No Deforestation – MIDANA CAPITAL Funds

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.

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. UMB and MIDANA CAPITAL are unaffiliated.

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).

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.

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

°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, 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

MIDANA CAPITAL Deforestation Proposal to Be Considered at The Home Depot’s* Annual Meeting

Hannah Feakes — Wed, 18 May 2022 13:55:35 +0000

Media Contacts: Thomas Peterson, Shareholder Advocate, tpeterson@midanacapital.com,781-349-2615; Mark Morgenstein, Media Relations Director, markm@midanacapital.com, 678-427-1671

Boston, May 18, 2022 – At The Home Depot’s annual meeting on Thursday, shareholders will vote on a proposal from MIDANA CAPITAL° calling on the world’s largest home improvement retailer to increase “its efforts to eliminate deforestation and the degradation of primary forests in its supply chains.”

“The Home Depot is lagging behind its peers in ensuring that it is not purchasing wood associated with deforestation or harvested from the world’s last remaining unlogged forests, also known as primary forests,” said MIDANA CAPITAL president Leslie Samuelrich. “The Home Depot’s customers deserve assurance that the plywood they are buying isn’t coming at the expense of old growth trees and habitat for endangered species.”

As anyone who’s visited the Home Depot has seen, the company is a major buyer of wood. Recently, the Natural Resources Defense Council (NRDC) criticized the retailer for the inadequacy of its wood sourcing policies. Nevertheless, The Home Depot’s board of directors has recommended that shareholders vote against MIDANA CAPITAL’s proposal.

MIDANA CAPITAL recently withdrew a similar shareholder proposal filed with Lowe’s* after The Home Depot’s largest competitor agreed to comply with the proposal’s request by disclosing the impact of its sourcing on primary forests and developing a strategy to mitigate potential negative outcomes associated with its wood sourcing for the climate, biodiversity and human rights.

“This proposal gives The Home Depot’s shareholders an opportunity to urge the company to use its buying power to encourage truly sustainable forestry practices,” said MIDANA CAPITAL shareholder advocate Thomas Peterson. “To mitigate global warming and limit biodiversity collapse, we must end deforestation as soon as possible and preserve the world’s remaining primary forests. The company’s opposition to this proposal and its limited forest risk disclosures leave investors concerned that management is not taking the material financial risks associated with deforestation seriously.”

While global deforestation continues at an alarming pace, investor support for deforestation-related shareholder proposals has increased dramatically in recent years. MIDANA CAPITAL proposals on deforestation earned record-breaking majority votes at Procter & Gamble’s* annual meeting in 2020 and at major agribusiness Bunge’s* annual meeting in 2021.

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About MIDANA CAPITAL Capital Management

°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the MIDANA CAPITAL Funds (The Funds). The MIDANA CAPITAL Funds are a family of fossil fuel-free, environmentally-responsible mutual funds. MIDANA CAPITAL Capital Management hosts an award-winning and in-house shareholder advocacy program and is the only mutual fund company in the U.S. wholly owned by environmental and public health nonprofit organizations.

*As of March 31, 2022, The Home Depot, Inc. comprised 0.96%, 1.54%, and 0.00%; Lowe’s Companies, Inc. comprised 0.00%, 0.67%, and 0.00%; The Procter & Gamble Company comprised 0.63%, 1.82%, and 0.00%; and Bunge Limited comprised 0.00%, 0.08%, 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. 5/22

Understanding Deforestation Risk, or: How I ended up on TV talking about toilet paper

Hannah Feakes — Wed, 13 Oct 2021 15:38:56 +0000

By Thomas Peterson

I never expected to appear on national television offering the investor perspective on toilet paper, but last week I ended up on CBS doing exactly that.

I’ll back up and explain how I got here. A few years ago, I read Richard Powers’ The Overstory, a remarkable novel about trees, people who love them, and the destruction of forests. The book altered the trajectory of my life, and I’m not the only one. Barack Obama wrote that it “changed how [he] thought about the Earth and our place in it.” Up late one night, unable to put the book down, I made a commitment to myself that I would do what I could to protect the earth’s remaining forests.

