Bid by meatpacker JBS to join New York Stock Exchange faces opposition over Amazon deforestation
ABC News
Lawmakers in the United States and the United Kingdom are urging the Securities and Exchange Commission not to allow JBS, the world’s largest meatpacking company, to be listed on the New York Stock Exchange
BRASILIA, Brazil -- In recent weeks, lawmakers in the United States and the United Kingdom have sent letters to the Securities and Exchange Commission cautioning against the listing of JBS, the world's largest meatpacking company, on the New York Stock Exchange.
Trading on the world's largest exchange would give JBS, which applied in July, access to more capital and enhance its credibility. But the lawmakers, along with environmental groups, argue that expanded capital would allow the company, responsible for much deforestation in the Amazon rainforest, to do even more harm.
"Dozens of journalistic and NGO reports have shown that JBS is linked to more destruction of forests and other ecosystems than any other company in Brazil. The company has made repeated claims that it will eliminate deforestation but has not taken meaningful steps to do so,” said the letter from 15 U.S. senators, released last week.
The U.S. letter, signed by Democrats and Republicans, comes days after a similar letter from 11 British lawmakers that said letting JBS raise capital from shareholders “contradicts global efforts of governments and businesses to take action to mitigate climate change” and to “preserve essential natural habitats.”
A spokesperson for the SEC, which has regulatory oversight of the NYSE, said that they don’t comment on individual filings. JBS and the NYSE did not respond to questions.
