Green Century Shareholder Proposal on Climate Goes to a Vote at U-Haul Parent, AMERCO*
Media Contacts: Andrea Ranger, aranger@greencentury.com, 781-349-2813; Mark Morgenstein, mmorgenstein@greencentury.com, 678-427-1671
Boston, August 11, 2022 – Green Century° has filed a shareholder proposal asking U-Haul’s parent company AMERCO to adopt science-based greenhouse gas reduction targets in line with the Paris Agreement goal to stave off the worst impacts of climate change. The proposal goes to a vote at the company’s annual general meeting, which will be held in Phoenix at 9:00 a.m. PT on Aug. 18.
AMERCO owns and rents a sizable fleet of more than 176,000 light- and medium-duty vehicles. Despite the fact that the transportation sector is the largest source of greenhouse gasses in the United States, the company has yet to do its part by setting greenhouse gas reduction targets or starting to transition its fleet to zero emission vehicles.
Green Century Shareholder Advocate Andrea Ranger commented, “It’s remarkable that a company of AMERCO’s size and resources has yet to claim responsibility for the greenhouse gasses emitted by its rental trucks and vans. It should join the ranks of the more than 3,500 companies that have set or committed to set science-based targets inclusive of both their direct and indirect emissions.”
AMERCO peers continue to measure and eliminate their greenhouse gas emissions. For example, Ryder and Public Storage publish their greenhouse gas emission metrics and reduction targets, and Ryder has set ambitious goals to reduce its Scope 1 emissions (i.e. direct emissions) by 10%, Scope 2 emissions (i.e. emissions from purchased energy such as electricity) by 30%, and Scope 3 (e.g. emissions from its leased trucks) by 15% by 2024. Additionally, Ryder has launched a pilot program for renting and leasing electric-powered vans.
AMERCO’s Lack of Focus on Climate May Risk Alienating Millennial and Gen Z Customers
“Gen Z and millennials are demanding clean, green products and services,” stated Ranger. “AMERCO needs to make sure that its iconic U-Haul brand moving trucks, beloved by itinerant college students and 20-somethings making their way in the world, don’t get stigmatized as irresponsible sources of global warming emissions. AMERCO should take advantage of this opportunity.”
Green Century President Leslie Samuelrich added, “We’re concerned that corporations are not doing enough to address the threat of climate change. In this instance, AMERCO’s well-regarded U-Haul brand may be vulnerable if it doesn’t make a speedy course correction and embrace a future of zero emission vehicles and buildings that run on 100% renewable energy. Without change, AMERCO customers, young or old, may just find another route to take for their moving and storage needs.”
###
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, responsible, and diversified 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 June 30, 2022, AMERCO comprised 0.00%, 0.03%, and 0.00%; Ryder System, Inc. comprised 0.00%, 0.02%, and 0.00%, and Public Storage comprised 0.00%, 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.
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 www.greencentury.com, email info@greencentury.com, 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. 8/2022
