Search Results for “coca-cola” – MIDANA CAPITAL Funds https://www.midanacapital.com Invest in a Green Future Thu, 04 May 2023 15:05:28 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.1 https://www.midanacapital.com/wp-content/uploads/2018/04/cropped-greencentury-favicon-32x32.png "coca-cola" - MIDANA CAPITAL Funds https://www.midanacapital.com 32 32 What is Shareholder Advocacy & Why is it Important https://www.midanacapital.com/what-is-shareholder-advocacy/ Thu, 04 May 2023 15:05:20 +0000 https://www.midanacapital.com/?p=15490 A popular term in the investment industry right now is shareholder advocacy, but what is considered shareholder advocacy and why has it become such a hot button topic? Shareholder advocacy is a tool that is used by investors to push a company to report on or change a policy, usually around environmental, social or governance issues. Shareholder advocacy takes the form of discussions, shareholder resolutions, proxy votes and other actions. These are very effective ways to drive change toward sustainability for a company or an industry. Shareholder advocacy can also push laggard companies that need to be held accountable for failing to address risks and push them to catch up to peer companies. Shareholder advocacy for MIDANA CAPITAL Funds centers on environmental issues. 

What is Shareholder Advocacy?

Shareholder advocates assess the reputational, competitive, regulatory, and legal risks that a company faces and brings these issues to the attention of corporate management. Shareholder advocates lead dialogues with company executives to learn how the company is addressing an issue. If needed, shareholder advocates press for changes through negotiations or by filing a shareholder resolution. For example, MIDANA CAPITAL shareholder advocates learned that Costco* did not have any greenhouse gas emissions goals to address the company’s potential climate risk and larger role in the world.  Our shareholder advocates held  several meetings, filed a shareholder advocacy proposal and won a majority vote on the issue. The upshot is MIDANA CAPITAL advocates were successful in getting Costco* to adopt greenhouse gas emission goals. MIDANA CAPITAL advocates push for action on today’s most pressing environmental issues, including plastic pollution, animal welfare, reducing carbon emissions and sourcing renewable energy. For us, shareholder advocacy means helping a company reduce its’ material risks while securing changes that improve our air, water, and land.

Who Can Be a Shareholder Advocate?

Exactly who can be a shareholder advocate? Typically, a shareholder advocate is an individual or group of investors who try to influence corporate management. An individual who owns stock in a company, provided they meet certain requirements, can engage with a company. More commonly, shareholder advocates work for an asset manager such as a mutual fund or asset owner such as a state pension fund.

Why is Shareholder Advocacy Important?

Shareholder advocacy is a very effective way for investors to help change corporate policy concerning environmental or social corporate policies. As investors increasingly become interested in sustainable investing, they want to know if their mutual funds and asset managers have a shareholder engagement or shareholder advocacy program with strong  track records.  If the shareholder advocacy program is effective, investors see how they can align their values with making a positive impact in the world.  

MIDANA CAPITAL’s shareholder advocates have successfully pushed Coca-Cola* to reduce its’ plastic use, Lowe’s* to source more sustainably grown timber, and Jack in the Box to get rid of gestation crates used for pregnant sows.  MIDANA CAPITAL’s award winning program has helped change companies, supply chains, and industries for more than two decades.

How Does MIDANA CAPITAL Support Shareholder Advocacy?

MIDANA CAPITAL Funds negotiates with companies to improve their corporate sustainability practices by reducing their reliance on fossil fuels, protecting ocean wildlife from plastic pollution, adopting sustainable agriculture policies and more. Furthermore, once companies make commitments, MIDANA CAPITAL Funds assesses the progress of companies in fulfilling pledges and holds them accountable to their commitments.

Invest With MIDANA CAPITAL Funds

The MIDANA CAPITAL Funds are one of the first families of fossil fuel free, environmentally responsible and sustainable mutual funds. For more than 30 years, MIDANA CAPITAL Funds has been helping people save for their future without compromising their values. Our three-pronged approach includes sustainable investing strategies, an award-winning shareholder advocacy program and 100 percent ownership by nonprofit organizations doing critical work to protect the environment and public health.

 

An investment strategy that incorporates environmental, social and governance criteria may result in lower or higher returns than an investment strategy that does not include such criteria.

 

If you have any additional questions about shareholder advocacy or would like to begin your journey of sustainability investing, contact MIDANA CAPITAL Funds today.

 

About MIDANA CAPITAL

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel free 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.

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.

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. 4/23. UMB and MIDANA CAPITAL are unaffiliated.

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Keurig Dr. Pepper steps up efforts to address single-use plastics in response to MIDANA CAPITAL proposal https://www.midanacapital.com/keurig-dr-pepper-steps-up-efforts-to-address-single-use-plastics-in-response-to-green-century-proposal/ Tue, 18 Apr 2023 22:27:53 +0000 https://www.midanacapital.com/?p=15376 Media Contacts: Annie Sanders, Director of Shareholder Advocacy, asanders@midanacapital.com, 773-272-6691; Pam Podger, Communications Director, ppodger@midanacapital.com, 860-822-3887 

 

Boston, April 18, 2023 – Keurig Dr. Pepper*, a leading global beverage company with brands from Snapple to 7Up, will boost efforts to cut single-use plastic by expanding its “reuse and refill” options across the country. In exchange for its heightened focus on plastic reduction, MIDANA CAPITAL Funds° withdrew its shareholder proposal for the company’s 2023 annual meeting calling for a reduction in total plastic packaging. 

