climate change – MIDANA CAPITAL Funds

Corning* Sets Ambitious Target to Reduce Greenhouse Gas Emissions; Embraces Development of Climate Transition Plan

Andrea Ranger — Tue, 21 Nov 2023 17:49:06 +0000

Contact Information:

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

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

Boston, November 21, 2023 – In 2020, MIDANA CAPITAL° noticed that Corning Inc. did not have A greenhouse gas emissions (GHGs) reduction target that were ambitious enough to meet the goals of the Paris Agreement, a commitment signed in 2015 by 195 countries aimed at preventing the worst impacts of climate change.

MIDANA CAPITAL then filed a shareholder proposal asking Corning to address its climate risk by adopting emissions reduction targets. The company met with MIDANA CAPITAL several times and made a commitment to set a science-based target by 2023, which it has now fulfilled.

Established in 1851 as Corning Glass, the company’s products are linked to American history. For example, Corning produced the very first electric light bulbs for Thomas Edison in the 1880s, and in 1915 sold its first line of glass products that could be used for baking and storage under the brand name, Pyrex. More recently, Corning has delivered millions of miles of fiber optic cables to support widespread broadband access. Corning also developed a durable glass, known as Gorilla Glass, for Apple’s first iPhones, a product that is currently used in more than 8 billion devices worldwide, including smart phones, tablets, and laptops.

Corning Commits to Developing Climate Transition Plan

In 2023, MIDANA CAPITAL followed up with Corning and asked the company to develop and publish a climate transition plan. Now considered a best practice, the plans serve as roadmaps that contain investor-useful information by explaining how and when companies will meet their climate goals.

Corning agreed to begin to develop a climate transition plan starting with its next sustainability report in 2024. The company will roll out more details in later years.

“We’re excited to see Corning continue its leadership role when it comes to climate,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “We look forward to increased visibility into its strategies, tactics, and overall game plan.”

In early 2023, the General Secretary of the United Nations, Antonio Guterres, urged business leaders at the World Economic Forum, to “put forward credible and transparent transition plans on how to achieve net-zero – and submit those plans before the end of this year.” More than 4,100 organizations have disclosed to CDP (a reporting platform formerly known as the Carbon Disclosure Project) that they have prepared climate transition plans; however, CDP reports that only 45% were public, and only 12.6% covered what are considered key elements of a credible transition plan.

“Now that more and more companies have committed to significantly cut their emissions, investors and stakeholders want assurance that goals and targets aren’t just greenwashing,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “We’re eager to see Corning develop a credible climate transition plan provides milestones, indicators for success, mechanisms for board and executive oversight, and enough details to instill investor confidence.”

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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 September 30, 2023, Corning, Inc. comprised 0.00%, 0.13%, 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.

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.

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.

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. 11/2023

Douglass Guernsey – Behind the Scenes of a Shareholder Advocate

Douglass Guernsey — Wed, 02 Aug 2023 16:15:31 +0000

As a shareholder advocate at MIDANA CAPITAL°, I try to influence the world’s top companies to make better environmental decisions by meeting directly with corporate leaders.

Guernsey at the Builders Firstsource AGM in 2023

Much of this work happens on the computer or over the phone, but there is nothing like meeting in person – partially because you never know what to expect.

This spring I attended a shareholder meeting at Builders FirstSource* in Dallas that was so empty, at first, I thought I was in the wrong place. I was waiting completely on my own in a 100-seat event room when suddenly I was joined by a small handful of executives from the company.

With so few of us in the room, the CEO, General Counsel and I discussed MIDANA CAPITAL’s proposal, which asked the company to commit to reducing carbon emissions associated with timber harvesting and other supply chain issues.

I encouraged the CEO to think about potential regulatory risk, about how climate change is impacting Boreal forests that the company relies on for roughly one-third of its revenue, and about the advantages of increasing efficiency and transparency in its supply chain. While we didn’t agree on everything, we had a productive conversation, and I commend Builders FirstSource CEO Dave Rush for connecting to address environmental risks.

As a result of MIDANA CAPITAL’s engagement, for the first time Builders FirstSource measured and disclosed its CO2 emissions from its operations and transportation and stated it would set emissions reduction targets. The company still has significant work to do, including measuring its emissions from timber harvesting, setting efficiency targets for its supply chain, and prioritizing sourcing FSC certified lumber. We will continue to work with the company to achieve these goals.

A few weeks after returning from the meeting, the very same forests that Builders FirstSource relies upon erupted in the worst fire season in Canada’s modern history, bathing much of the U.S. in so much smoke that simply breathing the air outside could be the equivalent of smoking six cigarettes a day. Meanwhile, the earth as a whole had the hottest day – and month – on record.

