UK Members of Parliament are actively opposing the New York Stock Exchange listing of JBS SA, the world’s largest meat supplier.
The MPs are worried about the company’s impact on climate change and human rights.
They have written to the US Securities and Exchange Commission (SEC), asking to stop the listing.
JBS, based in Brazil, has faced criticism for deforestation and harming indigenous rights. Despite this, they claim to meet environmental and social standards.
The company monitors its suppliers using satellite technology. They also use blockchain technology for further checks.
JBS’s listing plan is part of a decade-long attempt to enter the US market. This move could triple JBS’s value to $30 billion.
The listing involves a new parent company, JBS N.V., in the Netherlands. This change would give the Batista family, JBS’s owners, more control.
It raises concerns about shareholder influence on environmental and human rights issues.
Environmentalists worry about the effects of JBS’s expansion. Studies show significant deforestation in JBS’s supply chain.
The Amazon rainforest, where JBS operates, is nearing a climate tipping point. This could release vast amounts of carbon, worsening global warming.
The SEC’s role is crucial. They review company disclosures before a stock exchange listing.
However, they don’t usually assess the societal impact of a company’s operations. The SEC has proposed new rules for environmental disclosures.
The MPs’ action, JBS’s response, and the SEC’s decision are all vital. These will influence not only JBS but also other large companies and the environment.
The future of JBS’s NYSE listing hangs in the balance, with significant implications for climate change and corporate responsibility.