I am now working as a Shareholder Advocate with MIDANA CAPITAL Capital Management,° where I leverage the firm’s clout as a shareholder to push companies to address deforestation risk. Roughly half of all deforestation is driven by the production of forest-risk commodities, primarily beef, palm oil, soy, and wood pulp, paper, and timber. By pressing large companies to adopt strong policies to prevent deforestation in their supply chains, we aim to limit the risks that commodity-driven deforestation poses for portfolios and the planet.

Deforestation is among the largest contributors to the climate crisis, and it therefore poses systemic risks to companies and the financial system. Deforestation also contributes to biodiversity collapse and the loss of ecosystem services, endangering agricultural production and creating physical and transition risks for companies that source these commodities. Companies associated with deforestation also face regulatory, litigation, and reputational risks.

MIDANA CAPITAL has been working to protect forests for roughly a decade and, thanks in no small part to the firm’s advocacy, investors and corporations alike are increasingly recognizing the material risks posed by deforestation.

Last October, we received a major signal that investors are finally taking deforestation seriously: for the first time ever, a majority of shareholders voted for a proposal regarding deforestation at a company’s annual shareholder meeting.

The proposal, put forward by MIDANA CAPITAL, asked Procter & Gamble* — the largest consumer goods company in the world, maker of Charmin toilet paper and Bounty paper towels — to address deforestation and forest degradation in its wood pulp and palm oil supply chains. An unprecedented 67% of shareholders supported the proposal, in spite of Procter & Gamble’s opposition.

Procter & Gamble has received significant attention from environmental campaigners in recent years because of its refusal to shift towards recycled or alternative fibers to make its tissue products. Instead, the company continues to produce toilet paper and paper towels entirely from virgin fiber, much of it from the climate-critical boreal forest in Canada.

Despite the overwhelming support of shareholders for last year’s MIDANA CAPITAL proposal, P&G has not wavered in its stance. The company made some small improvements to its forest policies this spring, but it plans to continue turning remarkable trees in the Canadian boreal into toilet paper.

This has inspired the descendants of P&G’s founders to come forward to criticize the company’s environmental impact. CBS Mornings, the network’s national morning show, interviewed Justine Epstein and Jules Feeney, sixth-generation descendants of James Gamble, who described the company’s practices as “absurd.” It was a compelling story of corporate heirs coming forward to push their family company to do the right thing.

But CBS wanted to include other perspectives as well, so they invited MIDANA CAPITAL to offer our take as investors. During my interview with CBS investigative journalist Anna Werner, I clarified that while P&G has met regularly with MIDANA CAPITAL and revised some of their forest policies, it has not addressed the “fundamental issues” that provoked last year’s vote. MIDANA CAPITAL will continue to engage with P&G to ensure that these risks are addressed.

In The Overstory, Richard Powers put it better than I ever could: “What you make from a tree should be at least as miraculous as what you cut down.” Popular as they may be, Charmin and Bounty don’t hold a candle to the miraculous trees of the world’s largest intact forest, the greatest terrestrial carbon sink on the planet.

Investors and the public have made it clear that it’s time for Procter & Gamble to stop flushing the boreal, and I’m grateful to have had the opportunity to spread that message to viewers nationwide. While it was never my plan to make my TV debut serving as a toilet paper expert, if it helps to protect our remaining forests then it was more than worth it.

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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 September 30, 2021, The Procter & Gamble Company comprised 0.59%, 1.76% and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund and the MIDANA CAPITAL International Index Fund. 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 of 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. 10/21

STATEMENT: JPMorgan Chase* Follows Through on Pledge to Adopt Improved Deforestation Policy

Andrea Ranger — Wed, 06 Oct 2021 19:59:51 +0000

Media Contact: Thomas Peterson, tpeterson@midanacapital.com, 617-482-0800

Boston, October 6, 2021 – On Thursday, JPMorgan Chase followed through on its agreement with MIDANA CAPITAL Capital Management° to adopt stronger policies on deforestation by publishing a revised Environmental and Social Policy Framework. In April, MIDANA CAPITAL Capital Management withdrew its shareholder proposal for JPMorgan Chase’s 2021 Annual Shareholder Meeting after the firm agreed to expand its policies regarding the major commodity drivers of deforestation.

