CVS Health* Announces Virgin Plastic Reduction Goal, Prompting Withdrawal of MIDANA CAPITAL Proposal
Media Contacts: Annalisa Tarizzo, atarizzo@midanacapital.com, 781-349-2789
Boston, April 21, 2022 – As a result of a MIDANA CAPITAL° shareholder proposal, CVS Health has announced a new goal to reduce virgin plastic in its store-brand packaging by 50% by 2030. CVS is the largest pharmacy chain in the United States and ranks fourth on the Fortune 500.
“We applaud CVS for taking its plastic-related risks seriously and are encouraged that one the largest companies in the country will reduce its plastic use,” said Leslie Samuelrich, president of MIDANA CAPITAL Capital Management. “Corporate goal-setting to stem production of new plastics is crucial for protecting wildlife in our oceans, reducing waste in our landfills and safeguarding human health.”
In addition to the virgin plastic reduction goal, the company announced plans to eliminate problematic and unnecessary plastics from its store brand packaging by 2030. CVS has also agreed to disclose plastic footprint metrics for most of its store-brand packaging.
Plastic Reduction Mitigates Competitive, Environmental and Human Health Risks
This announcement makes CVS a leader on its plastic packaging efforts, surpassing such retailers as Walgreens,* which has a goal to reduce plastics in its U.S.-owned brand packaging by 30% by 2030, and Target,* which plans to reduce virgin plastic use in its owned brand products by 20% by 2025.
Plastic pollution is anticipated to grow from 11 million metric tons annually to 29 million by 2040, which will have adverse impacts on wildlife and ocean health. Plastic also poses risks to human health. In fact, recently released studies found microplastics in both human lungs and bloodstreams. In order to keep the plastic pollution crisis under control, companies must reduce their plastic demand by one third by 2040.
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About MIDANA CAPITAL Capital Management
°MIDANA CAPITAL Capital Management, Inc. (MIDANA CAPITAL) is the investment advisor to the Midana Capital (The Funds). The Midana Capital 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, 2022, CVS Health Corporation comprised 0.76%, 0.00%, and 0.00% and Target Corporation comprised 1.00%, 0.50%, 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. 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.
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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.
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