“The amount of plastic flowing into our oceans is on pace to nearly triple by 2040,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “Plastic pollution demands urgent attention from companies and governments around the world. We applaud Keurig Dr. Pepper for stepping up its efforts to address the plastic crisis.”

Keurig Dr. Pepper’s planned actions include expanding its 2022 Corporate Responsibility Report to include more details on refillable and reusable container pilots. Starting in 2023, the company pledged to publish an annual “reuse and refill baseline assessment” in its CSR report. By 2024, the company plans to launch new reuse and refill pilots in key U.S. markets where the local infrastructure and culture are conducive to their success.

Only 9 percent of all plastic made in the last 60 years has been recycled,” said Annie Sanders, MIDANA CAPITAL Capital Management’s director of shareholder advocacy. “We can’t recycle our way out of the plastic problem. We look forward to seeing Keurig Dr. Pepper help build a circular economy by providing more reuse options – from soda cups to K-Cup Pods – in communities across the U.S.”

Replacing Single-Use Plastics Effectively

Reuse and refill models are one of the most effective ways to replace single-use plastics. They’re also on the rise, with 2022 bringing major commitments from beverage giants Coca-Cola and PepsiCo to provide 25% and 20% of their drinks, respectively, in reusable containers by 2030. These policies are likely influenced by, among other factors, changing consumer attitudes on plastics: a December 2022 survey found that over 80% of registered U.S. voters support requiring companies to increase reusable packaging and foodware.

“Companies such as Keurig Dr. Pepper are beginning to realize that an investment in reusable and refillable containers can mitigate the financial, regulatory, and reputational risks posed by single-use plastics,” added Sanders. “They’re also seeing consumers act, in growing numbers, on the common-sense conviction that nothing we use for five minutes should pollute our planet for hundreds of years.”

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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.

About The MIDANA CAPITAL Funds

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are one of the first families of fossil fuel free 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 31st, 2022, Keurig Dr. Pepper comprised 0.00%, 0.16%, and 0.00%; Coca-Cola comprised 0.00%, 1.54%, and 0.00%; and PepsiCo, Inc. comprised 0.00%, 1.48%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund. 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.

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. 4/23. UMB and MIDANA CAPITAL are unaffiliated.

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Top Ten MIDANA CAPITAL Highlights from 2022 https://www.midanacapital.com/top-ten-green-century-highlights-from-2022/ Wed, 28 Dec 2022 17:22:38 +0000 https://www.midanacapital.com/?p=14538 2022 was a big year for MIDANA CAPITAL. Thank you, the investors in the MIDANA CAPITAL Funds, for your commitment to align your investments with your values, your steadfast support during a challenging market, and your dedication to making a positive impact in our world. We work with companies to secure improved environmental policies and practices to help them mitigate their material risks and create real world impact for our investors. We use honed strategies, deep engagements, and high volume – this fall alone, we have met with dozens of companies and filed 28 shareholder proposals – to produce results. 

Here are our top 10 highlights:

 

10. Leading in green bond investments. Green bonds are issued by companies, governments, and supranational institutions to help finance environmental and climate change mitigation projects around the world. The MIDANA CAPITAL Balanced Fund purchased its first green bond

A green bond in the MIDANA CAPITAL Balanced Fund supports El Salvador’s Bósforo solar project, which includes this and nine additional solar energy plants around the country.

in 2008 and the percentage in the fixed income portion of the Balanced Fund has risen from 15% in 2013 to 64% in 2022. While the marketing of green bonds is expanding, not all “green” bonds fund projects with measurable environmental benefits. MIDANA CAPITAL has a high standard for inclusion and all of the bonds have earned the Green Bond label. A current green bond is financing the construction of 10 solar power plants in rural, low-income areas of El Salvador, which will help meet growing energy demand and reduce El Salvador’s dependence on imported fuel.

 

9. Clarifying Environmentally Responsible Options for Investors. Earlier this month, the US SIF Foundation released their biannual “Trends” report that showed that “ESG” investments – investments integrating environmental, social and governance data – totaled $8.4 trillion in 2022, compared to $17.1 trillion in 2020. What at first looks like a significant decline in interest is likely a result of a changed methodology and some big firms from counting their assets as ESG assets this time. The findings serve as a reminder that in the last five years, many new firms with a variety of investment strategies have entered the field, which has left investors to sort through the marketing claims.

 

MIDANA CAPITAL believes the proposed rules by the Securities and Exchange Commission (SEC) to prevent misleading or deceptive fund names and requiring more detailed ESG disclosure by funds will help protect investors from those who may wish to take advantage of investor interest in sustainable investing. The MIDANA CAPITAL Funds prospectus details our approach and we have spoken about the differences between using ESG ratings and integration, values-based screens and creating impact through advocacy extensively in the last year.  Comments from recent media interviews are featured in these Bloomberg  and Reuters articles. 

