Media Contacts:
Andrew Shalit, Shareholder Advocate, ashalit@greencentury.com, 617-747-4439
Pam Podger, Communications Director, ppodger@greencentury.com, 802-299-9495
Boston, May 2, 2024 – Green Century Capital Management° presented its proposal for biodiversity and nature reporting at PepsiCo’s annual general meeting on May 1. In response, approximately 18% of company shareholders voted in favor, bucking a strong push by PepsiCo management against the initiative.
“We’re gratified that a significant number of PepsiCo shareholders stood up for nature,” said Leslie Samuelrich, president of Green Century. “PepsiCo relies on nature for all the products it sells. We hope they hear this clear message from shareholders: the company should account for its reliance on nature, it should disclose its impacts, and it should reduce those impacts wherever possible.”
Strong support leading into the meeting
Ahead of the vote, several large investment groups voiced their support for the proposal, including Norges Bank Investment Management, Allianz Global Investors, and Storebrand Asset Management. The proposal reflects an increased understanding by investors that biodiversity and nature must be considered when evaluating company performance.
“We used to take nature for granted, but we don’t have that luxury anymore,” said Andrew Shalit, shareholder advocate at Green Century. “Companies have to ensure their operations have a positive impact on nature. Investors need comprehensive biodiversity reporting through accepted frameworks to have confidence in a company’s behavior.”
Yesterday’s vote was the first time a proposal requesting a comprehensive biodiversity report has been voted on by shareholders of a publicly traded company. Shareholder votes are advisory, and a vote at this level will help ensure the issue stays on the company agenda.
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About Green Century
°Green Century Capital Management, Inc. (Green Century) is the investment advisor to the Green Century Funds (The Funds). The Green Century Funds are one of the first families of fossil fuel-free, environmentally responsible mutual funds. Green Century 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 03.31.2024, PepsiCo comprised 0.00%, 1.02%, 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.
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. UMB Distribution Services, LLC is not an affiliate of Green Century or any of its affiliates. May 2024.