Leader in Women’s Healthcare, Hologic Inc.,* Agrees to Adopt Goals for Reducing Greenhouse Gas Emissions
Contact: Kate Kroll, MIDANA CAPITAL Capital Management, kkroll@midanacapital.com, 617-482-0800
January 26, 2016: In response to a shareholder proposal filed by the MIDANA CAPITAL Balanced Fund (MIDANA CAPITAL) and Trillium Asset Management (Trillium), Hologic, Inc.,* a manufacturer and supplier of diagnostic and medical imaging systems related to women’s health, has agreed to adopt quantitative, time-bound goals for reducing total greenhouse gas (GHG) emissions from Hologic products and operations by September 2016.
Climate change, caused by excess GHG emissions, is a significant risk facing companies and long-term shareholder value. Based on a 2015 report by Citigroup,* the costs of failing to address climate change could lead to a loss to global GDP of up to 72 trillion dollars by 2060. Accordingly, investors are paying closer attention to how companies manage their contributions to climate change. That’s why MIDANA CAPITAL joined Trillium to press Hologic to set GHG reduction targets. “The Paris climate agreement sent a clear message to the business community: change is coming and companies need to adapt. Setting goals to reduce carbon pollution is critical for companies in this new landscape,” said President Leslie Samuelrich for MIDANA CAPITAL Capital Management, the environmentally responsible investment advisory firm that manages fossil fuel free mutual funds.
The move by Hologic comes at a time when more companies are listening to investors and a growing number of companies are adopting GHG reduction targets to decrease their impacts on climate change and to capture efficiency savings and investment opportunities associated with reductions in energy use. As of 2013, 60 percent of Fortune 100 companies have set clean energy and GHG reduction targets. “Business leaders are increasingly recognizing climate change as an economically disruptive force that contributes to higher commodity costs, broken supply chains, and increased financial risks,” said Kate Kroll, Shareholder Advocate at MIDANA CAPITAL. “Addressing these risks by setting GHG emission targets is widespread and necessary to keep pace with competitors.”
Hologic’s commitment puts the company in step with its industry peers, such as Baxter,* Becton Dickinson,* and GE,* all of which have identified relevant environmental, social, and governance factors and address them through sustainability reports and metrics. Moreover, it enables investors to evaluate the company’s exposure to possible risks associated with its climate impacts and assess how strategically the company is making trade-offs between these climate risks and climate opportunities.
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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).
*As of December 31, 2015, Hologic, Inc., Citigroup, Inc., Baxter International, Inc., and Becton Dickinson and Company comprised 0.93% and 0.13%, 0.28% and 0.00%, 0.28% and 0.00%, and 0.00% and 0.43% of the MIDANA CAPITAL Balanced Fund and the MIDANA CAPITAL Equity Fund, respectively. Other securities mentioned were not held in the portfolios of the Midana Capital as of December 31, 2015. 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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