Clearly, more immediate environmental action is needed.

MIDANA CAPITAL is deeply committed to its environmental advocacy work and brings more than 30 years of environmentally responsible investing experience to its investing philosophy. Our team hopes to deliver not only long-term security for investors, but immediate environmental actions from portfolio companies.

We do this every day, whether that means meeting in a room packed full of executives, or in an empty room with one CEO.

Douglass Guernsey is a Shareholder Advocate at MIDANA CAPITAL Capital Management. He holds an MBA from Brandeis University.

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

*As of March 31, 2023, Builders FirstSource, Inc. comprised 0.00%, 0.07%, 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.

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.

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

Andrea Ranger: That’s right. The CEO just called me.

Andrea Ranger — Wed, 26 Jul 2023 17:57:55 +0000

Life as a shareholder advocate can be unpredictable – some of my work has a consistent flow, but I certainly wasn’t expecting an impromptu call from a CEO.

MIDANA CAPITAL° shareholder advocates often use the stakes in different companies on behalf of MIDANA CAPITAL Funds, as a way of influencing management decisions on deforestation, carbon emissions, climate change, single-use plastic reductions and other issues with environmental impacts. I work on our insurance campaign pressing insurance companies to stop offering coverage for new fossil fuel projects. Not surprisingly, these insurers are not interested in changing their insurance strategies.

During the year, shareholder advocates research the environmental risks that companies are exposed to or, worse yet, they create. And, we then communicate with companies by writing, calls, and face-to-face dialogue. When we can’t agree on a course of action, we present our concerns to fellow shareholders at companies’ annual meetings.

Fast forward to the Travelers’* annual meeting in Hartford, CT. After I presented MIDANA CAPITAL’s Funds’ shareholder proposal, I went on a treasure hunt to meet the company’s board of directors and CEO, Alan Schnitzer. Security guards were blocking my path to the board, but I managed to meet three directors. I was thrilled.

I also asked to speak to Travelers’ CEO Alan Schnitzer, but he was busy. Then something special happened. As I reached my car to go home, Alan Schnitzer called me. I was sure it was a prank. It wasn’t.

We exchanged pleasantries, but the conversation steered toward MIDANA CAPITAL Funds’ shareholder proposal. He wasn’t happy with it. We had to agree to disagree on whether insuring new fossil fuel projects was the right thing to do. Spoiler alert – I didn’t think it was. I still don’t.

A call from a CEO is a rare occurrence, and it signaled to me that MIDANA CAPITAL Funds’ advocacy efforts were hitting their mark. However, I give a lot of credit to Travelers’ CEO for taking the time to call and listen to my concerns.

Being tenacious, and professionally polite, can pay big dividends. Further, the effort to meet board members helped humanize the relationship between MIDANA CAPITAL Funds and Travelers. I’ll meet with Travelers again later this year, but now we have a stronger rapport.

It’s a privilege to be a shareholder advocate working on the toughest environmental challenges the world faces. Encounters with CEOs can result in better connections with corporate management. We always look for ways to collaborate, so we welcome phone calls from CEOs. Let’s work on solutions together.

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.

Warmly, Andrea

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*As of June 30, 2023, The Travelers Companies, Inc. comprised 0.89%, 0.20%, 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.

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.

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. 7/23

CarMax* to expand carbon offsets disclosure in response to MIDANA CAPITAL Funds’ shareholder proposal

Andrea Ranger — Tue, 11 Jul 2023 01:31:34 +0000

Media Contacts:

Andrea Ranger, Shareholder Advocate, aranger@midanacapital.com, 781-349-2813
Pam Podger, Communications Director, ppodger@midanacapital.com, 802-299-9495

Boston, July 10, 2023 — CarMax, Inc., the largest used vehicle retailer in the U.S., has committed to strengthening its carbon offsets disclosure so that shareholders can assess whether the company is on track to achieve its greenhouse gas emissions reduction targets. In response, MIDANA CAPITAL°, with lead-filer As You Sow, withdrew a shareholder proposal for CarMax’s 2023 annual meeting.

In exchange for the withdrawal, CarMax agreed to several steps. It will publicly disclose any carbon offsets and renewable energy purchased to meet its goal of a 50% reduction by 2025 in emissions generated by its operations. It will also share its criteria for procuring high-quality carbon offsets. Further, CarMax will disclose details of any projects involving purchases of carbon offsets and renewable energy, including the project names, locations, and third-party verification of the projects’ authenticity.

