Press Release Contact: Kyle W. Kempf, Green Century Capital Management, firstname.lastname@example.org, (617) 482-0800
Boston, November 11, 2020 – The Green Century° has withdrawn a shareholder resolution with Costco Wholesale Corporation, the second largest retailer in the world, after the company published both a Forest Conservation Commitment and a Climate Action Plan.
“It is encouraging that Costco was so responsive to our concerns about its sustainability and public disclosure,” said Green Century Funds President Leslie Samuelrich. “These commitments represent real progress and I hope they’re a sign of things to come.”
The resolution originally filed with Costco asked the company to assess how it could increase the “scale, pace, and rigor” of its efforts to eliminate deforestation and forest degradation in its supply chain and set a greenhouse gas reduction target for its supply chain emissions.
“While these public commitments on deforestation and climate are notable, we hope Costco will continue to take steps to address outstanding issues regarding the sustainability of its supply chain,” said Green Century Shareholder Advocate Jessye Waxman. “We encourage Costco to commit to reducing its supply chain emissions, as other leading retailers have done, and to joining collaborative engagements to push its suppliers to address deforestation throughout their entire operations.”
Production of commodities, including soy, beef, palm oil, cocoa, and wood-based products, are leading drivers of deforestation globally. Deforestation is responsible for approximately 10% of global anthropogenic emissions, making it a larger contributor to climate change than the European Union. In addition to exacerbating the climate crisis, deforestation drives biodiversity loss, undermines the maintenance of healthy ecosystems, and plays an active role in the spread of infectious diseases.
The Green Century Funds was lead on the engagement and the resolution filed with Costco. The resolution was co-filed by Zevin Asset Management and the Franciscan Sisters of Perpetual Adoration.
About Green Century Capital Management
°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are the first family 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.
*As of September 30, 2020, Costco Wholesale Corporation comprised 1.17%, 0.00%, and 0.00% of the Green Century Balanced Fund, the Green Century Equity Fund, and the Green Century International Index Fund respectively. As of the same date, other securities mentioned were not held in the portfolios of any of the Green Century 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.
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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. 11/20