Green Century Equity Fund uses shareholder advocacy to pressure Lowe's on UDB ... by gimleteye

MIAMI -- The Green Century Equity Fund, an environmentally focused mutual fund, has been engaging Lowe’s Companies, Inc.*, a major home improvement retailer, over the company’s efforts to build a big-box store in critical wetlands territory bordering the Florida Everglades. (click read more for full press release)

FOR IMMEDIATE RELEASE: Contact:
12/30/2008 Emily Stone, Green Century Capital Management
617-482-0800
Adam Rivera, Environment Florida
954-801-6909

Green Century Tells Lowe’s to Respect the Everglades
Mutual fund uses shareholder advocacy to pressure company on sprawl

MIAMI -- The Green Century Equity Fund, an environmentally focused mutual fund, has been engaging Lowe’s Companies, Inc.*, a major home improvement retailer, over the company’s efforts to build a big-box store in critical wetlands territory bordering the Florida Everglades.

Lowe’s has been attempting to build a store in Miami-Dade County that falls outside the Urban Development Boundary (UDB), a line drawn in the wetlands to protect the endangered Everglades from swiftly-encroaching sprawl. Development already extends up to the boundary itself in many areas of the County. The proposed Lowe’s store would straddle the boundary and include more than 10 acres of wetlands officially designated as off-limits to development.

Green Century is working to support concerns raised by the local community and in particular Environment Florida, an environmental NGO that has been activating its members to pressure Lowe’s not to build their store. “Lowe’s has been trying to build on these wetlands for years. The company’s proposal completely counters the efforts made by the Florida community to preserve the Everglades from harmful sprawl,” states Adam Rivera, Advocate for Environment Florida.

The Mayor of Miami-Dade County, along with sixteen local municipalities, the state Department of Community Affairs and over 100 local organizations, opposes the project. Beyond environmental concerns, there are significant financial implications for the local community. Should Lowe’s be granted the permit to develop beyond the UDB, the county will lose its state transportation funding.

The proposed store poses an environmental risk to the Everglades and financial risks to the company as well. Reports published over the past several years, authored by groups like the Christian Brothers Investment Service (CBIS) and Domini Social Investments LLC, delineate the various financial risks inherent in community opposition to big-box development.

“In the seven years that Lowe’s has spent attempting to build this store it has incurred numerous costs from litigation and other fees, and faces serious reputational risk on a broad scale,” states Emily Stone, Shareholder Advocate for Green Century. In April, TIME magazine ran a feature story highlighting the local controversy and potential environmental damage associated with Lowe’s efforts to build in this protected ecosystem. There have been several calls for statewide or national boycotts of the company.

Green Century has been working in coalition with CBIS to pressure Lowe’s on the issue. Green Century recently filed a shareholder resolution at the company asking for increased stakeholder engagement in the company’s store siting policies, particularly in relation to the proposed Everglades store, but also pushing the company to take a more sustainable approach as it plans stores in the future.

“Lowe’s needs to take a step back and recognize the serious risks its proposed store poses not only to the environment but to the company itself,” says Stone. “Green Century will continue to demand that Lowe’s fulfill its fiduciary responsibility and recognize that building this store as proposed is simply a lose-lose situation. We have investments to protect, as well as our environment.”

*As of September 30, 2008, Lowe’s Companies, Inc. comprised 0.66% of the Green Century Equity Fund. Portfolio composition will change due to ongoing management of the Funds. References to specific investments should not be construed as a recommendation of the securities by the Funds, their administrator, or their distributor.


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Green Century Capital Management is an investment advisory firm focused on environmentally responsible investing. Founded by a partnership of non-profit environmental advocacy organizations in 1991, Green Century’s mission is to provide people who care about a clean, healthy planet the opportunity to use the clout of their investment dollars to encourage environmentally responsible corporate behavior. Green Century believes that shareholder advocacy is a critical component of responsible investing and actively advocates for greater corporate environmental accountability.


You should consider the Funds’ investment objectives, risks, charges, and expenses carefully before investing. For a prospectus that contains this and other information about the Funds, call 1-800-93-GREEN, visit www.greencentury.com or email info@greencentury.com. Please read the prospectus carefully before investing.

Distributed by UMB Distribution Services, LLC 11/08