The world’s largest meat company, Brazil-based JBS, has finally received approval to go public on the New York Stock Exchange after years of seeking a listing. Despite a history marred by corruption charges, illegal deforestation, and unfulfilled climate promises, the U.S. Securities and Exchange Commission has given the green light for JBS to make its debut on the prestigious stock exchange.
Advocacy groups have vehemently opposed JBS’ listing, citing concerns that accessing U.S. capital markets could exacerbate deforestation and methane pollution. The move has sparked criticism and fear among environmentalists, who view the listing as a significant climate risk, potentially accelerating the destruction of the Amazon rainforest, a vital ecosystem for the planet’s climate stability.
The SEC’s decision to approve JBS’ listing has raised eyebrows, especially in light of campaign filings revealing a substantial donation made by one of JBS’ subsidiaries to President Donald Trump’s inauguration campaign. Critics argue that the company’s history of corruption, environmental violations, and misleading investors about its climate commitments should have raised red flags.
JBS’ track record includes bribery scandals involving top executives and misleading investors about its environmental impact and emission reduction targets. Despite pledges to end illegal deforestation in its supply chains by 2025 and achieve net-zero emissions by 2040, skepticism remains high regarding the company’s commitment to sustainability.
The listing on the New York Stock Exchange would not only provide JBS with increased visibility and access to global investors but also potentially empower the controlling shareholders, the Batista family, who could see their voting power significantly strengthened. Critics argue that this restructuring could limit the influence of minority shareholders on critical climate and human rights issues.
Environmental groups and regulators have long accused JBS of human rights violations, land grabbing from Indigenous communities, and sourcing cattle from illegally deforested areas. The company’s expansion plans have drawn sharp criticism, with concerns raised about the compatibility of its business model with environmental sustainability.
JBS’ impending shareholder meeting to vote on the SEC’s approval will be a pivotal moment, with minority shareholders holding the key to determining the company’s future trajectory. If the listing proceeds as planned, JBS will transition to a new holding company based in the Netherlands, potentially unlocking access to major investment funds under SEC regulation.
As the debate rages on about JBS’ listing on the New York Stock Exchange, environmental advocates stress the urgent need for stringent oversight and accountability to prevent further environmental degradation and climate harm. The implications of JBS’ market debut extend far beyond the financial realm, impacting critical issues of sustainability, climate change, and corporate governance.
With the fate of JBS’ listing hanging in the balance, stakeholders are closely watching the unfolding developments, mindful of the broader implications for the environment, investors, and the global food industry.