STATEMENT: Apple* Launches Self-Service Repair Program
Media Contacts: Annalisa Tarizzo, atarizzo@midanacapital.com, 781-349-2789
Boston, April 27, 2022 – Apple officially launched its long-awaited Self-Service Repair program Wednesday, five months after announcing the program at the prompting of a MIDANA CAPITAL shareholder proposal. U.S.-based consumers can now access repair manuals and purchase more than 200 parts and tools for fixing iPhone 12, 13, and SE 3 models.
The announcement of the program was a reversal in course for Apple, which has historically opposed the Right to Repair. While there are promising aspects, particularly the free availability of repair manuals, investors have remaining concerns about how the program will be run and how Apple is still maintaining tight control over the repair of its products.
Unlike similar initiatives announced by Google and Samsung, Apple is requiring consumers to pair replacement parts to the serial number of the device being repaired. This will continue to make it difficult for independent repair shops to perform iPhone repairs and will pose challenges to refurbishers who want to repair phones after Apple stops officially supporting the model. As noted by repair organization iFixit, this “essentially puts an expiration date on iPhones.”
Annalisa Tarizzo, shareholder advocate with MIDANA CAPITAL Capital Management,° released the following statement:
“The launch of Apple’s repair program today is a promising step forward for the company and should provide some comfort to investors that Apple is working to mitigate the regulatory risks posed by potential Right to Repair regulations from the Federal Trade Commission and state legislatures.
“However, this program does not sufficiently address our concerns related to the reputational and environmental risks posed by the electronic waste and greenhouse gas emissions associated with premature device disposal. Apple should take steps to eliminate the ‘parts pairing’ element of the program to ensure company devices can reach their full lifespan potential.”
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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 March 31, 2022, Apple Inc. comprised 5.70%, 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.
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