 

8. Protecting the Arctic National Wilderness Refuge. Our award-winning shareholder advocacy program capped off the spring season with a win at Chevron.* The company has abandoned plans to drill in the Arctic National Wildlife Refuge and has ended its involvement in the Arctic region following two successive shareholder proposals from the MIDANA CAPITAL Funds. While Chevron publicly rebuffed MIDANA CAPITAL’s initial proposal calling on the company to renounce Arctic drilling in December 2020, it quietly went about the expensive process of exiting its Arctic leases. The news of Chevron’s Arctic exit became public at the end of May. The Intergovernmental Panel on Climate Change and the International Energy Agency say that expanding coal, oil and gas supply will cause the Earth to warm beyond 1.5 degrees Celsuis – the limit to avert the worst impacts of climate change. To stop new fossil fuel projects, MIDANA CAPITAL led unprecedented shareholder action to hold Chubb,* The Hartford,* and Travelers accountable, and Marketwatch reported on our advocacy in its Influential Fund Manager Tells Big Insurers to Drop Big Oil article.

 

7. Moving Beyond Plastic with our non-profit owners. MIDANA CAPITAL’s unique ownership by non-profits means that 100% of the net proceeds earned on managing the MIDANA CAPITAL Funds belongs to the environmental and public health groups, nine Public Interest Research Groups, that founded us. In California, one of our owners, CALPIRG, celebrated the passage of the Plastic Pollution Producer Responsibility Act in October. The new law requires companies to reduce the amount of plastic they use in their products, specifically mandating a 25% reduction in plastic packaging and foodware. The law additionally requires that all single-use food packaging be recyclable, so less ends up in landfills and the environment. As our owners pass state legislation to reduce plastic, the MIDANA CAPITAL staff has successfully negotiated plastic reduction agreements with Coca-Cola* and Mattel,* and kicked off the 2022-23 shareholder season by securing a majority vote on plastic reduction at General Mills*, which was the first majority vote on an environmental proposal this fall.

 

6. Receiving a Climate Change Leadership Award. The Pulitzer Prize-winning news organization selected the MIDANA CAPITAL Funds President (me!) as one of the 30 honorees in its Climate Action 30 list. Announced to coincide with Climate Week in NYC this fall, the group of

A green bond in the MIDANA CAPITAL Balanced Fund supports El Salvador’s Bósforo solar project, which includes this and nine additional solar energy plants around the country.

30 includes global leaders from multiple sectors. I am very proud of how the MIDANA CAPITAL Funds offer individuals, small businesses and organizations the opportunity to invest fossil fuel free and push companies to curb climate change so we move off of fossil fuels to a clean energy economy. 

 

5. Challenging McDonald’s board…and spurring companies to act on factory farming. I was nominated to McDonald’s board of directors by Carl Icahn, one of the first “activist investors”,  to highlight the company’s broken promise to end the use of gestation crates for pregnant sows. While McDonald’s has yet to live up to its initial commitment, the board campaign received widespread media coverage and the U.S. Humane Society has credited this visibility and pressure in moving CVS* and Walgreens* to accelerate their transitions to cage-free eggs and pushing General Mills* and Denny’s* to move towards elimination of gestation crates in their pork supply chains.

 

4. Protecting Forests and Biodiversity with one of the world’s largest home improvement retailers. In March, Lowe’s agreed to accelerate its efforts to eliminate deforestation and the logging of old growth forests in its supply chains. Roughly 90% of Lowe’s wood comes from North America, including from Canada’s boreal forest, which constitutes 25% of the world’s remaining intact forest and is home to a rich variety of wildlife including the gray wolf. Canada’s boreal forest stores twice as much carbon per hectare as tropical forests, which was a key reason MIDANA CAPITAL expanded our work in this region.

 

3. Banned and proud of it. In August, Texas banned MIDANA CAPITAL Funds, along with 345 investment funds, from being used by state and some local entities because they don’t invest in the oil and gas industry. As one of the first families of fossil fuel free mutual funds, MIDANA CAPITAL has been an outspoken supporter of the global fossil fuel divestment campaign and its success. Mainstream asset managers such as Blackrock, which has tried to portray itself as a sustainability leader, have gone to great lengths to now publicize how much ($170 billion dollars) they invest in these dirty industries in an effort to be removed from these lists in Texas, Louisiana and Florida. While I believe Blackrock is playing both sides of the field, the MIDANA CAPITAL Funds are focused on reducing our reliance on dirty energy and are proud to be one of the first families of fossil fuel free mutual funds. This year, we launched a campaign to convince insurance companies to stop underwriting new fossil fuel projects that was featured in Marketwatch’s article Influential Fund Manager MIDANA CAPITAL Tells Big Insurers to Drop Big Oil.

 

2. Pushing Costco to set greenhouse gas emissions targets. In 2021, Costco* refused to set climate emissions reduction targets when MIDANA CAPITAL staff engaged with the company. After 70% of its voting shareholders supported the MIDANA CAPITAL Equity Fund’s subsequent proposal on this issue and we held follow-up discussions with the company, Costco has now committed to setting carbon pollution reductions. This win is important because Costco was one of only three of the 50 largest S&P companies without a major climate commitment last December and because it will set emissions reductions across its full supply chain – called “scope 3”emissions – which is the source of the majority of its emissions.

