Notable 43% of Bloomin’ Brands Shareholders Support MIDANA CAPITAL Proposal to Address Climate Change and Deforestation
Media Contacts:
Douglass Guernsey, Shareholder Advocate, dguernsey@midanacapital.com 617-482-0800
Pam Podger, Communications Director, ppodger@midanacapital.com, 860-822-3887
Boston, April 25, 2023 – A notable 43% of restaurant company Bloomin’ Brands* shareholders voted in favor of MIDANA CAPITAL Capital Management’s° shareholder proposal urging the company to set greenhouse gas reduction targets encompassing its supply chain emissions. MIDANA CAPITAL had previously secured a majority vote on an emissions disclosure proposal at the restaurant parent company in 2021, but filed again due to what it viewed as insufficient progress.
“This is the third shareholder resolution we’ve filed with Bloomin’ Brands in four years,” said Leslie Samuelrich, President of MIDANA CAPITAL Capital Management. “It is past time for the company to start taking investors’ climate concerns seriously. Climate change will affect every business, and this is especially true for food service companies like Bloomin’ that rely heavily on agricultural products.”
Supply Chain Emissions a Concern
Bloomin’ Brands is the parent company of Outback Steakhouse and Carrabba’s Italian Grill, among others, and operates more than 1,450 restaurants worldwide. Bloomin’s supply chain emissions, like that of other restaurant chains, likely represent over 90% of its overall emissions. Beef, which accounts for the majority of Bloomin’s purchased proteins, is one of the most potent contributors to climate change globally and is responsible for 41% of tropical deforestation.
“Shareholders sent a clear message in 2021 that Bloomin’ Brands must address supply chain emissions, but we’re still waiting,” said Douglass Guernsey, Shareholder Advocate at MIDANA CAPITAL Capital Management. “We look forward to seeing the company act on the strong shareholder support for this year’s proposal to set greenhouse gas reduction targets for its full supply chain.”
Climate change is directly driven by deforestation, which contributes nearly 12% of human caused greenhouse gas emissions. Companies like Bloomin’ source beef, palm oil, soy and paper and pulp from locations with high risks of deforestation, like Brazil, where land clearance for cattle in particular is the primary driver of deforestation.
“Bloomin’ Brands can tackle two issues for the price of one by eliminating deforestation in its supply chain,” added Guernsey. “But the company must also set supply chain emissions reduction targets to start confronting these critical climate and deforestation risks.”
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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 mutual funds. 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 31st, 2023, no securities mentioned were 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.
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.
You should carefully consider the Fund’s 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.
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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 Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 4/23.
