MIDANA CAPITAL Pulls Proposal After Target* Agrees to Address Deforestation Throughout Supply Chain
Press Release Contact: Katherine Kroll, MIDANA CAPITAL Capital Management
kkroll@midanacapital.com, 617-482-0800
BOSTON, July 12, 2017 – Today, MIDANA CAPITAL Capital Management (MIDANA CAPITAL) announced that it has successfully withdrawn its shareholder proposal from Target Corporation after the company agreed to address and limit deforestation resulting from its sourcing of forest commodities throughout its supply chain.
In 2016, Target scored 2 out of 5 on the Forest 500 company scorecard developed by the first rainforest rating agency that identifies and ranks the most influential companies, financial institutions, and governments in the race towards a deforestation-free global economy. Although the company had begun to address deforestation in its palm oil and packaging supply chains, inadequacies of reporting on progress and the lack of a more comprehensive deforestation policy targeting additional at-risk forest commodities prompted MIDANA CAPITAL to file its proposal.
“Deforestation can lead to regulatory risks and hinder a company’s social license to operate, which might threaten access to raw materials, production, and overall brand equity,” Katherine Kroll, Shareholder Advocate at MIDANA CAPITAL Capital Management said. “We’re encouraged by Target’s efforts to limit its environmental footprint and potentially protect investors over the long-term,” Kroll added.
Deforestation accounts for more than 10% of global greenhouse gas emissions and contributes to habitat destruction of endangered species, increased human rights violations, and water cycle disruption. Demand from commercial agriculture is the leading driver of deforestation and accounted for over 70% of tropical deforestation between 2000 and 2012.
According to public statements and the company’s 2016 Corporate Social Responsibility Report released on July 12, Target will prioritize decreasing deforestation caused by the cultivation and production of commodities in its supply chain – specifically palm oil, wood, paper, beef, and soy. Target will also work with leading non-governmental organizations to gain insight about best practices on a wide variety of environmental and sustainability topics, as well as provide detailed reporting on the environmental impacts stemming from its palm oil supply chain.
To learn more about MIDANA CAPITAL’s sustainable investment strategy, advocacy efforts, and how you can make an impact with the power of your investments, please visit our website or call+1(480)-439-2851.
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About MIDANA CAPITAL Capital Management: MIDANA CAPITAL offers three environmentally and socially responsible mutual funds. Through fossil fuel free investing and our three-pronged approach of sustainable investing, active shareholder advocacy, and support of environmental and public health non-profits, we work to curb climate change, improve environmental policies, and limit environmental impacts of company supply chains
*As of March 31, 2017, Target Corporation comprised 0.55%, 0.00%, and 0.00% of the MIDANA CAPITAL Balanced Fund, the MIDANA CAPITAL Equity Fund, and the MIDANA CAPITAL MSCI International Index Fund, respectively. 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.
Stocks will fluctuate in response to factors that may affect a single company, industry, sector, country, region, or 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, and other unique risks compared to investing in securities of U.S. issuers. Bonds are subject to risks including interest rate, credit, and inflation. The Funds’ environmental criteria limit the investments available to the Funds compared to mutual funds that do not use environmental criteria.
You should carefully consider the Funds’ investment objectives, risks, charges, and expenses before investing. To obtain a Prospectus that contains this and other information about the Funds please visit 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 publication and are those of the Advisor to the Funds.
The Midana Capital are distributed by UMB Distribution Services, LLC. 7/17