Leslie Samuelrich, President of MIDANA CAPITAL Funds, stated, “We applaud CarMax’s commitment to disclosing its carbon offsets and renewable energy purchases and see it as an important step toward greater transparency. Investors need this clarity to understand companies’ climate risk and how they plan to address it. We have little time to waste in order to prevent predicted catastrophic impacts from climate change and to transition to a clean energy economy.”

The Science Based Targets initiative (SBTi) has said that on average companies should reduce 90% of their emissions by 2050. Some shareholders believe that companies are relying on carbon offsets to meet their near-term and medium-term greenhouse gas reduction targets. MIDANA CAPITAL’s engagement will help clarify the reasons why CarMax is purchasing carbon offsets and whether the company is on track to make SBTi’s recommended 90% emissions cuts by 2050.

Andrea Ranger, shareholder advocate at MIDANA CAPITAL, said, “It is critical that companies making net-zero or greenhouse gas emissions reduction targets have a viable pathway for achieving those goals. We believe that carbon offsets should only be used to address hard-to-eliminate emissions and that companies should primarily focus on cutting emissions to achieve their emissions reduction 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 March 31, 2023, CarMax, Inc. comprised 0.00%, 0.06%, 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.

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.

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. 7/23

STATEMENT: The New York Times* leans into a new commitment on net-zero emissions after discussions with MIDANA CAPITAL

Andrea Ranger — Wed, 28 Jun 2023 19:41:15 +0000

Media Contacts:

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

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

BOSTON, June 28, 2023 – After discussions with MIDANA CAPITAL°, The New York Times Company (The Times) set a net-zero by 2030 greenhouse gas emissions target covering its scope 1 and 2 emissions. MIDANA CAPITAL had approached the newspaper with concerns about the company’s lack of goals for cutting emissions associated with global warming.

For decades, The Times’ reporters have written extensively about the impacts of climate change. In 2020, the company started hosting an event series called “Netting Zero,” featuring discussions by journalists and climate experts on how to have net-zero emissions in the future. However, at that time, The Times had not set or disclosed its own goals for reducing greenhouse gas emissions.

“This new commitment by The Times is news that’s fit to print — and just in time,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “The Intergovernmental Panel on Climate Change just issued a synthesis report calling for ‘deep, rapid, and sustained greenhouse gas emissions reductions,’ and, in response, U.N. Secretary General Antonio Guterres, urged immediate action to reduce emissions, saying, ‘the climate time-bomb is ticking.’”

In a statement, The Times noted that it had begun to inventory its scope 1 and scope 2 greenhouse gas emissions and that it would publish its results sometime in 2023. Additionally, The Times said it intends to use its building spaces more efficiently, consume resources responsibly and cut greenhouse gas emissions. It also intends to electrify its delivery fleet, update its New York City headquarters to be more sustainable by cutting waste, and source paper from responsibly managed natural resources.

“Committing to reduce its carbon footprint and overall environmental impact is a first step toward putting The New York Times in line with its global peers, including The Guardian, The Wall Street Journal, and The Financial Times,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “Given The Times’ international prominence and the intense public scrutiny it receives, we believe that by implementing rigorous policies, targets and programs to reduce the company’s climate risk, it will help avoid reputational risk.”

The other media outlets mentioned above have set or committed to set near-term science-based targets for their scopes 1 and 2 greenhouse gas emissions with the Science Based Targets initiative that align with limiting global temperature rise to 1.5 degrees Celsius above pre-industrial levels. In addition, The Wall Street Journal and the Financial Times have committed to reduce at least a portion of their scope 3 emissions by 2030.

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

*As of March 31, 2023, The New York Times Company comprised 0.00%, 0.03%, 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.

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

Kraft Heinz Sets Global Policy to Eliminate Deforestation in Response to MIDANA CAPITAL Shareholder Proposal

Annie Sanders — Wed, 28 Jun 2023 14:36:22 +0000

Media Contacts:

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

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

Boston, June 28, 2023 – Kraft Heinz,* one of the largest food and beverage companies in the world, announced a first-ever Global Deforestation- and Conversion-Free Policy in response to a MIDANA CAPITAL Funds° shareholder proposal asking the company to eliminate deforestation across its supply chains by 2025. In exchange, MIDANA CAPITAL withdrew its proposal slated for the company’s 2023 annual meeting.

“To achieve a climate-neutral world by mid-century, companies must drastically cut their contribution to deforestation, which accounts for 12% of global climate emissions,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “We commend Kraft Heinz for acting to protect tropical forests, biodiversity and our climate.”

