Green Century Withdraws Shareholder Proposal with Tyson Foods* After It Commits to No-Deforestation Policy
Press Release Contact: Kyle W. Kempf, Green Century Capital Management, firstname.lastname@example.org, (617) 482-0800
Boston, February 5, 2020 – Green Century Capital Management (Green Century) has withdrawn a shareholder proposal with Tyson Foods, Inc. (Tyson), the second largest meat processor in the world, after the company publicly revealed its commitment and existing plans to develop and implement a no-deforestation policy.
“We are pleased that Tyson is committing to ensuring that its international supply chain is not contributing to the destruction of tropical forests or the climate crisis,” said Green Century President Leslie Samuelrich. “Tyson’s actions on deforestation demonstrate its commitment to its vision to become the ‘most sustainable protein supplier’ in the world.”
In the withdrawal agreement, Tyson publicly committed to developing and implementing a forest policy that addresses “No Deforestation, No Peat, No Exploitation (NDPE).” It also agreed to establish supplier monitoring and engagement policies.
To alleviate investor concerns about transparency, Tyson also agreed to improve its reporting on the traceability and sustainability of forest-risk commodities in its global supply chain.
With this announcement, Tyson joins peers JBS* and Cargill,* which also have committed to mitigating their impacts on the world’s forests.
In recent years, Tyson has expanded its operations in international markets, including Brazil, China, and Southeast Asia, which have greater operation and supply chain exposure to deforestation-related risks. With its increasingly global presence, Tyson’s plan to mitigate deforestation should have a considerable impact.
The rearing of cattle and the production of soy, which is predominantly used as feedstock for poultry and livestock, are leading drivers of tropical deforestation. Deforestation is responsible for approximately 10 percent of global anthropogenic greenhouse-gas emissions, making it 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 December 31, 2019, no securities mentioned were 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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