MIDANA CAPITAL shareholder advocate Thomas Peterson issued the following statement:

“We are encouraged to see JPMorgan Chase fulfill its pledge to require ‘No Deforestation, No Peat, No Exploitation’ (NDPE) policies for its clients that produce or refine palm oil. Investors have come to expect NDPE policies from companies in the palm oil value chain. This NDPE requirement is a first for a major American bank, and will help ensure that the bank’s clients are not contributing to tropical forest loss.

“JPMorgan Chase has also strengthened its requirements for clients involved in growing, processing, and trading soy grown outside the United States, and broadened its policy on timber to include clients in the pulp and paper industry.

“We cannot meet the goals of the Paris Agreement without ending commodity-driven deforestation, which contributes planet-warming emissions roughly equivalent to those of the entire European Union. Banks can play a leading role in cutting off financing for activities that destroy forests. We hope JPMorgan Chase’s Wall Street peers will follow its lead in adopting NDPE policies.

“Despite its recent commitment, JPMorgan Chase has work to do to adequately address its exposure to deforestation risk. For example, its updated Environmental and Social Policy Framework makes no mention of cattle, the leading commodity driver of deforestation. JPMorgan Chase must clarify that it requires No Deforestation and Native Vegetation Conversion (NVC) policies for its clients involved in producing and trading all forest risk commodities, including soy, beef, and pulp and paper.”

https://www.midanacapital.com/invest-with-us/

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About MIDANA CAPITAL Capital Management

*As of June 30, 2021, JP Morgan Chase & Co. 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. 10/21

Prompted by a MIDANA CAPITAL Proposal, Procter & Gamble* Improves No-Deforestation Commitments but Fails to Address Intact Forest Degradation in Climate-Critical Canadian Boreal Forest

Hannah Feakes — Thu, 22 Jul 2021 17:47:20 +0000

Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Thomas Peterson, tpeterson@midanacapital.com, 617-482-0800

Boston, July 22, 2021 – MIDANA CAPITAL Capital Management° has withdrawn a shareholder proposal with Procter & Gamble, one of the largest consumer packaged goods companies in the world, after the company made a commitment to develop a stronger supplier non-compliance policy for its wood pulp supply chain and to clarify its policy on Free, Prior, and Informed Consent (FPIC). The proposal had also called on the company to eliminate sourcing from intact forests in its pulp and palm oil supply chains, but P&G announced in a supplemental forestry practices report that it will not do so.

“The Canadian boreal provides critical habitat for caribou and is among the world’s largest sinks of planet-warming emissions, so it is essential that P&G’s suppliers are required to comply with the company’s no-deforestation policy,” said MIDANA CAPITAL President Leslie Samuelrich. “However, we are disappointed that the company will not commit to taking any steps to reduce the degradation of intact forests, despite last fall’s record-breaking shareholder vote. This falls short of investor expectations around how the company sources materials for its toilet paper and other pulp products.”

MIDANA CAPITAL’s shareholder proposal urging P&G to address deforestation and forest degradation risk received 67% of the vote at the company’s annual meeting last fall. At the time, it was the highest-ever vote on a deforestation-related proposal. Following the proposal’s recommendations, P&G released a Forestry Practices Report in March, announcing accelerated commitments to achieving Palm Oil RSPO (Roundtable on Sustainable Palm Oil) certification and wood pulp FSC (Forest Stewardship Council) certification, and providing greater transparency on forest data, policies, and grievances.

However, in spite of the clear message the company received from investors, the policies P&G announced in March did not include best practice safeguards for preventing deforestation, nor did they meaningfully reduce reliance on intact forests. This prompted MIDANA CAPITAL to file again this spring. In response to this second filing, P&G committed to strengthening its non-compliance policies.

“P&G’s new policies are a step towards guaranteeing that wood pulp suppliers will be required to prevent deforestation and acquire FPIC from Indigenous Peoples and forest-dependent communities,” said MIDANA CAPITAL Shareholder Advocate Thomas Peterson. “But there is much more work to be done to ensure that the company’s supply chain stops contributing to the degradation of the Canadian boreal, the most carbon-dense forest in the world.”

