New York State Common Retirement Fund Announces Support for MIDANA CAPITAL’s Insurance Proposals
Media Contacts: Andrea Ranger, aranger@midanacapital.com, 781-349-2813
Boston, May 18, 2022 – The Office of the New York State Comptroller, which oversees the $279 billion New York State Common Retirement Fund, announced in April that it supports the landmark shareholder proposals that MIDANA CAPITAL° has filed with Chubb*, Travelers* and The Hartford* — some of the world’s largest commercial property and casualty insurance companies.
“We very much appreciate that the New York State Comptroller Thomas DiNapoli has thrown his support behind our proposals,” said MIDANA CAPITAL’s Shareholder Advocate Andrea Ranger. “When managers of large pension funds such as the Common Retirement Fund pre-declare their support, they can sway other big pension funds and asset managers to vote in favor of our proposals.”
Given that the International Energy Agency’s (IEA) Net Zero by 2050 Roadmap states that there is no room to develop new fossil fuel supplies and limit global warming, the proposals ask the insurance companies to stop underwriting new fossil fuel supplies. All three insurers asked the Securities and Exchange Commission (SEC) to block the proposals, but the SEC rejected their requests.
MIDANA CAPITAL asks insurers to align with United Nations’ climate recommendations
Insurance companies are under increasing pressure to account for their so-called “insured emissions” which are the greenhouse gases emitted by their clients. The United Nations Environment Programme Finance Initiative (UNEP FI) recently recommended that insurers begin aligning with the Intergovernmental Panel on Climate Change’s goal of limiting global warming to 1.5 degrees Celsius. The UNEP FI also stated, “the swiftest way to ensure alignment is … to transition fossil fuel-based energy to renewable energy as soon as possible and cease the construction of any new fossil fuel capacities.”
“It’s ironic that insurers are covering heavy emitters including coal, oil, and gas companies whose emissions are contributing to climate change, while simultaneously protecting homeowners and businesses from natural catastrophes that are amplified by climate change,” said Ranger. “We hope that the growing support for our proposals — from both shareholders and government agencies — sends a strong signal to companies that it’s time to change. Chubb, Travelers and The Hartford can be part of the solution — or continue to be part of the problem.”
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About MIDANA CAPITAL Capital Management
°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (the Funds). The MIDANA CAPITAL Funds are a family of fossil fuel free, environmentally 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, 2022, Chubb Limited comprised 0.00%, 0.45%, and 0.00%; The Travelers Companies, Inc. comprised 1.39%, 0.22%, and 0.00% and The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, 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 Funds. 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 Funds’ 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.
Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region or the market as a whole and may perform worse than the market. Foreign securities are subject to additional risks such as currency fluctuations, regional economic and political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to a variety of risks including interest rate, credit, and inflation risk. A sustainable investment strategy which incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.
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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 5/22
