Media Contacts: Josh Chetwynd, firstname.lastname@example.org, 303-573-5558; Annalisa Tarizzo, email@example.com, 617-482-0800
Boston, May 20, 2021 – A resounding 76% of shareholders supported a proposal presented by Green Century Capital Management° at Bloomin’ Brands’ annual meeting on Tuesday. The proposal urged the company to reduce its contribution to climate change, including greenhouse gas emissions from its supply chain. Bloomin’ Brands, the parent company of Outback Steakhouse and Carrabba’s Italian Grill, operates more than 1,450 restaurants worldwide.
The shareholder proposal earned a significant increase in support compared to the deforestation-related proposal Green Century filed with Bloomin’ in 2020, which received 26.5% of the vote.
Green Century Shareholder Advocate Annalisa Tarizzo issued the following statement:
“This jump in support from 26.5% in 2020 to 76% in 2021 reflects that investors recognize that deforestation risk is climate risk. We applaud Bloomin’ shareholders for recognizing that in order to mitigate material risk and protect shareholder value, these issues must be addressed.
“As a company reliant on agricultural commodities, Bloomin’ must prepare for the impacts climate change may have on its supply chain. Robust greenhouse gas reduction targets and no-deforestation policies are becoming the industry standard, and, with this clear shareholder mandate, we urge Bloomin’ to now take swift action to catch up to its peers by adopting these key policies.
“We have never seen a shareholder season like this one to address climate and deforestation risks, with unprecedented votes at Bunge Limited and Procter & Gamble. Investors are demonstrating a new understanding that reducing greenhouse gas emissions and protecting the world’s tropical forests, from Indonesia to the unique savannahs in Brazil, are not only important for the planet, but also their portfolios.”
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 March 31, 2021, Bloomin’ Brands, Inc. 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.
The percentage in favor was calculated by (i) dividing the number of votes in support of the proposal by (ii) the sum of the number of votes voted in support of and against the proposal. Abstentions and broker non-votes were not included in the calculation.
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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. 5/21