Amazon – MIDANA CAPITAL Funds

Amazon announces plastic reductions a year after MIDANA CAPITAL° Engagement

Douglass Guernsey — Mon, 31 Jul 2023 18:22:59 +0000

Media Contacts:

Douglass Guernsey, Shareholder Advocate, dguernsey@midanacapital.com;

Pam Podger, Communications Director, ppodger@midanacapital.com

A little more than a year after MIDANA CAPITAL Funds co-filed a resolution with As You Sow asking Amazon* to address its plastics use, the company announced it has reduced its single-use plastic in its global operations by 11.6% – or nearly 86,000 metric tons between 2021 and 2022.

Amazon also stated that it was phasing out its blue-and-white mailers, which are difficult to recycle, in the U.S. in favor of recyclable alternatives, as it has previously done in the EU and Australia.

“This is a big win for the planet, for Amazon, and the shareholder advocacy process,” said Douglass Guernsey, shareholder advocate. “We applaud Amazon’s reduction in plastic packaging, and believe that shareholder engagement was key to this action.”

MIDANA CAPITAL’s 2022 proposal asked the company to report on its total plastics footprint and describe any reduction strategies to reduce plastic pollution. The resolution was supported by nearly 50% of investor votes.

Plastics pollution is a major environmental crisis with an estimated 10 million metric tons entering the ocean each year, damaging vital ecosystems like coral reefs. Without immediate reductions, by 2050 there could be more plastic in the ocean by weight than fish.

“Amazon still needs to disclose its plastics footprint, and make time bound commitments to reduce plastic in its packaging,” Guernsey said. “The company must also keep its promise on phasing out plastic padded mailers. MIDANA CAPITAL will continue to work with Amazon and other investors to achieve these goals.”

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.

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, Amazon.com,, Inc. comprised 0.00%, 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

STATEMENT: MIDANA CAPITAL Earns 14.3% of Total Votes Cast for Proposal Asking General Motors* to Increase Supply Chain Sustainability

Andrea Ranger — Tue, 20 Jun 2023 15:58:14 +0000

Media Contacts:

Andrea Ranger, Shareholder Advocacy, aranger@midanacapital.com, 781-349-2813;

Pam Podger, Communications Director, ppodger@midanacapital.com, 802-299-9495

Boston, June 20, 2023 – General Motors released the results of the shareholder vote on a MIDANA CAPITAL ° proposal asking the company to improve the sustainability of its aluminum, steel, rubber, and leather supply chains. Votes cast in favor reached 14.3% for this first-year proposal, which asked the company to disclose the environmental impacts of these key materials, procure more low-carbon aluminum and steel, and eliminate deforestation associated with producing leather and rubber.

In recent years, General Motors has set several aggressive targets – one to achieve carbon neutrality by 2040 and another to make and sell only electric light-duty vehicles by 2035. However, the company has not established clear targets for procuring green steel or aluminum, even though both industries can electrify some of their operations and use renewable energy to do so. Further, GM has yet to join industry associations such as ResponsibleSteel ^TM, a coalition which created a certification system for green steel and is working to increase customer demand for green steel manufacturing.

Additionally, GM may be sourcing leather and rubber used for car interiors and tires from areas that are associated with deforestation. For example, in Brazil, which is considered a major source of leather for U.S. auto manufacturers, raising cattle is a leading cause of deforestation. The growth and expansion of rubber plantations in Southeast Asia and West Africa – the two primary areas in the world where latex for car tires is harvested – threatens the destruction of biodiverse ecosystems in those regions. Nevertheless, GM currently lacks public targets, milestones and metrics that would indicate progress toward eliminating its exposure to deforestation from rubber plantation expansion or destruction of tropical forests from cattle ranching.

In response to the vote, MIDANA CAPITAL Funds President Leslie Samuelrich said:

“We believe that even with a full transition to electric cars and trucks by 2035, GM has exposure to significant environmental risks. Ultimately, we don’t think GM wants to be associated with deforestation. If the company wants to clean up its steel and aluminum supply chains, it should invest now in the transition to low-carbon steel and aluminum. Waiting only postpones much needed emissions cuts across the globe.”