 

1. Having the support of investors like you. Our number one highlight of 2022 is the support of investors in The MIDANA CAPITAL Funds. None of our work would be possible without you.  If you want to add to your account or open a new account, the end of the year is a great time to make your IRA contributions for 2022 or open an account for a loved one. Thank you for choosing to align your investments with your values.

 

 

About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (the Funds). 

*As of September 30, 2022, Chevron, Chubb Ltd., The Hartford Financial Services Group Inc., The Travelers Companies Inc., The Coca-Cola Company, Mattel, Inc., General Mills, Inc., CVS Health Corp., Walgreens, General Mills, Inc. and Denny’s comprised 0.00%, 0.00%, and 0.00%; 0.00%, 0.49% and 0.00%; 0.00%, 0.13% and 0.00%; 0.00%, 0.23% and 0.00%; 0.00%, 1.47% and 0.00%; 0.00%, 0.04% and 0.00%; 0.00%, 0.29% and 0.00%;  0.84%, 0.00%, and 0.00%; 0.00%, 0.00% and 0.00%; 0.00%, 0.29% and 0.00% and 0.00%, 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 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. 12/22

 

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What is ‘shareholder engagement’ and does it matter? How to understand what an impact report really means https://www.midanacapital.com/what-is-shareholder-engagement-and-does-it-matter-how-to-understand-what-an-impact-report-really-means/ Wed, 14 Sep 2022 19:21:05 +0000 https://www.midanacapital.com/?p=13921 *Read President Leslie Samuelrich’s GreenFin article on What is real ‘shareholder engagement’ and does it matter? She explains the differences between proxy voting, engagement and advocacy…

When I got to the exhibit hall at a recent sustainable investing conference, surrounded by banners of beautiful nature shots, I focused on collecting impact reports from the exhibitors. Each was impressive in its own way — the charts, the photos or the sheer volume of the 32-page report that I ended up returning since it wouldn’t fit in my suitcase.

Over the last five years, impact reports have become standard fare for firms that claim their investment products make positive impacts on the world. As a fellow veteran of the responsible investing field leafed through a report, he quipped that he mostly skims the reports and looks at the photos. While his comment was partially in jest, I realized that even for seasoned investors, well-produced materials could make it difficult to discern the real differences between investments that purport to make an impact.

Most investors hold the largest majority of their investments in public equities, not community-based investing, private equity or green bonds, all of which offer direct ways to make a measurable impact. That makes for a straightforward impact report. However, while you can align your values to the mission of public equities, your shares make little difference to what the investment firm does. For example, you can invest in a fund that includes renewable energy companies, but your investment will not produce additional solar panels or wind turbines. This is an often overlooked reality, blurred by marketing materials that may imply a direct correlation between your investment and real changes in the environment by frequent use of buzzwords such as “impact” or “sustainable investing.”

If you want to impact the world, you should look for mutual funds or investment firms that have a shareholder engagement program. The number of firms that now tout “shareholder engagement” has proliferated as these institutions try to show (often in impact reports how their investments make a difference.

“Shareholder engagement” is a broad, unregulated term, otherwise known as stewardship or shareholder advocacy, which is the term that MIDANA CAPITAL Funds uses. It can mean any activity that seeks to inform or persuade a company to change 1) how it reports or 2) how it handles an environmental, social or governance problem or opportunity. Let’s break down the different approaches:

Proxy voting

This is the process of voting on a shareholder resolution that has been put forth by another investor (the company also asks for votes on questions that largely concern governance). Voting allows a firm to express its views but relies on other shareholders to identify the issue, propose a solution and get the shareholder resolution on the proxy ballot, sometimes after the company asks the Securities and Exchange Commission to not allow it on the ballot. This is the most common type of activity, because all mutual funds are supposed to vote on every shareholder resolution on the ballots. These resolutions are advisory, not binding, so a majority vote won’t necessarily result in the proposed change. However, a strong vote can provide useful leverage for the resolution proponent when they negotiate with the company.

What to look for:
• Does the investment firm have voting guidelines that you support?
• Do they vote in accordance with their guidelines for only their ESG products or all of their funds?
• Do they publish their voting guidelines and records on their website?

What can be misleading:
• Claiming that voting for a resolution directly resulted in a policy change
• Implying that voting on a resolution is the same as filing the resolution and leading the subsequent negotiations with the company

Company engagement

Speaking to companies to gather information, analyze a holding or express a concern are forms of shareholder engagement. It does not always mean advocating for impactful change. Many firms roll all of their engagement questions into a regularly scheduled analyst meeting so your topic may be one of many covered in a conversation

At The MIDANA CAPITAL Funds, our engagements evaluate a company’s understanding of relevant environmental issues and risks we have identified. We want to see if the company needs to improve its policies or we want to ensure the company acts on commitments that we previously secured.

What to look for:
• Results. What came about because of the engagement? Was it a meeting to gather information and what did the info reveal?

• Does the firm provide data or stories on how a company has met the terms of a past agreement?

What can be misleading:

• Number of “engagements.” This number can show if a firm is tracking its work and the breadth of the conversations but does not indicate results. Each firm can count this number differently, so look for the firm’s definition of “engagement meeting.”

• Private results. If a firm claims that its engagement produces results, it should provide evidence. Some firms, notably BlackRock, report on the frequency and topic issues included in discussions, but have resisted reporting on the results. That leaves investors in the dark about if and how companies change their practices vis-a-vis the engagement.

