May 16, 2019
SumOfUs is encouraged that 1 out of 3 shareholders voted for the company to commit to a no deforestation policy
SumOfUs, an international consumer advocacy group, expresses its praise that 1 out of 3 shareholders voted for YUM! Brands to stop lagging behind its competitors and fully commit to a cross-commodity no deforestation policy. Supported by Institutional Shareholder Services (ISS), SumOfUs’ proposal gathered 33% of the votes despite the company advising against it, signaling that some YUM! Brands shareholders have a strong commitment to mitigating deforestation risks in the company’s supply chains.
YUM! Brands is the world’s largest fast food company and is the owner of notable chains such as Pizza Hut, KFC, and Taco Bell.
According to the 2018 report of the Intergovernmental Panel on Climate Change (IPCC), restoring landscapes and forests is one of the best, most cost-effective options available to combat impacts of climate change. YUM! Brands continues to break its promise to investors and consumers to have 100% of its palm oil sustainable sourced. SumOfUs’ shareholder proposal called for greater transparency on its supply chain impacts on deforestation. The fast food giant’s continued refusal to adopt such a policy means that rainforests will continue to be destroyed for the palm oil, beef, soy and paper it uses to feed millions every day.
In response to today’s vote Fatah Sadaoui, Campaign Manager at SumOfUs, released the following statement:
“1 in 3 YUM! Brands shareholders voted for more transparency towards reducing deforestation in YUM!’s supply chain just a few days after an alarming United Nation’s report revealed that 1 million species are on the verge of extinction. This vote also comes on the eve of Endangered Species Day, serving as a reminder that unless we take meaningful action today, endangered animals such as orangutans and pygmy elephants will be wiped off the Earth. YUM! Brands reckless sourcing not only threatens biodiversity it is also fueling climate chaos.”
“By choosing inaction and greenwashing, YUM! Brands contributes to one the worst catastrophes our planet faces. Palm oil, soy, beef, and timber are the lead drivers of deforestation globally, which accounts for 10% of heat-trapping emissions. Unless YUM! Brands catches up with its industry peers and takes meaningful action today to tackle deforestation in its supply chain, deforestation will be all over its restaurants’ menus.”
SumOfUs.org is a global movement of consumers, investors, and workers all around the world, standing together to hold corporations accountable for their actions and forge a new, sustainable and just path for our global economy.