Andrea Ranger, MIDANA CAPITAL shareholder advocate, added:

“As one of the largest auto companies in the world, GM has a leadership role to play in addressing climate and deforestation risk. Many European auto companies, such as BMW, Mercedes, Volkswagen, and Volvo, are making commitments to source low-carbon metals. GM has an opportunity to catch up and lead the way for American manufacturers. Moreover, few manufacturers are addressing deforestation risk within their supply chains. GM could set an industry-wide standard by adopting near-term targets for zero deforestation.”

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

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.

STATEMENT: SEC approves Amazon’s request to block MIDANA CAPITAL and Amalgamated proposal from 2023 shareholder ballot

Andrea Ranger — Thu, 20 Apr 2023 13:35:44 +0000

Media Contacts:

Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813

Pam Podger, Director of Communications, ppodger@midanacapital.com, 860-822-3887

Boston, April 20, 2023 — On April 10th, the U.S. Securities and Exchange Commission (SEC) upheld Amazon.com Inc.’s request to block a MIDANA CAPITAL° and Amalgamated Bank shareholder proposal from its 2023 proxy ballot. The proposal seeks full disclosure of Amazon’s scope 3 greenhouse gas emissions, which includes emissions associated with the production and use of third-party products and transportation, waste generation, and business travel. Amazon currently publishes only a portion of its scope 3 emissions.

Amazon competitors Walmart and Target quantify, estimate where needed, and disclose all relevant categories of their scope 3 value chain emissions, as defined by the widely-referenced GHG Protocol. In its argument to the SEC, Amazon claimed that MIDANA CAPITAL and Amalgamated Bank’s proposal, which asked it to report on its entire emissions footprint according to Protocol guidelines, constituted micromanagement. However, Amazon failed to emphasize in its letter to the SEC that it currently reports by using the Protocol’s definitions for the scopes 1 – 3 emissions that it does disclose.

Industry experts report that scope 3 emissions often constitute between 70% and 99% of companies’ greenhouse gas emissions footprint, and according to the World Economic Forum, “Companies will need to cut emissions across all three scopes to meet internationally agreed targets on global warming.” By not accounting for its full greenhouse gas footprint, Amazon may be failing to address all emissions related to running its ecommerce, retail stores, and web services. The company may be in danger of failing to meet its ambitious climate goals.

In reaction to the news, MIDANA CAPITAL President Leslie Samuelrich expressed disappointment, “Amazon has been a leader on climate by aggressively developing wind projects and supporting the roll out of electric vehicle delivery trucks. It’s troubling that Amazon is blocking shareholders from expressing their opinions on the company’s full exposure to climate risk.”

In 2019, Amazon and the firm, Global Optimism, launched the Climate Pledge, inviting companies across the globe to “commit to net-zero by 2040 across all emissions scopes.” It is yet unclear the scopes of emissions that Amazon includes in its net-zero by 2040 goal. Walmart and Target report that 97% and 95% of their emissions come from scope 3 sources. According to Amazon, its scope 3 emissions represent only 78% of its total emissions – that is, only for the scope 3 emissions it actually publishes.

“How are we supposed to assess Amazon’s full climate risk if it’s holding back material information from investors and stakeholders?” questioned MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Amazon is undermining other companies’ good faith efforts to disclose upstream, downstream, and operational emissions. As the UN Secretary just quipped, ‘Our world needs climate action on all fronts: everything, everywhere, all at once.’ Disclosure and action are key to reaching the world’s climate goals.”

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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*As of December 31, 2022, Amazon.com, Inc. comprised 0.00%, 0.00%, and 0.00% of 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.