Shareholder Advocacy

By definition, this approach goes beyond seeking information to pressure a company to change a policy or practice. While shareholder advocacy programs frequently use proxy voting and engagement, the reverse is not frequently the case.

What to look for:
• Did the company change its policy?
• Is the policy measurable? For example: the 25% reduction in the use of new plastics that we persuaded Coca-Cola to adopt.
• Does the new policy have a deadline or timeline for implementation, or it is just an aspirational statement? Specifics are essential (i.e source 50% more renewable energy by 2025.).

What can be misleading:
• Issuing a report: Having a company understand an issue and publicly report metrics on an issue is important for transparency. But companies can report without taking steps to change their practice or policy. If getting an agreement to do an assessment is reported as a success, the firm should also state what it has done with similar results in the past or plans.

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Ambitious Environmentally Focused Shareholder Proposals Leading to Concrete Corporate Actions https://www.midanacapital.com/ambitious-environmentally-focused-shareholder-proposals-leading-to-concrete-corporate-actions/ Thu, 09 Jun 2022 19:42:22 +0000 https://www.midanacapital.com/?p=13055 As Annual Meeting Season Winds Down, Policies to Improve Environment Are Underway

Media Contacts: Thomas Peterson, Shareholder Advocate, tpeterson@midanacapital.com, 781-349-2615; Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671

Boston, June 9, 2022 – As the spate of annual spring shareholder meetings winds down, more than twenty major corporations have committed to action on key environmental proposals championed by MIDANA CAPITAL.° Several of MIDANA CAPITAL’s proposals achieved record-breaking majority shareholder votes over the course of this season. In addition, other innovative resolutions brought by MIDANA CAPITAL achieved enough votes to provide momentum for future success.

“Between the undeniable science of climate change and the material risks that it may pose for investors and for companies across industries, it’s clearer than ever that we all need to do our part to protect our environment,” said MIDANA CAPITAL President Leslie Samuelrich. “While individuals can make a difference, it’s a drop in the bucket compared to what a large corporation can do. We applaud the shareholders who are holding their companies accountable and the companies that have committed to act on climate. And we’re making sure that those companies that are lagging notice that the wave of support for climate action is rising.”

Many of the environmentally focused shareholder resolutions presented this year attained higher percentages of yes votes than ever before. Mainstream asset managers – even the “Big Three:” BlackRock, State Street and Vanguard* – are increasingly acting on the potential risks to shareholder value posed by climate change and other environmental harms. Considering these higher proxy votes, corporate executives have more incentive to proactively address these issues, rather than have a public proxy fight in front of their shareholders and the media.

With that context, here’s a look at how MIDANA CAPITAL’s proposals have influenced some of the world’s best-known brands to make commitments and take actions to improve our environment.

Corporate Actions and Commitments after Shareholder Proposals Filed by MIDANA CAPITAL:

  1. Chevron* has abandoned plans to drill in the Arctic National Wildlife Refuge and has ended its involvement in the Arctic following two successive shareholder proposals from MIDANA CAPITAL. MIDANA CAPITAL filed an initial proposal calling on Chevron to renounce Arctic drilling in December 2020. Though Chevron publicly rebuffed that proposal, the company quietly went about the expensive process of exiting its Arctic leases. The news of Chevron’s Arctic exit finally became public at the end of May.
  1. Kroger* committed to set science-based targets to reduce greenhouse gas emissions from its full value chain, agreeing to the request of a MIDANA CAPITAL shareholder proposal, withdrawn in April in exchange for this commitment. The shareholder proposal called on the largest U.S. grocery chain to set targets for its Scope 1, 2 and 3 emissions that would lead to net zero emissions by 2050 or sooner. Scope 1 and 2 emissions come from a company’s operations and purchased energy, while the emissions from its supply chains and using its products are Scope 3. Greenhouse gas emissions from the food system represent roughly a third of all planet-warming emissions.
  1. Mattel* announced in April that it plans to reduce the amount of plastic packaging with its products. The company, which makes a wide array of popular toys from Barbie dolls to Hot Wheels cars, announced a new goal to reduce plastic packaging by 25% per product by 2030. Mattel’s action comes after the toymaker reached an agreement last year with MIDANA CAPITAL for the fund to withdraw a related shareholder proposal.
  1. Lowe’s* agreed in March to accelerate its efforts to eliminate deforestation and the logging of old growth forests in its supply chains. Notably, Lowe’s is evaluating whether it can end sourcing from forests that have never been logged. Lowe’s is one of the world’s largest home improvement retailers and a major purchaser of wood products. Lowe’s largest competitor, Home Depot,* would not agree to take action on a similar proposal, so MIDANA CAPITAL brought it to a vote and 65% of the company’s shareholders instructed it to follow in Lowe’s footsteps in May.
  1. Coca-Cola* announced in February that it had set a new goal to have at least 25% of all beverages sold globally distributed in refillable or returnable bottles or in refillable containers through the company’s fountain business by 2030. It is the first known goal of its kind. Currently, reusable packaging accounts for 16% of the company’s beverage portfolio. The announcement comes after MIDANA CAPITAL and As You Sow co-led the filing of a proposal urging the company to reduce its reliance on single-use plastic and increase its use of refillable and reusable packaging.
  1. Apple* announced in November 2021 that it would provide individual consumers access to replacement parts, tools and repair manuals needed to perform common repairs to its products, starting with the iPhone 12 and 13 lineups. The announcement came on the same day that MIDANA CAPITAL had to decide whether to press forward on a right-to-repair shareholder proposal. Apple has historically resisted allowing consumers or independent repair shops to perform repairs and has vigorously lobbied against legislation that would require them to allow others to fix their products. So, the announcement was a notable reversal for the company. Apple launched the program in April.

