Andrea Ranger, Shareholder Advocate, firstname.lastname@example.org, 781-349-2813
Mark Morgenstein, Media Relations Director, email@example.com, 678-427-1671
Boston, February 9, 2023 — Amazon.com Inc. released its Q4 2022 results on Thursday. The leading online retailer has begun Q1 of 2023 by sending a letter to the Securities and Exchange Commission (SEC) on January 20 arguing that a shareholder proposal put forward by Green Century° and Amalgamated Bank should be blocked from the company’s 2023 proxy ballot. The proposal requests that Amazon measure and disclose all of its scope 3 greenhouse gas emissions, including emissions related to its physical stores and e-commerce operations. In its 16-page letter, Amazon writes to the SEC that the “Proposal seeks to micromanage the Company” and improperly restricts its ability to choose which scope 3 emissions to report.
“Amazon has an obligation to ensure that investors and potential investors know its material risks so they can make prudent decisions. Disclosure is at the heart of this process,” said Green Century Funds President Leslie Samuelrich. “Our proposal simply asks Amazon to do what Walmart and Target are already doing — using well-established standards to report indirect emissions associated with running their businesses. We’re disappointed that Amazon is choosing to resist sharing this data, forcing investors to take this to the ballot box.”
“Investors want more transparency into what Amazon is including in its carbon footprint and why, dollar-for-dollar, Walmart and Target report more emissions than Amazon — by a long shot,” said Green Century Shareholder Advocate Andrea Ranger. “Amazon launched its “Climate Pledge” four years ago and invited other companies to commit to achieving net-zero emissions by 2040. On the one hand, Amazon has been a climate leader, but on the other, its refusal to disclose its full carbon footprint, means its pledges could just be greenwashing.”
Although Amazon has not announced a date yet for its 2023 annual general meeting of shareholders, history suggests it will be held near the end of May.
About The Green Century Funds
°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are one of the first families of fossil fuel free mutual funds in the United States. Green Century 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.
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.greencentury.com, email firstname.lastname@example.org, or call 1-800-934-7336. 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. 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.
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 Green Century Funds are distributed by UMB Distribution Services, LLC. 235 W Galena Street, Milwaukee, WI 53212. 2/23