate,” said Andrea Ranger, a shareholder advocate with MIDANA CAPITAL.
Lamb Weston’s GHG reduction goal was announced in its 2021 ESG report, which was released a year after the company signed a withdrawal agreement with MIDANA CAPITAL. Following MIDANA CAPITAL’s engagement, Lamb Weston had agreed to assess the feasibility of adopting science-based targets. The company has surpassed its commitment by taking formal steps to set targets and join the SBTi.
The company’s 2021 ESG report also targets a reduction in pesticide use. In 2019, MIDANA CAPITAL co-filed a resolution asking for the company to disclose levels of pesticide use. Again, Lamb Weston has taken its commitment a step further, announcing a goal to reduce its use of nitrogen, water, and pesticides by 5% by 2030.
“As always, I’m pleased with the power of our advocacy, and I give Lamb Weston credit for its growing ambitions,” said Leslie Samuelrich, president of MIDANA CAPITAL.
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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 March 31, 2021, Lamb Weston Holdings, Inc. and McDonald’s Corporation comprised 0.00%, 0.06% and 0.00% and 0.00%, 0.95% 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.
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