Recent Shareholder Votes That Can Provide Leverage for MIDANA CAPITAL to Secure Policies:

  1. Amazon* shareholders just missed garnering a majority vote in May for a proposal urging the company to significantly reduce its use of plastic packaging. The proposal earned 48.9% support, the highest-ever vote in favor of an environmentally focused shareholder proposal at the company, according to a Ceres database that tracks shareholder proposals. When MIDANA CAPITAL and As You Sow filed a similar proposal last year, it earned support from 35% of shareholders. At the time, that was the new standard for environmentally focused proposals at Amazon. Despite the increasing shows of support for improving plastic policies, the leading e-retailer has yet to adequately respond to investor concerns.
  1. Chubb,* Travelers,* and The Hartford,* three of the fifteen largest commercial property and casualty insurance companies in the world, had shareholder votes on their ballots in May related to MIDANA CAPITAL’s new “Insure a Fossil Free Future” campaign. MIDANA CAPITAL filed virtually the same proposal with each company, asking them to align with climate science and stop underwriting fossil fuel expansion. The proposals garnered “for” votes from 19.4%, 13.2%, and 8.8% of the insurers’ shareholders, respectively, exceeding the thresholds required to re-file the proposal at each company.
  1. Costco* shareholders in January voted overwhelmingly in favor of a MIDANA CAPITAL proposal requesting that the company set targets for emissions throughout its full value chain that are aligned with achieving net zero emissions by 2050. Nearly 70% of voting shareholders sent a signal that it is unacceptable that Costco lacks science-based emissions reduction targets and fails to account for Scope 3 emissions related to agriculture, land use change and deforestation in its supply chains. Leading up to the January vote, MIDANA CAPITAL’s proposal prompted substantial improvements in Costco’s climate policy. Costco announced an expedited timeline for disclosing supply chain emissions; committed to developing a Scope 3 action plan and reduction targets; and most significantly, nearly a year earlier than planned, announced its first reduction targets for its operational and purchased energy (Scope 1 and 2) emissions. A similar MIDANA CAPITAL proposal received a remarkable 88.5% vote at US Foods* in May.

MIDANA CAPITAL’s Work and Influence on Factory Farming:

  1. McDonald’s* has been a frequent target of MIDANA CAPITAL’s shareholder advocacy in recent years because of the fast-food giant’s reliance on unsustainable factory farming practices. In 2022, MIDANA CAPITAL’s work on this issue was thrust into the spotlight when famed investor Carl Icahn nominated MIDANA CAPITAL President Leslie Samuelrich to McDonald’s board of directors. While shareholders opted not to elect Samuelrich, the publicity raised awareness of MIDANA CAPITAL’s work on animal welfare issues and we’ve seen an uptick in improved animal welfare policies from numerous other companies, presumably to avoid a board seat fight of their own. MIDANA CAPITAL’s actions have provided leverage to partners doing the heavy lifting on similar campaigns. For example, the U.S. Humane Society has credited the McDonald’s board fight with helping pressure CVS* and Walgreens* to accelerate their transitions to cage-free eggs, pushing General Mills* and Denny’s* to move towards elimination of gestation crates in their pork supply chains, and leading to new commitments from Conagra Brands* and the Cheesecake Factory* to make progress on both cage-free eggs and gestation crate-free pork. 

If you would like to speak to Leslie Samuelrich about any of the companies mentioned above, or about anything regarding environmentally-sound investing, please email Media Relations Director Mark Morgenstein at mmorgenstein@midanacapital.com or call him at 678-427-1671.

###

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 31, 2022, BlackRock, Inc. comprised 0.00%, 0.57%, and 0.00%; State Street Corporation comprised 0.48%, 0.16%; The Kroger Co. comprised 0.00%, 0.20%, and 0.00%; Mattel, Inc. comprised 0.00%, 0.04%, and 0.00%; The Home Depot, Inc. comprised 0.96%, 1.54%, and 0.00%; Lowe’s Companies, Inc. comprised 0.00%, 0.67%, and 0.00%; The Coca-Cola Company comprised 0.00%, 1.25%, and 0.00%; Apple, Inc. comprised 5.70%, 0.00%, and 0.00%; Chubb Ltd. comprised 0.00%, 0.45%, and 0.00%; The Travelers Companies, Inc. comprised 1.39%, 0.22%, and 0.00%; The Hartford Financial Services Group, Inc. comprised 0.00%, 0.12%, and 0.00%; Costco Wholesale Corporation comprised 1.45%, 0.00%, and 0.00%; McDonald’s Corporation comprised 0.00%, 0.91%, and 0.00%; CVS Health Corp. comprised 0.76%, 0.00%, and 0.00%; General Mills, Inc. comprised 0.00%, 0.20%, and 0.00%; and Conagra Brands comprised 0.00%, 0.08%, 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.