Kraft Heinz’s new no-deforestation policy helps protect tropical forests

Kraft Heinz’s new stance on deforestation is an expansion of its 2018 Global Palm Oil policy that established a commitment to sustainable palm oil. Notably, the new policy sets a 2025 deadline for eliminating deforestation from key commodities in Kraft Heinz’s global supply chains, aligning with recent scientific consensus. The policy covers commodities including beef and soy that are linked to deforestation in tropical regions such as the Brazilian Amazon, which is home to ten percent of all known species and among the last refuges for endangered species from jaguars and pink river dolphins.

The agriculture industry is the world’s largest contributor to deforestation, causing 75 percent of the world’s tropical deforestation, and the beef industry alone is responsible for 41 percent. Some studies show it will be nearly impossible to limit global warming to 1.5 degrees without ending deforestation in this decade.

“Beef, soy, palm oil and wood products drive the majority of global deforestation, many of which are key ingredients in the Kraft Heinz products’ we know and love – from Oscar Meyer meats to Kraft Mac n’ Cheese,” said Annie Sanders, MIDANA CAPITAL’s Director of Shareholder Advocacy. “We applaud the company’s commitment to eliminate deforestation from its supply chains, thereby helping to protect forests and biodiversity around the world.”

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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.

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 March 31st, 2023, Kraft Heinz comprised 0.00%, 0.15%, 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. 6/23. UMB and MIDANA CAPITAL are unaffiliated.

Google parent, Alphabet*, pledges greater transparency on use of carbon offsets after MIDANA CAPITAL shareholder proposal

Andrea Ranger — Mon, 26 Jun 2023 17:58:27 +0000

Media Contacts:

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

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

Boston, June 26, 2023 – MIDANA CAPITAL° withdrew a shareholder proposal with tech giant Alphabet after the company agreed to provide greater visibility into its use of carbon offsets.

Alphabet relies on carbon offsets, also known as carbon credits, to neutralize the emissions it’s not able to eliminate through other methods, such as through energy efficiency or renewable energy. Following the MIDANA CAPITAL engagement, the company has now agreed to annually disclose its criteria, approach, and portfolio, including details on project purchases and any relevant certifications related to its purchases of carbon offsets.

Despite earlier commitments and a white paper detailing its strategy for buying “high-quality carbon offsets,” which are known for longevity and verifiability, Alphabet’s full disclosure in 2022 fell short. In a single sentence in its annual environmental report, the company vaguely stated “[We] plan to invest in nature-based and technology-based solutions to neutralize our remaining emissions.”

Relying on carbon offsets to neutralize emissions is currently an area of intense debate. Some academics and NGOs are urging potential buyers to be cautious as research about how different projects absorb carbon, methodology for measuring offsets, and ability to verify the durability of the offsets evolve. At minimum, more robust disclosure may be advised, and the agreement secured by MIDANA CAPITAL should help investors better assess Alphabet’s carbon offset purchases.

“I’m pleased that Alphabet sees the value in revisiting its carbon offsets disclosure policy,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “MIDANA CAPITAL, and I expect many, many investors, value insight into how Alphabet is managing its climate risk. I believe embracing transparency will only help it select offsets wisely and avoid the greenwashing label.”

The U.S. Securities and Exchange Commission (SEC) has weighed in on the issue. In its proposed climate rule, the Enhancement and Standardization of Climate-Related Disclosures, the SEC expresses an interest in learning how companies use carbon offsets to reach their climate-related goals, and the regulator may require companies to disclose their carbon reductions represented by these offsets.

“Alphabet is a leader in many respects – the amount of renewable energy it procures, the energy efficiency it incorporates, and its ability to maintain carbon neutrality. Becoming a leader in carbon offsets seems like a natural step forward,” added Shareholder Advocate Andrea Ranger. “I think our proposal was a wake up call for Alphabet. Investors like us are analyzing corporate climate commitments very closely, and we want to see that claims of emissions reductions using offsets are actually true.”

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 March 31, 2023, comprised 3.11%, 6.48%, 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.

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.

Notable 21% vote in favor of MIDANA CAPITAL Proposal to Set Greenhouse Gas Reduction Targets at Builders FirstSource*

Douglass Guernsey — Fri, 16 Jun 2023 19:06:58 +0000

Media Contacts:

Douglass Guernsey, Shareholder Advocate, dguernsey@midanacapital.com, 617-482-0800

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

Boston, June 16, 2023 – Builders FirstSource, the country’s largest building product supplier to the professional market, released the vote result from its annual meeting of shareholders on Tuesday. MIDANA CAPITAL° received a notable 21% of the vote in favor of its shareholder proposal, which asks the company to adopt science-based greenhouse gas emissions reduction targets. The proposal additionally asks the company to set goals for sourcing more renewable energy, increasing energy efficiency in its operations, and procuring zero-emission vehicles.

