Media Contacts:
Douglass Guernsey, Shareholder Advocate, dguernsey@greencentury.com 617-482-0800
Pam Podger, Communications Director, ppodger@greencentury.com, 860-822-3887
Boston, April 25, 2023 – A notable 43% of restaurant company Bloomin’ Brands* shareholders voted in favor of Green Century Capital Management’s° shareholder proposal urging the company to set greenhouse gas reduction targets encompassing its supply chain emissions. Green Century had previously secured a majority vote on an emissions disclosure proposal at the restaurant parent company in 2021, but filed again due to what it viewed as insufficient progress.
“This is the third shareholder resolution we’ve filed with Bloomin’ Brands in four years,” said Leslie Samuelrich, President of Green Century Capital Management. “It is past time for the company to start taking investors’ climate concerns seriously. Climate change will affect every business, and this is especially true for food service companies like Bloomin’ that rely heavily on agricultural products.”
Supply Chain Emissions a Concern
Bloomin’ Brands is the parent company of Outback Steakhouse and Carrabba’s Italian Grill, among others, and operates more than 1,450 restaurants worldwide. Bloomin’s supply chain emissions, like that of other restaurant chains, likely represent over 90% of its overall emissions. Beef, which accounts for the majority of Bloomin’s purchased proteins, is one of the most potent contributors to climate change globally and is responsible for 41% of tropical deforestation.
“Shareholders sent a clear message in 2021 that Bloomin’ Brands must address supply chain emissions, but we’re still waiting,” said Douglass Guernsey, Shareholder Advocate at Green Century Capital Management. “We look forward to seeing the company act on the strong shareholder support for this year’s proposal to set greenhouse gas reduction targets for its full supply chain.”
Climate change is directly driven by deforestation, which contributes nearly 12% of human caused greenhouse gas emissions. Companies like Bloomin’ source beef, palm oil, soy and paper and pulp from locations with high risks of deforestation, like Brazil, where land clearance for cattle in particular is the primary driver of deforestation.
“Bloomin’ Brands can tackle two issues for the price of one by eliminating deforestation in its supply chain,” added Guernsey. “But the company must also set supply chain emissions reduction targets to start confronting these critical climate and deforestation risks.”
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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 a family of fossil fuel-free, environmentally responsible mutual funds. 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 31st, 2023, 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.
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. 4/23.