Statement: MIDANA CAPITAL Engagement Moved Apple* Forward on Right To Repair and E-Waste
Media Contacts:
Pam Podger, Communications Director, ppodger@midanacapital.com, 802-299-9495
Douglass Guernsey, Shareholder Advocate, dguernsey@midanacapital.com, (617) 482-0800
(Boston, MA) – In a positive development for the Right to Repair movement, technology giant Apple Inc* announced it would expand its Self Service Repair program to its newest iPhone 14 and M2 Mac models. The company’s continued commitment is a win for consumer rights and efforts to combat e-waste and came after MIDANA CAPITAL Funds°, a leading environmentally responsible family of mutual funds, advocated for increasing sustainable business practices at the company.
MIDANA CAPITAL initiated discussions with Apple in 2021 and submitted a shareholder proposal later that year asking the company to consider the environmental and social benefits of making its devices more easily repairable by consumers and independent repair shops.
MIDANA CAPITAL Advocacy Creates Long Term Impact for the Environment
Through a series of collaborative meetings, MIDANA CAPITAL provided Apple with compelling evidence on the positive environmental implications of allowing customers to repair instead of replacing their products. Repairs extend the life of products, help reduce electronic and plastic waste, promote a more circular economy, and aligns Apple’s policy on the issue with its own sustainability goals and commitments.
MIDANA CAPITAL’s efforts helped to culminate in Apple announcing for the first time in 2021 that it would provide consumers access to replacement parts, tools and repair manuals needed to perform common repairs to its products. MIDANA CAPITAL withdrew its shareholder proposal in return for Apple’s commitments.
“True to its slogan, Apple is “Thinking Different” by helping to reduce electronic waste and helping customers hold on to their products longer. MIDANA CAPITAL is proud to have played a role in Apple’s evolving support for Right to Repair and hope that their leadership moves its competitors to follow suit,” said Leslie Samuelrich, President of MIDANA CAPITAL Funds.
Apple and other technology companies traditionally have lobbied against Right to Repair legislation, so the announcement of its expanded repair commitments carries substantial weight in industry discussions. Americans spend around $1,700 per household a year purchasing new electronic devices, and nearly 7 million tons of American toxic e-waste end up in landfills each year.
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.
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About 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, environmentally responsible mutual funds. MIDANA CAPITAL 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, 2023, Apple, Inc. comprised 5.14%, 0.00%, and 0.00%, of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the Green Century 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.
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. 6/23
