Sysco shareholders call for less plastic packaging
Media Contacts:
Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671
Annie Sanders, Director of Shareholder Advocacy, asanders@midanacapital.com, 773-272-6691
BOSTON, November 18, 2022 – A notable 92% of Sysco shareholders voted Friday in favor of a MIDANA CAPITAL° shareholder proposal urging the company to issue a report to determine if and how the company can increase the scale, pace and rigor of its sustainability efforts by reducing plastic packaging.
“It’s clear that plastic packaging pollution is a rising concern among shareholders and consumers alike,” said Leslie Samuelrich, president of MIDANA CAPITAL. “We urge Sysco to take shareholders’ concerns to heart and accelerate its plastic reduction efforts.”
The United States’ plastic recycling rate clocked in at a dismal 5%-6% in 2021, and studies show that corporations need to reduce their total use of plastic by one-third by 2040 to bring the plastic pollution problem under control. Some companies are starting to cut plastic voluntarily from their packaging, and those that aren’t may soon have to, legally. Both Colorado and California passed “Extended Producer Responsibility” laws this year that require companies to take responsibility for their waste, and the issue is gaining traction in other state houses across the country.
Many companies have adopted policies to reduce their plastic packaging
As a response, in part, to this changing regulatory landscape, many companies have begun to adopt policies to reduce their plastic packaging. For example, Walmart and Target have committed to reducing new plastic use in their owned brand packaging by 15% and 20% respectively by 2025, and Unilever will cut in half its new plastic packaging use and reduce its plastic consumption by 100,000 tons by 2025.
“Companies know they need to use less plastic and many are starting to act,” said Annie Sanders, MIDANA CAPITAL’s director of shareholder advocacy. “It’s time for Sysco to develop a plastic reduction strategy to mitigate the regulatory and competitive risks of its plastic packaging problem.”
###
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 September 30, 2022, Sysco comprised 0.00%, 0.00%, and 0.66% 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.
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. 11/22.
