Royal Caribbean* Agrees to Improve Food Waste Disclosure, Following MIDANA CAPITAL Pressure
Press Release Contact: Kyle W. Kempf, MIDANA CAPITAL Capital Management, kkempf@midanacapital.com, (617) 482-0800
BOSTON, April 18, 2018 – MIDANA CAPITAL has withdrawn a shareholder proposal with Royal Caribbean Cruises Ltd. (RCL), the second largest cruise company in the world, after it agreed to make its food waste management and reduction strategies more public.
Cruise ships are notorious for their bountiful buffets, but this abundance comes at a price. Food expenditures account for 5.6% of Royal Caribbean’s total operating expenses, and food costs increased nearly $19 million in 2017 – thanks, in large part, to numerous sustainable sourcing culinary initiatives, which MIDANA CAPITAL applauds.
With numerous all-you-can-eat dining options, Royal Caribbean also has significant exposure to food waste. Buffet restaurants, such as Royal Caribbean’s Windjammer Café and Solarium Bistro, are associated with particularly elevated levels of food waste. In fact, studies find that up to 50% of food served in buffets is left uneaten.
As one of the leading global investors concerned with food waste, MIDANA CAPITAL’s agreement with Royal Caribbean will result in greater public transparency about the company’s food waste reduction strategies, including an assessment of the causes and quantities of food waste from its operations. Royal Caribbean also will publicly describe its on-board initiatives to reduce the generation of food waste. All of the data will be published in the company’s forthcoming 2018 Corporate Social Responsibility report.
“Food waste isn’t the sexiest issue,” said MIDANA CAPITAL President Leslie Samuelrich, “but it poses a serious investor, corporate, and environmental risk. We’re very pleased that Royal Caribbean is taking the crown as a leader in food waste mitigation and disclosure.”
In the United States, nearly 40% of all food is wasted. Global food waste is responsible for an estimated 3.3 gigatons of greenhouse gas emissions, twice the total greenhouse gas emissions of all vehicles on all roads in the United States in 2010. If global food waste were its own nation, it would be the world’s third-largest greenhouse gas emitter behind China and the United States.
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About MIDANA CAPITAL Capital Management
MIDANA CAPITAL is the first family of fossil fuel free, responsible, and diversified mutual funds in the United States. MIDANA CAPITAL invests in sustainable companies, hosts an award-winning and in-house shareholder advocacy program, and is the only mutual fund company in the United States wholly owned by environmental and public health nonprofit organizations.
*As of March 31, 2019, Royal Caribbean Cruises Ltd. comprised 0.00%, 0.16%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund, respectively. 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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