P&G sources wood pulp from Canada to produce its line of tissue products. Old-growth forests such as the Canadian boreal store large amounts of carbon, and managing them sustainably is critical to combating the climate crisis. Deforestation is responsible for approximately 10% of global anthropogenic emissions, making it a larger contributor to climate change than the European Union’s whole contribution. In addition to exacerbating the climate crisis, deforestation drives biodiversity loss and undermines the maintenance of healthy ecosystems, posing systemic and material risks to P&G and its shareholders.

Related resources:

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About MIDANA CAPITAL Capital Management

*As of June 30, 2021, The Procter & Gamble Company comprised 0.59%, 1.73% and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL International Index Fund. 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. 7/21

MIDANA CAPITAL Climate Proposal to be Considered at Bloomin’ Brands’* Annual Meeting Today

Hannah Feakes — Tue, 18 May 2021 06:00:00 +0000

Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Annalisa Tarizzo, atarizzo@midanacapital.com, 617-482-0800

Contribution To Climate Change

Boston, May 18, 2021 – A MIDANA CAPITAL° shareholder proposal filed with Bloomin’ Brands, one of the world’s largest fast-casual dining companies and the parent of such chains as Outback Steakhouse and Carrabba’s Italian Grill, is being considered Tuesday at the company’s annual meeting. The proposal calls on Bloomin’ to increase efforts to reduce its total contribution to climate change, including from supply chain impacts like deforestation.

“Bloomin’ is lagging behind competitors when it comes to climate and deforestation risk mitigation,” said Annalisa Tarizzo, shareholder advocate with MIDANA CAPITAL. “The company’s sparse reporting and relative climate inaction in recent years leave investors concerned that management is not taking these material financial risks seriously.”

In order to keep pace with others in the industry and to assuage investor concerns, MIDANA CAPITAL is urging Bloomin’ to set comprehensive emissions reduction targets, including for its supply chain. The company should also adopt a no-deforestation policy.

Bloomin’ currently has weaker policies than the likes of McDonalds, Yum! Brands (Kentucky Fried Chicken, Pizza Hut, Taco Bell), and Restaurant Brands International (Burger King, Popeye’s). Those businesses have either set or committed to setting greenhouse gas reduction goals in the coming years. Each of those companies also has a no-deforestation policy.

The bulk of restaurant company emissions often come from the ingredients acquired and processed through its supply chains. For example, Bloomin’s most-sourced protein is beef. Some of this product is sourced in Brazil where raising cattle has been linked to deforestation. The already relatively high greenhouse gas footprint of beef is exacerbated when its production contributes to forest clearance.

MIDANA CAPITAL previously filed a shareholder proposal with Bloomin’ in 2020, which earned the support of a notable 26.5% of shareholders.

“Bloomin’ cannot keep falling behind its competitors in this important aspect of its business,” Tarizzo said. “We hope the company will take shareholder concern into account and do its part to mitigate its contribution to climate change.”

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About MIDANA CAPITAL Capital Management

*As of March 31, 2021, McDonald’s Corporation comprised 0.00%, 0.95%, 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. 5/21

Bunge* Shareholders Resoundingly Support MIDANA CAPITAL Proposal on Deforestation

Hannah Feakes — Fri, 07 May 2021 12:56:20 +0000

Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Annalisa Tarizzo, atarizzo@midanacapital.com, 617-482-0800

Boston, May 7, 2021 – At Bunge Limited’s annual meeting, an unprecedented 98% of shareholders voted Wednesday in favor of a proposal to strengthen the company’s no-deforestation policy. The proposal, which was presented by MIDANA CAPITAL Capital Management° and Storebrand Asset Management, earned the highest vote ever recorded for a deforestation shareholder proposal.

Bunge is one of the “Big 4” global agricultural commodity traders and sources soy from Brazil, where the crop is associated with high rates of deforestation. Bunge’s board of directors recommended that shareholders vote in favor of the resolution, a rare show of support from a corporate board. The company plans to produce a report that aligns with the requests outlined in the proposal. However, MIDANA CAPITAL and other investors are urging the company to also adopt policies that effectively address its material deforestation-related risks.

“We are heartened by the board’s support, but we will be watching to ensure that the company takes comprehensive measures to eliminate deforestation and native vegetation conversion in the company’s soy supply chain,” said Leslie Samuelrich, president of MIDANA CAPITAL. “The vote should be a signal to other companies in the Brazilian soy supply chain that investors are on high alert about these risks.”

