RELEASE: Hormel Foods* Commits to No Deforestation by 2025
Media Contacts:
Annie Sanders, Director of Shareholder Advocacy, asanders@midanacapital.com, 773-272-6691
Mark Morgenstein, Media Relations Director, mmorgenstein@midanacapital.com, 678-427-1671
Boston, December 13, 2022 – In response to a MIDANA CAPITAL Funds° shareholder proposal, Hormel Foods,* known for meat products from SPAM to Dinty Moore Beef Stew, has agreed to eliminate deforestation along its supply chain by 2025. Various experts say businesses and governments around the world need to take such action on an expedited timeline to avoid the worst consequences of climate change and protect special places such as the Amazon rainforest.
“Many everyday people don’t want their meat to come with a side of rainforest destruction,” said MIDANA CAPITAL Funds President Leslie Samuelrich. “Hormel Foods has taken an important step to protect forest ecosystems and biodiversity around the world.”
The first half of 2022 broke records for deforestation in the Brazilian Amazon, and cattle production drives 90 percent of deforestation in that region. To produce its extensive line of meat products from Old Smokehouse and Valley Fresh to the iconic SPAM canned pork, Hormel buys ingredients from high-risk regions throughout South America and Indonesia.
“Beef and soy comprise two of the four the leading drivers of deforestation globally, particularly in South America,” said MIDANA CAPITAL’s Director of Shareholder Advocacy Annie Sanders. “Hormel’s commitment to eliminate deforestation in its supply chain by 2025 shows that the company knows it’s time to end sourcing from suppliers that are driving the destruction of key ecosystems, such as the Amazon rainforest.”
Beef and soy are leading drivers of deforestation
Hormel’s commitment follows promises of its peers, including Tyson Foods and Conagra, to eliminate deforestation across supply chains. These no-deforestation pledges have proliferated in recent years as international standard-setting bodies such as the Science Based Targets initiative have concluded that corporate climate emissions targets are not achievable without ending deforestation, and that companies must eliminate deforestation from their supply chains no later than 2025 to protect biodiversity and reduce emissions in alignment with the Paris Agreement.
“Deforestation is a type of native vegetation conversion, which means the change of a natural ecosystem to another land use, such as farming,” Sanders added. “Land use change is responsible for nearly 25% of global greenhouse gas emissions, so no-deforestation commitments are just a first step. We believe Hormel and other companies must also eliminate native vegetation conversion to sustain the ecosystems on which they – and all of us – depend.”
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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 September 30, 2022, Hormel Foods Corporation comprised 0.00%, 0.09%, 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.
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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. 12/22