To implement science-based targets, the company would have to reduce its direct, operational emissions and its indirect emissions including from timber harvested for the lumber it sells. Over 5000 companies, including competitors Lowe’s and Home Depot, have committed to working with the Science Based Targets initiative, and nearly 60% of all Fortune 500 companies have set some kind of climate change reduction target.

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

“Last year, we filed a nearly identical proposal at Builders asking for reduction targets which received a resounding ‘yes’ vote from investors – but Builders took almost no action. The company relies heavily on timber, which comes from forests that are significantly threatened by climate change. We believe management needs to start taking this risk seriously by measuring, disclosing, and setting reduction targets for its Scope 3 supply chain emissions.”

MIDANA CAPITAL Engaged with Builders FirstSource to Set First Emissions Reduction Targets

Douglass Guernsey, shareholder advocate at MIDANA CAPITAL added:

“At the 11th hour, Builders disclosed its Scope 1 and 2 emissions, which cover the direct emissions from its operations, and stated it will set emissions reduction targets for both these categories in 2025. While we appreciate that Builders is now taking action on a part of MIDANA CAPITAL’s 2022 proposal, the company has not yet measured, disclosed, or set targets for its Scope 3, or supply chain emissions, leaving investors in the dark for what comprises, on average, 75% of companies’ climate emissions.”

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

*As of March 31, 2023, Builders FirstSource, Inc. comprised 0.00%, 0.07%, and 0.00%, Lowes Companies, Inc. comprised 0.00%, 0.66%, and 0.00%, and Home Depot, Inc. comprised 0.88%, 1.67%, and 0.00%, of the Green Century 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.

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.

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

Shareholders to Vote on MIDANA CAPITAL Resolution Urging General Motors* to Cut Emissions and Deforestation from its Supply Chains

Annie Sanders — Wed, 14 Jun 2023 15:19:45 +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 14, 2023 –The shareholders of the General Motors Company will vote Tuesday, June 20 on a MIDANA CAPITAL° shareholder proposal asking the company to improve the sustainability of its aluminum, steel, rubber, and leather supply chains.

“While GM has taken steps to increase the sustainability of its operations, it continues to face climate risk from the global sourcing of its automotive materials,” said MIDANA CAPITAL Funds President, Leslie Samuelrich. “GM has an opportunity to be an industry leader by investing in low-carbon aluminum and steel – as well as by protecting tropical forests from the destructive practices associated with producing leather and rubber.”

The production of aluminum and steel used for automotive parts and manufacturing equipment has a heavy carbon footprint. For example, the world’s auto manufacturers consumed 18% and 11% of global aluminum and steel production respectively, according to tallies completed in 2019. Globally, manufacturing steel and aluminum creates billions of tons of carbon dioxide pollution annually, or about 13% of total global GHG emissions.

Further, the leather and rubber that GM sources for its car seats and tires, may be associated with deforestation and land clearance. In Brazil, a country considered a major source of leather for U.S. auto manufacturers, raising cattle causes nearly 70% of the country’s deforestation. The automobile industry is also the biggest consumer of natural rubber, and rubber tree cultivation is a leading driver of deforestation in Southeast Asia and West Africa.

Despite GM’s recent commitment to achieving carbon neutrality by 2040, the company does not yet disclose the emissions associated with these key materials, nor does it offer concrete strategies for reducing those emissions. Additionally, GM has yet to set a zero-deforestation target – a commitment that would prevent land clearing for cattle pasture or rubber tree plantations.

All in on EVs by 2035 Not Enough to Limit Climate Change

According to a 2023 report published by Rivian and Polestar, auto manufacturers need to act quickly to reduce supply chain emissions in line with limiting temperature rise to 1.5 degrees Celsius. The report notes that even with a transition to battery electric vehicles and using 100% fossil-free energy to power them, auto manufacturers should address supply chain emissions to reach this goal. Thus, GM’s commitment to 100% sales of EVs by 2035 may not be enough to sufficiently mitigate its climate impact.

“GM has made remarkable strides to reduce its environmental footprint, but it needs to focus its attention on its supply chain issues,” said MIDANA CAPITAL Shareholder Advocate Andrea Ranger. “GM should act quickly and holistically since its footprint is expansive and there’s little time for delay if we’re to avoid the worst impacts of climate change.”

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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.