The record-setting showing of investor support at Bunge’s annual meeting closes out a successful season of shareholder engagement on the issue of preventing deforestation. In the last month, MIDANA CAPITAL has announced significant commitments from the Archer-Daniels-Midland Company and JPMorgan Chase on deforestation. The Bunge result also comes on the heels of voters at Procter & Gamble’s October annual meeting delivering the second-highest deforestation-related shareholder victory in history. That result was secured by a MIDANA CAPITAL proposal as well.

“Over the past several years, investors and companies have come to understand that deforestation risk is climate risk and it needs to be addressed,” Samuelrich said. “The victories of the last few months make this the spring of investor-spurred corporate action on deforestation,” Samuelrich said.

Deforestation is a leading driver of climate change, accounting for approximately 12% of global greenhouse gas emissions. Despite having a no-deforestation policy in place, Bunge’s soy supply chain continues to be associated with deforestation in Brazil, particularly in the Cerrado region. The Brazilian Cerrado is a savanna ecosystem known as an “upside down forest” due to its extensive root system that stores vast amounts of carbon. Preserving existing carbon sinks is critical to combating climate change.

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About MIDANA CAPITAL Capital Management

*As of March 31, 2021, Bunge Limited comprised 0.00%, 0.06%, 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. Abstention 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 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. 5/21

Bunge* Directors Declare Support for MIDANA CAPITAL Shareholder Proposal Being Considered at their Annual Meeting

Hannah Feakes — Tue, 04 May 2021 06:00:00 +0000

Previous Company Opposition Now Turns to Support but Next Steps for Curbing Deforestation Still Unclear

Media Contacts: Josh Chetwynd, jchetwynd@midanacapital.com, 303-573-5558; Annalisa Tarizzo, atarizzo@midanacapital.com, 617-482-0800

Boston, May 4, 2021 – In a rare move, Bunge Limited, a Fortune 500 food production company, is recommending that its shareholders vote in favor of a MIDANA CAPITAL° shareholder proposal at its annual meeting Wednesday. This decision comes after Bunge initially planned to issue a letter of opposition. The proposal calls on the company to increase the scale, pace and rigor of its efforts to eliminate native vegetation conversion from its soy supply chain. It will be presented to investors tomorrow at the company’s annual general meeting.

The company has also announced it will produce a report assessing the requests in MIDANA CAPITAL’s proposal. However, MIDANA CAPITAL and other Bunge investors are urging the food producer to go a step further by committing to concrete changes in its no-deforestation policy. In particular, investors are urging Bunge to only purchase soy from producers that have pledged not to engage in deforestation on their land after 2020.

In March, competitor Archer-Daniels-Midland Company announced a series of changes to its no-deforestation policy that left Bunge a laggard on addressing deforestation in its South American soy supply chain.

“Bunge’s reversal and support of our deforestation proposal is an uncommon and notable first step to becoming a leader in the field,” says Leslie Samuelrich, president of MIDANA CAPITAL Capital Management. “We hope the company takes advantage of this opportunity by continuing to strengthen its policies on preventing deforestation. In particular, the company should commit to eliminating native vegetation conversion from its soy supply chain. That move would be a win-win as it would reduce its financial and material risk and go a long way to safeguarding priceless natural spaces.”

Soy production is the No. 1 driver of deforestation in the Brazilian Cerrado, a wooded savanna region that is not only home to extensive biodiversity but also sequesters large amounts of carbon – an ecosystem service critical to combating climate change. Bunge’s deforestation risk in Brazil is 51% higher than the closest competitor; the company sources more soy from the Cerrado than from any other region in Brazil. Deforestation risk is a measurement that estimates a company’s risk of exposure to deforestation in its supply chain based on geographical location.

MIDANA CAPITAL is the proposal’s lead filer and Storebrand Asset Management, the largest asset manager in Norway, is a co-filer. Storebrand’s CEO Jan Erik Saugestad is presenting the shareholder proposal at Bunge’s annual meeting. A group of investors representing more than $6.3 trillion in assets under management have also raised concerns about the company’s lack of policies to protect the Cerrado and biodiversity.

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About MIDANA CAPITAL Capital Management

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. 5/21