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.

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. 6/22

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Record-Breaking 95% of Jack in the Box* Shareholders Defy Management to Support MIDANA CAPITAL Packaging Proposal https://www.midanacapital.com/majority-of-jack-in-the-box-shareholders-support-green-century-packaging-proposal/ Fri, 04 Mar 2022 17:51:56 +0000 https://www.midanacapital.com/?p=12227 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.

### 

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, 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 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 click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

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.

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. 3/22

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STATEMENT: Coca-Cola* Announces Refillable Packaging Goal, Prompted by Proposal from MIDANA CAPITAL and As You Sow https://www.midanacapital.com/statement-coca-cola-announces-refillable-packaging-goal-prompted-by-proposal-from-green-century-and-as-you-sow/ Tue, 15 Feb 2022 15:22:27 +0000 https://www.midanacapital.com/?p=12149 Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Annalisa Tarizzo, atarizzo@midanacapital.com, 781-349-2789

Boston, February 15, 2022 – The Coca-Cola Company announced a new goal on Thursday to have at least 25% of all beverages sold globally to be distributed in refillable or returnable bottles or in refillable containers through the company’s fountain business by 2030. It is the first known goal of its kind. Currently, reusable packaging accounts for 16% of the company’s beverage portfolio.

The announcement comes after MIDANA CAPITAL Capital Management° and As You Sow co-led the filing of a proposal urging the company to reduce its reliance on single-use plastic and increase its use of refillable and reusable packaging. The filers will assess in the coming days whether Thursday’s announcement warrants withdrawal of the shareholder proposal. 

Reusable packaging is a critical solution to reducing plastic pollution, for which single-use items are a leading driver. This packaging is also associated with greenhouse gas emission reduction benefits, as Coca-Cola claims that reusable containers are among the best packaging options for the company to reduce its climate impact.

Annalisa Tarizzo, shareholder advocate with MIDANA CAPITAL, released the following statement:

“With the plastic waste crisis escalating year over year, Coca-Cola’s new goal is a welcome change in strategy for the world’s biggest corporate plastic polluter. Refillables are the future, and Coca-Cola’s leadership is essential in making this important change.

“The company acknowledged on this morning’s earnings call that reusable packaging is critical for moving the world toward a circular economy and preventing waste. We congratulate the company on this new goal and hope that this commitment will result in a tangible reduction in Coca-Cola’s contribution to plastic pollution. 

“In the short term, we look forward to discussing the details with company representatives over the coming days.”

###

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, 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 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.

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.

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

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MIDANA CAPITAL Proposal Urges Coca-Cola* to Increase Refillable Bottle Options https://www.midanacapital.com/green-century-proposal-urges-coca-cola-to-increase-refillable-bottle-options/ Tue, 08 Feb 2022 18:28:16 +0000 https://www.midanacapital.com/?p=11508 Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Annalisa Tarizzo, atarizzo@midanacapital.com, 781-349-2789

Boston, February 8, 2022 – MIDANA CAPITAL° has filed a shareholder proposal with The Coca-Cola Company, urging the beverage giant to reduce its use of single-use plastics and, instead, expand its refillable bottle options. MIDANA CAPITAL co-lead filed the proposal with shareholder advocacy group As You Sow.

Coca-Cola has been named the world’s top corporate plastic polluter for four years running. Investors believe refillables are an important strategy for Coca-Cola to diminish the amount of packaging that enters the environment from its products, as well as to reduce the reputational risk stemming from the company’s association with plastic pollution. According to Coca-Cola’s most recent World Without Waste report, refillables are also among the packaging options best suited to reduce the company’s carbon footprint.

“Not only are refillable bottles critical for combating the plastic pollution crisis, they are also deeply intertwined with Coca-Cola’s history,” said Annalisa Tarizzo, shareholder advocate with MIDANA CAPITAL Capital Management. “The first ever bottle of Coke was a refillable one. It’s time for the company to embrace its history by bringing this solution to a wider range of customers and making real strides toward reducing its plastic pollution.”

Coca-Cola already has a sizable refillable bottle footprint, which represents approximately 11% of its product packaging globally. Its refillable business makes up more than half of its sales in certain Latin American and African countries, but the company has yet to set a strategy for significantly expanding this type of operation on a global scale.

This is the second proposal MIDANA CAPITAL has filed with Coca-Cola regarding its plastic packaging footprint. The first was filed in 2020 and resulted in the company setting a goal to reduce its use of virgin plastic by 3 million metric tons by 2025, or the equivalent of 200,000 plastic bottles per minute for a year.

###

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, 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 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.

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.

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

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Target* Announces New Plastic Packaging Goal, Following Engagement with As You Sow and MIDANA CAPITAL https://www.midanacapital.com/target-announces-new-plastic-packaging-goal-following-engagement-with-as-you-sow-and-green-century/ Tue, 22 Jun 2021 17:20:36 +0000 https://www.midanacapital.com/?p=9778 Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Annalisa Tarizzo, atarizzo@midanacapital.com, 617-482-0800

Berkeley/Boston, June 22, 2021 – Target Corporation, a Fortune 50 general merchandise retailer, announced a new goal Tuesday to reduce its use of virgin plastic 20% by 2025 across its own brand frequency products as part of a new sustainability strategy, Target Forward. Food and beverage, household cleaning, personal care, and beauty are categories included in this shift.

