Office Depot Commits to Absolute Plastic Reduction Goal, Prompting Withdrawal of MIDANA CAPITAL Proposal
Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Annalisa Tarizzo, atarizzo@midanacapital.com, 781-349-2789
Boston, February 24, 2022 – MIDANA CAPITAL° withdrew a shareholder proposal with the ODP Corporation,* which operates Office Depot and OfficeMax retail stores, after the company agreed to set an absolute plastic reduction goal for packaging associated with its private label products and ecommerce shipping operations.
This commitment makes ODP the only known retailer currently working toward a goal focused on absolute plastic reduction. Its effort is a step further than other retailers, such as Target and Walmart, who have set goals to reduce the amount of virgin or new plastic used in packaging.
“ODP’s noteworthy commitment positions the company as a leader in the retail industry for mitigating plastic-related risks,” said Leslie Samuelrich, president of MIDANA CAPITAL Capital Management. “As they set their goals to reduce plastics, they will be ‘taking care of business,’ as their slogan states, and we look forward to working with them as they do their part to reduce the unnecessary use of plastics.”
With this announcement, ODP will soon join ranks with companies like Unilever and Conagra who are working to eliminate portions of plastic from their packaging portfolios.
Plastic pollution, which has now been found from the peak of Mt. Everest to ice in Antarctica, is expected to grow from 11 million metric tons per year in 2016 to 29 million metric tons per year by 2040. According to a study from the Pew Charitable Trust, current commitments from government and industry will only stem plastic pollution by 7% by 2040. Corporations must reduce their demand for plastic by one-third by 2040 in order to avoid worsening the already dire plastic pollution crisis.
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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 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, Conagra Brands, Inc. comprised 0.00%, 0.07%, and 0.00%; The ODP Corporation comprised 0.00%, 0.01%, and 0.00%; Target Corporation comprised 1.04%, 0.52%, and 0.00%; Unilever PLC comprised 0.00%, 0.00%, and 2.72%; Unilever PLC ADR comprised 0.69%, 0.00%, 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 Fund’s investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.
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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.
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. 2/22