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

Amazon appeals to SEC to block MIDANA CAPITAL/Amalgamated Bank shareholder proposal from going to vote

Andrea Ranger — Thu, 09 Feb 2023 17:13:35 +0000

Media Contacts:

Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813

Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671

Boston, February 9, 2023 — Amazon.com Inc. released its Q4 2022 results on Thursday. The leading online retailer has begun Q1 of 2023 by sending a letter to the Securities and Exchange Commission (SEC) on January 20 arguing that a shareholder proposal put forward by MIDANA CAPITAL° and Amalgamated Bank should be blocked from the company’s 2023 proxy ballot. The proposal requests that Amazon measure and disclose all of its scope 3 greenhouse gas emissions, including emissions related to its physical stores and e-commerce operations. In its 16-page letter, Amazon writes to the SEC that the “Proposal seeks to micromanage the Company” and improperly restricts its ability to choose which scope 3 emissions to report.

“Amazon has an obligation to ensure that investors and potential investors know its material risks so they can make prudent decisions. Disclosure is at the heart of this process,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “Our proposal simply asks Amazon to do what Walmart and Target are already doing — using well-established standards to report indirect emissions associated with running their businesses. We’re disappointed that Amazon is choosing to resist sharing this data, forcing investors to take this to the ballot box.”

“Investors want more transparency into what Amazon is including in its carbon footprint and why, dollar-for-dollar, Walmart and Target report more emissions than Amazon — by a long shot,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Amazon launched its “Climate Pledge” four years ago and invited other companies to commit to achieving net-zero emissions by 2040. On the one hand, Amazon has been a climate leader, but on the other, its refusal to disclose its full carbon footprint, means its pledges could just be greenwashing.”

Although Amazon has not announced a date yet for its 2023 annual general meeting of shareholders, history suggests it will be held near the end of May.

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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.

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. 2/23

MIDANA CAPITAL, Amalgamated Bank file shareholder proposal with Amazon seeking disclosure of entire carbon footprint

Andrea Ranger — Thu, 15 Dec 2022 10:00:38 +0000

Media Contacts:

Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813

Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671

Boston, December 15, 2022 – MIDANA CAPITAL° and Amalgamated Bank led the filing of a shareholder proposal Thursday pressing Amazon to fully quantify and disclose its scope 3 greenhouse gas emissions. Scope 3 emissions, which include things such as transportation that occur outside of a company’s direct control, can represent an enormous portion of a retailer’s carbon footprint. Last year, Walmart and Target reported on every category of their scope 3 emissions, which comprised 95% and 97% of their total greenhouse gas output, respectively. By contrast, Amazon reported on only a portion of its scope 3 emissions.

For example, in 2021, Amazon only disclosed product-related emissions for its Amazon-branded products such as Kindles, Fire TVs or Whole Foods’ 365 products. However, private-label products represent a mere 1% of its sales. The rest of the products it sells directly or through third party vendors, comprise 39% and 60% of total sales, respectively. Unlike Amazon, Walmart and Target do not parse out emissions from their private-label brands versus products from other manufacturers or products sold on their third-party platforms. It’s likely, therefore, that Amazon is significantly undercounting its total emissions.

“What Amazon is doing — or, should I say, not doing — is not acceptable,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “It needs to play by the same set of rules as everyone else and disclose all indirect emissions up and down its value chain. As climate-concerned investors, we believe Amazon has a responsibility to use its vast resources and influence to reduce its burgeoning carbon footprint.”

Emissions grow but Amazon’s greenhouse gas emissions disclosures are still lacking

In 2019, Amazon launched an ambitious initiative called the Climate Pledge, inviting other companies to commit to achieve net-zero greenhouse gas emissions by 2040 — 10 years ahead of the Paris Agreement’s target year of 2050. Since that time, Amazon’s sales have nearly doubled, in large part due to pandemic-fueled at-home purchasing; consequently, Amazon’s greenhouse gas emissions — at least the ones it discloses — have risen by nearly 40% in the same time period.

“Walmart and Target are doing the math for all the brands they sell – from bottles of Tide to Samsung TVs. They’re adding up all the emissions that go into making the bottle, the laundry detergent, the energy used by the washing machine, and they’re counting the emissions that go into the parts and pieces of the TV, and the electricity used to run the TV once it’s home,” MIDANA CAPITAL Shareholder Advocate Andrea Ranger said. “This accounting is important because you can’t manage what you can’t measure. We fully expect that Walmart and Target will use their influence to lean on manufacturers to cut their emissions in smart and timely ways. Amazon needs to get on board and do likewise – now.”