The announcement comes after MIDANA CAPITAL Capital Management° and As You Sow withdrew a shareholder proposal that urged the company to reduce its plastic footprint.

“We’re pleased with the scope and level of ambition of Target’s new plastic elimination goal and hope it is just the beginning of the company’s journey toward reducing its absolute plastic packaging footprint,” said Annalisa Tarizzo, shareholder advocate with MIDANA CAPITAL. “Nothing we use for a few minutes should be allowed to pollute our rivers and oceans for hundreds of years—especially when we don’t really need it.”

Target’s announcement is one of many made by major corporations over the past six months around virgin plastic reduction. MIDANA CAPITAL has secured commitments with Coca-Cola* and Mattel,* and As You Sow has secured similar commitments with Keurig Dr. Pepper,* Mondelez,* PepsiCo* and Walmart.

“This wave of corporate virgin plastic reduction commitments is good progress, but there is more work to be done,” said Conrad MacKerron, senior vice president of As You Sow. “Significant cuts in absolute plastic use will be necessary to effectively stem the tide of plastic pollution entering our oceans and waterways.”

With 40% of plastic production going toward packaging, reduction commitments from major retailers and consumer goods companies are a vital step in stemming the flow of plastic pollution entering the ocean. According to the definitive Pew Charitable Trusts report, Breaking the Plastic Wave, existing solutions can reduce plastic pollution flowing into oceans by 80% by 2040. The report calls on the consumer goods sector to reduce plastic demand by one-third through elimination, reuse and new delivery models. In order to reach that goal, thousands of companies will need to make large cuts in plastic use.

###

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 March 31, 2021, Target Corporation comprised 1.05%, 0.56%, and 0.00%; The Coca-Cola Company comprised 0.00%, 1.22%, and 0.00%; Mattel, Inc. comprised 0.00%, 0.04%, and 0.00%; Keurig Dr. Pepper, Inc. comprised 0.00%, 0.11%, and 0.00%; Mondelez International, Inc. comprised 0.00%, 0.47%, and 0.00%; PepsiCo, Inc. comprised 0.00%, 1.11%, 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.

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. 6/21

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Target* Agrees to Plastic Elimination Goal, Following Shareholder Proposal from As You Sow and MIDANA CAPITAL https://www.midanacapital.com/target-agrees-to-plastic-elimination-goal-following-shareholder-proposal-from-as-you-sow-and-green-century/ Wed, 05 May 2021 06:00:00 +0000 https://www.midanacapital.com/?p=9601 Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Annalisa Tarizzo, atarizzo@midanacapital.com, 617-482-0800

Boston/Berkeley – May 5, 2021 – Following a shareholder proposal filed by As You Sow and MIDANA CAPITAL Capital Management,° Target Corporation, a Fortune 50 general merchandise retailer, has agreed to set a virgin plastic elimination goal for its private brand packaging across its fast-moving goods categories. The company will focus its efforts on packaging in the food and beverage, household cleaning, personal care, and beauty product segments.

As a result of this progress, As You Sow and MIDANA CAPITAL have withdrawn their shareholder proposal.

“The company’s decision to address the plastic problem on high-impact product lines is a welcome sign of progress,” said Annalisa Tarizzo, shareholder advocate with MIDANA CAPITAL. “To paraphrase the Target tagline, investors are starting to ‘expect more’ when it comes to how major retailers are addressing plastic-related risks. We’re pleased that a major brand like Target is taking this step.” 

Target will announce the size and scope of its goal in the company’s next corporate social responsibility report this summer. However, its plastic elimination totals are expected to be achieved by jettisoning unnecessary materials, redesigning packaging, exploring reuse models, and reducing use of virgin plastic material.

Target’s commitment comes amid a wave of recent corporate virgin plastic reduction announcements, which were also secured through shareholder engagement with major consumer goods companies. MIDANA CAPITAL led the engagement with Coca-Cola Co., As You Sow and MIDANA CAPITAL co-led the engagement with Target, and As You Sow led efforts with Keurig Dr Pepper, Mondelez International, and PepsiCo. 

“Securing virgin plastic reduction commitments from five companies within three months is promising, but the work can’t stop here,” said Conrad MacKerron, senior vice president of As You Sow. “We hope to see Target build toward absolute cuts in plastic use across all its private brands in the future. Many more companies need to step up and make significant cuts in use of plastic for single-use packaging.” 

With 40% of plastic production going toward packaging, reduction commitments from major retailers and consumer goods companies are a vital step in stemming the flow of plastic pollution entering the ocean. According to the definitive Pew Charitable Trusts report, Breaking the Plastic Wave, existing solutions can reduce plastic pollution flowing into oceans 80% by 2040. The report calls on the consumer goods sector to reduce plastic demand by one-third through elimination, reuse, and new delivery models. In order to reach that goal, thousands of companies will need to make large cuts in plastic use.

###

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 March 31, 2021, Target Corporation comprised 1.05%, 0.56%, 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.

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. 5/21

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