Press Release Contact: Kyle W. Kempf, Green Century Capital Management, email@example.com, (617) 482-0800
Boston, May 28, 2020 – A Green Century shareholder proposal with Bloomin’ Brands Inc. (Bloomin’) is being considered at its annual meeting tomorrow. The resolution calls on the company to mitigate its greenhouse gas emissions and adopt a no-deforestation policy.
With more than 1,450 restaurants worldwide, Bloomin’, parent company to restaurants including Outback Steakhouse, Carrabba’s Italian Grill, and Bonefish Grill, is one of the world’s largest casual dining companies.
“Bloomin’s efforts on supply chain sustainability, particularly in regard to ending deforestation, lag well behind its peers. This relative inaction poses material risks to the company,” said Green Century Shareholder Advocate Jessye Waxman. “Investors need assurance that corporations are taking steps to mitigate and prepare for climate change and Bloomin’s disclosures provide insufficient clarity into its practices.”
While competitors in the quick service industry, such as McDonalds* and Yum! Brands,* have demonstrably diminished their exposure to deforestation, Bloomin’ has failed to keep pace. This inaction places the company at a competitive disadvantage in terms of the long-term stability of its supply chain and its ability to cater to consumer preferences for sustainable products.
Beef, which represents the majority of Bloomin’s purchased proteins and its overall global commodity procurement, is particularly linked to deforestation. The rearing of cattle and the production of soy, which is predominantly used as feedstock for livestock and farmed fish, are leading drivers of tropical deforestation.
Deforestation, responsible for approximately 10% of global anthropogenic greenhouse-gas emissions, is a larger contributor to climate change than the European Union. In addition to exacerbating the climate crisis, deforestation poses risks to biodiversity and the maintenance of healthy ecosystems.
About Green Century Capital Management
Green Century Capital Management is the investment advisor to the Green Century 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 March 31, 2019, McDonald’s Corporation comprised 0.00%, 1.10%, and 0.00% of the Green Century Balanced Fund, the Green Century Equity Fund, and the Green Century 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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