Media Contacts: Josh Chetwynd, jchetwynd@greencentury.com, 303-573-5558; Annalisa Tarizzo, atarizzo@greencentury.com, 781-349-2789
Boston, March 24, 2022 – Green Century° has withdrawn a shareholder proposal with Newell Brands, maker of such popular consumer products as Rubbermaid storage containers, Sharpie markers and Coleman outdoor gear. This came after the company committed to reducing the impact of its plastic packaging use.
In the withdrawal agreement it signed with Green Century, Newell committed to setting a goal to achieve at least 20% non-virgin plastic packaging for the manufactured goods portion of its product portfolio.
The company will also begin an assessment of the packaging materials used across the sourced finished goods portion of its product portfolio so that it can expand its focus on sustainable packaging to more of its products. Newell intends to eliminate unnecessary packaging components and transition away from plastics where possible.
“Plastic packaging can pose material risks to companies, so we are pleased to see Newell take this step toward reducing the impact of its plastic use,” said Annalisa Tarizzo, shareholder advocate with Green Century. “We encourage the company to take its efforts a step farther in the future by setting a measurable goal for absolute plastic reduction.”
This effort was recently announced in Newell’s 2021 Corporate Citizenship Report. Manufactured goods refers to products made by Newell, while sourced finished goods are produced by third-party manufacturers.
Around 11 million metric tons of plastic pollute the ocean every year, and if plastic production is not significantly curtailed, annual pollution could reach 29 million metric tons by 2040. Polluted plastics kill more than 1 million marine animals every year and may be inhibiting the ocean’s ability to sequester carbon, an ecosystem service critical to meeting the world’s climate goals.
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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, Newell Brands 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. 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.
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