The world’s largest meat company, Brazil-based JBS, has finally received approval to go public on the New York Stock Exchange after a long history of corruption charges and environmental controversies, including illegal deforestation in the Amazon. Despite pushback from advocacy groups concerned about the potential environmental impact, the U.S. Securities and Exchange Commission granted JBS the green light for its listing, sparking fears of increased deforestation and methane pollution.
Glenn Hurowitz, CEO of Mighty Earth, a prominent advocacy group, expressed concerns that JBS gaining access to U.S. capital markets could exacerbate environmental destruction in the Amazon rainforest, a critical ecosystem for global climate regulation. The SEC’s decision to approve the listing raised eyebrows, particularly as it coincided with revelations of a substantial donation made by one of JBS’ subsidiaries to President Trump’s inauguration campaign.
The approval comes on the heels of regulatory changes that favor the poultry industry, a sector in which JBS has a significant presence through its subsidiary, Pilgrim’s Pride. The loosening of regulations and the subsequent approval of JBS’ listing have drawn criticism from environmental groups and experts who warn of the potential consequences for climate change and deforestation.
JBS, known for its ambitious climate commitments and pledges to end illegal deforestation, has faced accusations of greenwashing and misleading investors about its environmental practices. The company’s track record of bribery, corruption, and environmental violations has been a point of contention among critics who question its transparency and commitment to sustainability.
The SEC’s decision to allow JBS to list on the New York Stock Exchange has sparked debate over corporate governance and shareholder influence. Critics argue that the restructuring proposed by JBS could consolidate voting power in the hands of the controlling Batista family, limiting the ability of minority shareholders to hold the company accountable for environmental and human rights issues.
Environmental organizations have raised alarms about the potential implications of JBS’ listing, pointing to the company’s significant greenhouse gas emissions and its role in deforestation. Despite JBS’ promises to address these concerns, skepticism remains about its ability to reconcile its business expansion plans with its environmental commitments.
The approval of JBS’ listing will be subject to a shareholder vote in May, with minority shareholders playing a crucial role in determining the company’s future trajectory. However, concerns persist about the dilution of minority voting rights and the potential impact on corporate accountability and sustainability practices.
In a time when the Amazon rainforest faces increasing threats from climate change and deforestation, the decision to allow JBS, a major player in the meat industry, to access U.S. capital markets has raised broader questions about corporate responsibility, environmental stewardship, and the role of investors in shaping sustainable business practices.
🔗 Reddit Discussions
- CMV: A complete and total rejection of the meat industry is required to be moral.
- Clean Meat is at the brink of revolutionising the livestock and fishing industries, expected to hit the market this year. How to invest.
- TIL A consumer reports poll found that 93% of doctors are concerned about the common meat industry practice of using antibiotics on healthy animals