A ‘chain reaction’ of corporate victories
Winning social change means leaving no stone unturned
In January, 69.9% of Costco* shareholders voted in favor of a Green Century° proposal calling on the retail giant to set science-based targets for reducing greenhouse gas emissions.
Green Century’s proposal sought targets to achieve net zero emissions by 2050 or sooner, not just for Costco’s operations but also covering the entirety of the corporate giant’s supply chain, making this proposal the first of its kind. Despite the Costco board’s recommendation to oppose our proposal, a large majority of shareholders voted for climate action, sending a message to leaders of publicly held companies everywhere.
This victory is among the latest won by direct corporate campaigning. It follows on the heels of PIRG and Green Century’s campaigns to convince Apple* to make repair accessible for customers. It precedes Green Century’s latest success, winning majority support from Jack in the Box* shareholders for a proposal urging the West Coast fast food chain to improve its sustainable packaging efforts — the first-ever proposal concerning wasteful packaging to win majority shareholder support.
And it augments Environment America, PIRG and our allies’ work to expand the climate movement and convince elected leaders to act — including through new campaigns to protect America’s oldest trees, transition from gas to electric stoves, and more.
Of course, corporate campaign wins are no substitute for legislative action. Corporate policy change lacks the staying power of laws, the creation of which requires building broad and durable majorities to win legislation and sustain it over time.
But winning social change means leaving no stone unturned. Many people choose to exercise their power as consumers or investors, in addition to their role as citizens within the democratic process.
And once we help bring change to the marketplace, politics can change too. Take our work to stop the overuse of antibiotics on animals in factory farms — a practice tied to antibiotic-resistant illness that claims 162,000 American lives each year, according to a Washington University School of Medicine study.
Thanks in large part to PIRG’s work convincing McDonald’s*, Subway*, KFC*, Wendy’s* and more fast food companies to adopt antibiotic practices in their supply chains, nearly all U.S. broiler chickens in 2020 were raised under programs that don’t use medically important antibiotics, according to an industry estimate.
Our state PIRGs in California and Maryland, a factory farm stronghold, then leveraged this momentum to help win statewide bans on overusing antibiotics in animal agriculture.
It’s our aim to replicate this sort of success far and wide, creating “chain reactions” of corporate victories that lead to government action on climate, where we sorely need it, and on other pressing problems.
And while McDonald’s has yet to meet its commitment on factory farming issues, Green Century’s president Leslie Samuelrich has been nominated for a seat on the company’s board of directors to improve the company’s follow-through on commitments to its stakeholders.
Congratulations to the Green Century team and our allies for their latest progress on climate and waste.
The Public Interest Network is not a registered investment adviser. The Public Interest Network is not providing any investment advice to any recipient of this communication.
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, 2021, Costco Wholesale Corporation comprised 1.36%, 0.00% and 0.00%; Apple Inc. comprised 5.56%, 0.00%, and 0.00%; Jack in the Box, Inc. comprised 0.00%, 0.01%, and 0.00%; and McDonald’s Corporation comprised 0.00%, 0.92%, 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.
You should carefully consider the Fund’s 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.
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.
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.
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. 3/22
Copyright © 2022 The Public Interest Network, All rights reserved.