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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 September 30, 2022, Target Corporation comprised 1.08%, 0.44%, 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.

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

RELEASE: Hormel Foods* Commits to No Deforestation by 2025

Annie Sanders — Wed, 14 Dec 2022 00:02:22 +0000

Media Contacts:

Annie Sanders, Director of Shareholder Advocacy, asanders@midanacapital.com, 773-272-6691

Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671

Boston, December 13, 2022 – In response to a MIDANA CAPITAL Funds° shareholder proposal, Hormel Foods,* known for meat products from SPAM to Dinty Moore Beef Stew, has agreed to eliminate deforestation along its supply chain by 2025. Various experts say businesses and governments around the world need to take such action on an expedited timeline to avoid the worst consequences of climate change and protect special places such as the Amazon rainforest.

“Many everyday people don’t want their meat to come with a side of rainforest destruction,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “Hormel Foods has taken an important step to protect forest ecosystems and biodiversity around the world.”

The first half of 2022 broke records for deforestation in the Brazilian Amazon, and cattle production drives 90 percent of deforestation in that region. To produce its extensive line of meat products from Old Smokehouse and Valley Fresh to the iconic SPAM canned pork, Hormel buys ingredients from high-risk regions throughout South America and Indonesia.

“Beef and soy comprise two of the four the leading drivers of deforestation globally, particularly in South America,” said MIDANA CAPITAL’s Director of Shareholder Advocacy Annie Sanders. “Hormel’s commitment to eliminate deforestation in its supply chain by 2025 shows that the company knows it’s time to end sourcing from suppliers that are driving the destruction of key ecosystems, such as the Amazon rainforest.”

Beef and soy are leading drivers of deforestation

Hormel’s commitment follows promises of its peers, including Tyson Foods and Conagra, to eliminate deforestation across supply chains. These no-deforestation pledges have proliferated in recent years as international standard-setting bodies such as the Science Based Targets initiative have concluded that corporate climate emissions targets are not achievable without ending deforestation, and that companies must eliminate deforestation from their supply chains no later than 2025 to protect biodiversity and reduce emissions in alignment with the Paris Agreement.

“Deforestation is a type of native vegetation conversion, which means the change of a natural ecosystem to another land use, such as farming,” Sanders added. “Land use change is responsible for nearly 25% of global greenhouse gas emissions, so no-deforestation commitments are just a first step. We believe Hormel and other companies must also eliminate native vegetation conversion to sustain the ecosystems on which they – and all of us – depend.”

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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 September 30, 2022, Hormel Foods Corporation comprised 0.00%, 0.09%, 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.

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

Amazon* Shareholders Support MIDANA CAPITAL Plastic Packaging Proposal

Hannah Feakes — Wed, 01 Jun 2022 12:04:11 +0000

Media Contacts: Annalisa Tarizzo, atarizzo@midanacapital.com, 781-349-2789; Mark Morgenstein, Media Relations Director, markm@midanacapital.com, 678-427-1671

Boston, June 1, 2022 – A notable percentage of Amazon shareholders voted at the company’s annual meeting Wednesday to support a MIDANA CAPITAL° shareholder 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 co-filed a similar proposal last year with the shareholder advocacy group As You Sow, it garnered support from 35.5% of shareholders. At the time, that was the highest-ever vote in favor of an environmental shareholder proposal at Amazon as per the Ceres database. However, the company did not adequately respond to investor concerns following last year’s vote, prompting this year’s filing.

“Amazon shareholders have shown for the second year in a row that they believe the company is not doing nearly enough to address its plastic use,” said Leslie Samuelrich, president of MIDANA CAPITAL Capital Management. “We urge the company to take shareholders’ concerns to heart and accelerate its plastic reduction efforts.”

