Record-Breaking 95% of Jack in the Box* Shareholders Defy Management to Support MIDANA CAPITAL Packaging Proposal
Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Annalisa Tarizzo, atarizzo@midanacapital.com, 781-349-2789
Boston, March 10, 2022 – A record-breaking 95% of investors voted in support of a MIDANA CAPITAL° shareholder proposal on Friday urging the fast food chain Jack in the Box to accelerate its sustainable packaging efforts. In addition to being the highest ever shareholder vote in favor of a plastics or packaging proposal, the vote is the highest ever recorded on an E&S shareholder proposal that was opposed by management.
“We’ve never seen investors demonstrate concern for packaging-related risks at this scale before,” said Annalisa Tarizzo, shareholder advocate with MIDANA CAPITAL. “The result is truly remarkable and sends an indisputable message to leadership: Jack in the Box must address the environmental impacts of its packaging footprint.”
This overwhelming show of support from investors comes at a time of growing momentum for addressing plastic pollution. Last week, the United Nations Environment Assembly announced a historic resolution to develop a global legally binding treaty for addressing the plastic pollution crisis. Last month, MIDANA CAPITAL and shareholder advocacy group As You Sow withdrew a shareholder proposal with Coca-Cola* after the company announced a goal to reach 25% reusable or refillable packaging across its beverage portfolio by 2030.
In contrast to such competitors as McDonald’s,* Burger King* and Taco Bell,* Jack in the Box currently has no goals aimed at improving the sustainability of its packaging. The company also does not report more broadly on environmental sustainability efforts on its website, which may have raised a red flag among institutional investors that increasingly view sustainability reporting as standard practice.
“We believe this vote should serve as a wake-up call, not only for Jack in the Box, but also for any company that has pushed their sustainability efforts to the back burner,” Tarizzo added. “Investors have proven that they will turn out in droves if they feel a company is not taking material environmental risks seriously enough.”
Approximately 11 million metric tons of plastic waste pollute the ocean each year, and microplastics have been found everywhere from the top of Mt. Everest to the bottom of the Marianas Trench. Emissions from plastic production are also expected to outpace those from U.S. coal plants by 2030. Fiber-based packaging can drive deforestation and forest degradation and its production is associated with high water usage.
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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, Jack in the Box, Inc. comprised 0.00%, 0.01%, and 0.00%; McDonald’s comprised 0.00%, 0.92%, and 0.00%; and The Coca-Cola Company comprised 0.00%, 1.12%, 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.
The percentage in favor was calculated by (i) dividing the number of votes in support of the proposal by (ii) the sum of the number of votes voted in support of and against the proposal. Abstentions and broker non-votes were not included in the calculation.
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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. 3/22
