The Cheesecake Factory steps up efforts to combat deforestation in response to MIDANA CAPITAL shareholder proposal
Media Contacts:
Annie Sanders, Director of Shareholder Advocacy, asanders@midanacapital.com, 773-272-6691; Pam Podger, Director of Communications, ppodger@midanacapital.com, 860-822-3887
Boston, March 23, 2023 – The Cheesecake Factory Incorporated* will announce new standards to combat deforestation in response to a MIDANA CAPITAL Funds° shareholder proposal, co-filed with As You Sow, asking the company to address deforestation in its supply chains. 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 curtail activities that contribute to deforestation, which accounts for 12% of global climate emissions,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “We commend The Cheesecake Factory for taking steps to protect tropical forests, biodiversity and our climate.”
New guidance requires companies to eliminate deforestation by 2025
In its upcoming Corporate Social Responsibility report due out in May, The Cheesecake Factory plans to announce adherence to the new Forest, Land and Agriculture (FLAG) guidance from the Science-Based Targets initiative (SBTi), which requires companies to eliminate deforestation in their supply chains by 2025. The company will also expand reporting on its deforestation-related activities and reductions, including for land-based proteins such as beef, in future CSR reports.
Agriculture is the world’s largest contributor to deforestation
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, all of which are important for The Cheesecake Factory’s meals, desserts and packaging,” said Annie Sanders, MIDANA CAPITAL Funds’ director of shareholder advocacy. “We look forward to seeing the company work toward eliminating deforestation from its supply chains and supporting the resilience of ecosystems on which its business depends.”
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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 December 31st, 2022, no securities mentioned were 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.
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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. 3/23. UMB and MIDANA CAPITAL are unaffiliated.