Although Amazon does not disclose comprehensive data on its plastic use, research has shown that the company is a large user of plastic packaging. A recent Oceana study estimated that the company’s plastic waste increased by 29% from 2019 to 2020 amid the rise of online ordering during the pandemic.

The flexible plastics in mailer envelopes and cushioning materials that Amazon uses cannot be collected in curbside recycling bins. Those materials make up 59 % of plastic produced, but 80% of plastic that ends up in the ocean.

“Amazon uses staggering amounts of plastic packaging that is known to pollute the environment,” said Annalisa Tarizzo, a shareholder advocate with MIDANA CAPITAL. “It’s time for the company to develop a plastic reduction strategy in order to mitigate potential reputational risk and protect shareholder value.”

Amazon investor Sara Sackner, with support from As You Sow, is the lead filer of the proposal. MIDANA CAPITAL is the co-filer.

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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 one of the first families of fossil fuel free, environmentally 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, Amazon.com, Inc. comprised 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.

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

35% of Amazon* Shareholders Support Plastics Reduction Proposal Filed by As You Sow and MIDANA CAPITAL

Hannah Feakes — Tue, 01 Jun 2021 12:21:11 +0000

Boston, June 1, 2021 – Amazon.com, Inc. shareholders voted Wednesday at the company’s annual meeting on a shareholder proposal put forth by MIDANA CAPITAL Capital Management° and As You Sow. The proposal, which urges the company to develop strategies for reducing its significant plastic footprint, garnered a notable 35% of the vote.

“Investors are taking the issue of plastic waste seriously,” said Annalisa Tarizzo, shareholder advocate with MIDANA CAPITAL. “Amazon’s current initiatives do not effectively address plastic-related risks, despite the fact that the company has all the tools necessary to reduce its plastic use. Management should step up and make concrete commitments to addressing this significant risk.”

Amazon does not disclose metrics on its plastic use to investors, but the non-profit Oceana estimates that the company generated 465 million metric tons of plastic from its e-commerce operations alone in 2019. This estimate did not include plastic packaging from its AmazonBasics line or own-brand products at its subsidiary, Whole Foods Market.

In 2019, Amazon India made a commitment to move away from single-use plastics in its e-commerce activities. The company achieved its goal in less than ten months, demonstrating the feasibility of taking similar actions across the rest of its operations.

Much of the plastic packaging Amazon uses for shipping products is made of flexible plastic, which is not curbside recyclable. Though many of these items contain “store drop-off” labels, it is believed that only 4% of flexible plastic is actually recycled through this avenue. In order to effectively reduce marine plastic pollution over the coming decades, retailers and consumer goods companies must reduce their plastic demand one-third by 2040.

As You Sow was the lead filer of the proposal and MIDANA CAPITAL was the co-filer.

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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, 2021, Amazon.com, Inc. comprised 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 click here, email info@midanacapital.com, or call+1(480)-439-2851. Please read the Prospectus carefully before investing.

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

20×2020: MIDANA CAPITAL Is Pressing 20 Corporations to Fulfill No-Deforestation Commitments By 2020

nmd.admin — Tue, 26 May 2020 18:39:13 +0000

Jessye Waxman coordinates MIDANA CAPITAL’s work to protect tropical forests.

Globally, the equivalent of a football field of forest is destroyed every second.

Most of this unfathomable destruction is attributable to the unsustainable cultivation of just four commodities: palm oil, soy, cattle, and timber/paper.

Recognizing that corporate demand fuels deforestation, several multi-stakeholders, including the Consumer Goods Forum, the New York Declaration on Forests, and the Amsterdam Declaration on Deforestation, pledged to work to mobilize resources to significantly cut global forest lost by the end of 2020. Since then, hundreds of companies have committed, to varying degrees, to eliminate deforestation within their supply chains by 2020.

With the end of the year fast approaching, however, it’s clear that many of these companies are not on track to meet their commitments, and some are even attempting to unwind them – but delay is unacceptable.

