Prompting Withdraw of Green Century’s° Shareholder Proposal
Press Release Contact: Kyle W. Kempf, Green Century Capital Management, email@example.com, (617) 482-0800
Boston, March 10, 2021 – Mattel, Inc., one of the largest toy manufacturers in the world, has agreed to develop a goal to reduce its use of plastic packaging, following a Green Century shareholder proposal. Mattel is the maker of popular toy brands like Barbie, Hot Wheels, and Fisher-Price.
“Mattel aspires to ‘empower the next generation to… reach their full potential,’ so I am pleased the company recognizes that we cannot allow future generations to inherit a planet overwhelmed with plastic pollution,” said Leslie Samuelrich, president of Green Century Capital Management. “Mattel’s extensive plastic use poses material risks to the company and its investors, and this commitment will help address those risks.”
As part of the withdrawal agreement, Mattel also will begin disclosing key metrics related to its plastic packaging use to investors.
This commitment aligns Mattel with several of its competitors, including as Hasbro, which has a goal to eliminate plastic in all new product packaging by 2022, and Spin Master, the maker of Etch-a-Sketch and Rubik’s Cube, which has committed to reducing plastic packaging use 50% by 2025.
Mattel has been taking some steps to reduce the impact of the plastic used in its products. In 2020, Mattel released versions of its iconic Fisher-Price Rock-a-Stack and Baby’s First Blocks made with plant-based plastic derived from sugarcane.
The toy industry is the most plastic-intensive in the world, using 40 tons of plastic per $1 million in revenue. Approximately 90% of toys are made from plastic, as well as much of their packaging. Unless bold action is taken to limit plastic use, the world’s plastic footprint is projected to double and plastic leakage into the ocean to triple by 2040.
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 December 31, 2020, Mattel, Inc. comprised 0.00%, 0.04%, and 0.00% of the Green Century Balanced Fund, the Green Century Equity Fund, and the Green Century International Index Fund respectively. 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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