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BLOOMIN' BRANDS, INC.

(BLMN)
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A majority vote on strong deforestation and climate policy at Bloomin' Brands continues the rush of success for climate proposals in 2021 proxy season

05/20/2021 | 04:36am EDT

https://www.ceres.org

In a major shift, more than three-quarters of Bloomin' Brands shareholders voted in support of a resolution urging the company to set comprehensive emissions reduction targets, including for its supply chain, and adopt a no-deforestation policy. The 76% majority vote represented a major shift from just a year ago, when only 26.5% of shareholders voted for a similar proposal. It follows on the heels of majority votes in support of stronger deforestation policy at Bunge Ltd. and Procter & Gamble and is part of a broader trend as shareholders across industries continue to support climate proposals in this year's proxy season in record numbers.

"Investors have woken up to the fact that deforestation risk is climate risk and have spoken." said Leslie Samuelrich, President of Green Century Capital Management. "The majority votes at Bunge Limited, Procter & Gamble and now Bloomin' demonstrate that protecting the tropical rainforests of Indonesia and the forests and savannahs of Brazil are not just the concerns of a smaller group of investors, but have caught the attention of the major asset managers in the U.S. It's time for Bloomin' to take the investor's concerns about material and financial risks more seriously and adopt a zero-deforestation policy that may protect its shareholder and the company."

"This is an enormously important vote that represents a big shift in support for deforestation action," said Julie Nash, Ph.D, director of food and forests at the sustainability nonprofit Ceres. "The large jump from 26.5% in 2020 to 76% in 2021 reflects the growing recognition by investors that deforestation risk is climate risk."

The vote reflects a growing desire from investors that companies account for all of their life-cycle emissions. Although a large portion of total company emissions are Scope 3, many top food and beverage companies in the U.S. do not publicly disclose them.

"This is a stark warning from investors. The majority votes at Bunge Limited, Procter & Gamble and now Bloomin' demonstrate that disclosing emissions and protecting the tropical forests have caught the attention of the major asset managers in the U.S. More investors are expecting companies not only to make climate-related risk disclosures that include land-use change, but also set targets for mitigating those risks," Nash added. About Ceres

Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world's greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.

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(C) 2021 M2 COMMUNICATIONS, source M2 PressWIRE

Stocks mentioned in the article
ChangeLast1st jan.
BLOOMIN' BRANDS, INC. 4.39% 27.34 Delayed Quote.34.86%
BUNGE LIMITED 0.38% 80.29 Delayed Quote.21.97%
PROCTER & GAMBLE COMPANY 0.07% 133.02 Delayed Quote.-4.46%
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Financials (USD)
Sales 2021 4 092 M - -
Net income 2021 230 M - -
Net Debt 2021 689 M - -
P/E ratio 2021 11,4x
Yield 2021 -
Capitalization 2 302 M 2 302 M -
EV / Sales 2021 0,73x
EV / Sales 2022 0,64x
Nbr of Employees 77 000
Free-Float 98,7%
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Number of Analysts 13
Last Close Price 26,19 $
Average target price 34,63 $
Spread / Average Target 32,2%
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Managers and Directors
NameTitle
David J. Deno Chief Executive Officer & Director
Christopher A. Meyer Executive VP, Chief Financial & Accounting Officer
James R. Craigie Chairman
John J. Mahoney Independent Director
Tara Walpert Levy Independent Director
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