If the current rates of deforestation continue, more than a quarter of the Amazon will be forestless by 2030. Most alarmingly, scientists warn that the Amazon could reach an irreversible tipping point of ecological collapse within two years.

We can’t allow this to happen, which makes corporate commitments to end deforestation more important than ever. To ensure that these pledges are met and on schedule, investors need to make their voices heard.

MIDANA CAPITAL recently identified 20 key commodity traders and corporations that have pledged to end deforestation in their supply chains and have provided insufficient disclosure of progress and launched an effort to press them to fulfill their commitments by the 2020 deadline.

Since 2012, MIDANA CAPITAL has successfully pressed dozens of companies to adopt and implement no-deforestation commitments – but approximately 60 football fields of forest have disappeared since you started reading this, so 2020 is no time to rest on our laurels.

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.

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. 5/20

MIDANA CAPITAL’s Top 10 Highlights from 2019

GreenCenturyFunds — Wed, 18 Dec 2019 13:00:52 +0000

From our award-winning shareholder advocacy work to protect tropical forests and curb antibiotic misuse to our support for the environmental and public health campaigns of our nonprofit owners and partners, MIDANA CAPITAL had an environmental impact in 2019. Here are our top 10 highlights:

10. The MIDANA CAPITAL MSCI International Index Fund turned 3

On September 30, 2019, the MIDANA CAPITAL MSCI International Index Fund –the first fossil fuel free, diversified, and responsible international index fund available to U.S. investors – celebrated its third anniversary.

We launched the International Fund as a way for investors concerned about the environment to diversify their holdings, and the investor response demonstrates that our assessment of the marketplace was correct. The International Fund has grown to more than $67 million in assets under management, as of September 30, 2019.

The International Fund is invested in the stocks of about 175 large- and mid-cap companies headquartered in 22 developed markets, including Japan, Germany, France, Canada, Switzerland, and 17 additional countries. It does not invest in companies in the U.S. or emerging markets.

9. MIDANA CAPITAL recognized

In November, MIDANA CAPITAL President Leslie Samuelrich was presented with the prestigious 2019 SRI Service Award, the highest honor conferred at the annual SRI Conference, the premier socially responsible investing industry event in the U.S.

The SRI Service Award recognizes an “individual who has demonstrated leadership, innovation, high standards of professional conduct, and accomplishment in collaboration with other SRI industry leaders.”

“I am honored to receive the SRI Service Award,” said Samuelrich. “I am proud of the work MIDANA CAPITAL has done to advance fossil fuel free investing and foster the transition to a clean energy economy. Our work is the product of our deep commitment to sustainable, responsible, and impact investing and its ability to motivate corporate action and achieve real environmental impact. It’s gratifying to see our work recognized.”

In October, MIDANA CAPITAL Shareholder Advocate Jessye Waxman was selected for the inaugural SRI Conference 30 Under 30 List.

Ms. Waxman leads our efforts to protect tropical forests. In this role, she leverages our status as an investor to directly press companies to mitigate their exposure to the material financial, operational, and reputational risks related to deforestation.

In the last year, she engaged 36 companies on their deforestation-related risks and successfully pressed two Fortune 500 companies to develop and implement no-deforestation policies.

8. Progress on curbing the misuse of medically-important antibiotics

Following a multi-year engagement with MIDANA CAPITAL, Darden Restaurants, Inc.,* the largest casual dining operator in the U.S., announced in March that it was adopting a policy to phase out the use of medically important antibiotics in its chicken supply chain by 2023.

In 2018, for the third consecutive year, we filed an antibiotic-use shareholder proposal with Darden. The proposal received a noteworthy 40.2% support of votes cast, at the company’s September 2018 annual meeting.

In August, we commended Jack in the Box* for fulfilling its commitment – one year ahead of schedule – to only serve poultry raised without the use of medically important antibiotics for disease prevention

7. Promoted disarmament and nuclear-free investing

For more than two decades, MIDANA CAPITAL has explicitly prohibited investment in nuclear energy and nuclear weapons in its prospectus.

