STATEMENT: Majority of Home Depot* Shareholders Support Deforestation Shareholder Proposal Filed by MIDANA CAPITAL
Media Contacts: Thomas Peterson, Shareholder Advocate, tpeterson@midanacapital.com, 781-349-2615; Mark Morgenstein, Media Relations Director, markm@midanacapital.com, 678-427-1671
Boston, May 19, 2022 – At The Home Depot’s annual meeting on Thursday, the company announced that a majority of shareholders approved a MIDANA CAPITAL° proposal calling on the world’s largest home improvement retailer to increase its efforts to eliminate deforestation and the degradation of primary forests in its supply chains.
In response, MIDANA CAPITAL President Leslie Samuelrich issued the following statement:
“It’s a good day for the world’s forests, from Canada’s boreal to the tropical rainforests of South America, and for the species that depend on them. We are pleased that a majority of Home Depot’s shareholders have called on the company to accelerate action to end deforestation and the clear-cutting of old growth trees in its supply chains.
“Destroying ecosystems for a new set of kitchen cabinets is not the bargain that we believe that Home Depot’s customers want. Customers may now be unknowingly purchasing wood logged from endangered forests. The company has the opportunity to change this and use its market power for good.
“We look forward to working with Home Depot to implement our proposal. These issues require urgent action: The world’s forests, the species that rely upon them, and our climate cannot wait.”
Related resource: MIDANA CAPITAL Deforestation Proposal to Be Considered at The Home Depot’s Annual Meeting
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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 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, The Home Depot, Inc. comprised 0.96%, 1.54%, and 0.00%; and Lowe’s Companies, Inc. comprised 0.00%, 0.67%, 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. 5/22