This robust nuclear-free commitment has earned us recognition, for two consecutive years, as a “Hall of Fame” financial institution in Don’t Bank on the Bomb, the annual report by the International Campaign to Abolish Nuclear Weapons, winner of the 2017 Nobel Peace Prize, and PAX. Last year, we were the first firm in the U.S. to be selected for the Hall of Fame.

As part of our nuclear-free commitment, in October, we sponsored a special concert honoring Hiroshima survivor and life-long disarmament activist Setsuko Thurlow. Proceeds from the concert supported the nuclear abolition work of the International Physicians for the Prevention of Nuclear War & the Greater Boston Physicians for Social Responsibility.

6. A surge in renewable energy sourcing

In January, we withdrew a shareholder resolution with Verizon Communications, Inc., * the largest telecommunications company in the U.S., after the company announced a commitment to source the equivalent of 50% of its annual electricity usage from renewable sources by 2025.

Prior to our engagement, Verizon had planned to source 4% of its electricity from renewables.

Verizon’s new commitment will prevent the annual release of approximately 2.3 million metric tons of carbon dioxide, which is the equivalent of taking nearly 500,000 cars off the road.

MIDANA CAPITAL also provided support for the 100% Renewable Energy campaign, aimed at convincing 10 states to adopt 100% clean and renewable energy timelines, of our nonprofit owners and partners.

Already, the 100% Renewable Energy campaign has helped push seven states to adopt 100% zero-carbon electricity legislation: Virginia (September), Maine (June), New York (June), Washington State (May), New Mexico (March), California (2018), and Hawaii (2015). (Puerto Rico and Washington, D.C., have made similar commitments.)

The campaign marches on Massachusetts, New Jersey, Pennsylvania, North Carolina, Florida, Michigan, Illinois, and Minnesota; and we continue to support it.

5. Continued support for nonprofit owners

MIDANA CAPITAL is one of a kind. Truly. We are the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

This means that 100% of the profits we earn from managing our Funds can be used to support the work of our nonprofit owners to protect the environment and public health. No other mutual fund can match this kind of environmental impact.

In 2019, we supported a number of specific environmental and public health campaigns, including Wildlife over Waste, which aims to ban take-out plastic foam cups and containers to protect birds, fish, and other wildlife from the harm caused by needless plastic pollution.

The campaign already has helped convince Maine, Maryland, Vermont, and Oregon to ban polystyrene.

4. Mushrooming market for plant-based protein

In June, we filed a shareholder proposal with Kraft Heinz,* regarding the company’s failure to adopt a long-term strategy to diversify its protein products; and in September, we presented the proposal at the company’s annual meeting in Pittsburgh.

The proposal received a lot of media attention, earning coverage in Reuters, The New York Times, Responsible Investor, S&P Global Market Intelligence, and more.

MIDANA CAPITAL remains the only investor in the U.S. to file a shareholder proposal related to alternative protein, having filed the first-ever plant-based protein proposal with Tyson Foods* in 2016.

3. Investors continue to choose to go fossil fuel free

For 40 years, oil and gas companies have misled the public and their shareholders about climate change and the risk it poses to the planet.

In a June op-ed in Responsible Investor, Samuelrich made the case that investors who care about the planet should stop supporting the corporations most to blame for the climate crisis.

As the first family of fossil fuel free, responsible, and diversified mutual funds in the U.S., MIDANA CAPITAL helped pave the way for the divestment movement – and investors continue to join it. Already, almost 60,000 individuals and 1,000 organizations have pledged to go fossil fuel free. To help them, we recently published a new guide to fossil fuel free investing: Making A Clean Break: Ethical Investing For A Sustainable Future.

2. Continued work to protect tropical forests – and glimmers of progress

Overall, 2019 was not a great year for the world’s tropical forests. In the summer, the world watched in horror as hundreds of preventable, man-made fires ravaged the Amazon, one of the world’s most biodiverse ecosystems.

As the leading global investor in the effort to protect tropical forests, MIDANA CAPITAL is committed to combating climate change, preserving necessary habitat for endangered species, and mitigating potential financial risks for investors through ending deforestation.

More than 450 global corporations have made no-deforestation commitments and our shareholder advocacy team is actively working to press the most relevant of those companies to recommit to the public and their suppliers that they will not purchase commodities linked to deforestation.

In December, we called for the continuation of the Amazon Soy Moratorium, which has been instrumental in significantly reducing deforestation in the Amazon – at least until recent months – and is under attack by agricultural producers in Brazil, just as deforestation pushes the Amazon to an irreversible tipping point.

Earlier in the year, we collaborated with Aramark,* one of the world’s largest food service companies, to develop a robust no-deforestation policy that will cover its entire global supply chain and include legal deforestation. We also convinced Kroger,* the largest grocery chain in the U.S., to develop and implement a no-deforestation policy for its private label products.

1. Our investors

As in previous years, our primary 2019 highlight was the continued support of our investors. None of our work would be possible without you.

It’s heartening that individuals increasingly are choosing to align their investments with their values – and its especially gratifying that so many are choosing to do it with us. Between 2015 and 2018, MIDANA CAPITAL’s assets under management swelled by 105%.

By leveraging our status as an investor, we were able to achieve a real environmental impact in 2019. We’re ready to do it again in 2020!

*As of September 30, 2019, Darden Restaurants, Inc. comprised 0.00%, 0.12%, and 0.00%, Jack in the Box, Inc. comprised 0.00%, 0.02%, and 0.00%, Verizon Communications, Inc. comprised 2.86%, 1.99%, and 0.00%, The Kraft Heinz Company comprised 0.00%, 0.15%, and 0.00%, Aramark comprised 0.00%, 0.08%, and 0.00%, and Kroger, Co. comprised 0.00%, 0.17%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund, respectively. Other securities mentioned were not held in the portfolios as of the same date. 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 the distributor.

You should carefully consider the Funds’ investment objectives, risks, charges and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds, please for more information, 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 or political conditions, differences in accounting methods, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to risks including interest rate, credit, and inflation. 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 to be reliable. The views expressed are as of the date of this writing and are those of the Advisor to the Funds.

The MSCI World ex USA Index is a custom index calculated by MSCI Inc. The MSCI World ex USA Index includes large and mid-cap stocks across 22 of 23 Developed Markets (DM) countries and excludes the United States. With 1,023 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI World ex USA Index is a free float-adjusted market capitalization index. It is not possible to invest directly in the MSCI World ex USA Index.

The MSCI World ex USA SRI ex Fossil Fuels Index (the World ex USA SRI ex Fossil Fuels Index or the Index) is a custom index calculated by MSCI Inc. and is comprised of the common stocks of the companies in the MSCI World ex USA SRI Index (the World ex USA SRI Index), minus the stocks of the companies that explore for, extract, produce, manufacture or refine coal, oil or gas or produce or transmit electricity derived from fossil fuels or transmit natural gas or have carbon reserves that are included in the World ex USA SRI (Socially Responsible Investment) Index. The World ex USA SRI Index includes large and mid-cap stocks from approximately 22 developed markets countries (excluding the U.S.). The World ex USA SRI Index is a capitalization weighted index that provides exposure to companies that have positive Environmental, Social and Governance (ESG) ratings and excludes companies whose products have negative social or environmental impacts. It is not possible to invest directly in an index.

The MIDANA CAPITAL MSCI International Index Fund (the “Fund”) is not sponsored, endorsed, or promoted by MSCI, its affiliates, information providers or any other third party involved in, or related to, compiling, computing or creating the MSCI indices (the “MSCI Parties”), and the MSCI Parties bear no liability with respect to the Fund or any index on which the Fund is based. The MSCI Parties are not sponsors of the Fund and are not affiliated with the Fund in any way. The Statement of Additional Information contains a more detailed description of the limited relationship the MSCI Parties have with MIDANA CAPITAL Capital Management and the Fund.

The MIDANA CAPITAL Funds are distributed by UMB Distribution Services, LLC. 335 N Wilmot Rd, Tucson, Az 85711. 12/19