Superstar Team Unite to Take on JBS. Here’s How.
By Glenn Hurowitz
CEO and Founder of Mighty Earth
It’s over a year since JBS first announced its Initial Public Offering (IPO) but opposition has been mounting. Securing a listing on the New York Stock Exchange (NYSE) would give JBS access to billions of dollars to expand its global, climate-wrecking operations. A superstar team of lawyers, policymakers, and campaigners has united to take on JBS, the world’s largest meat company. And we’re getting results. Here’s how:
➡ US Senator Cory Booker led a bipartisan letter to the Securities and Exchange Commission calling on them to scrutinize JBS’ attempt to gain access to trillions of dollars in US capital markets by listing itself on the New York Stock Exchange.
➡ Securities lawyer Kevin Galbraith worked with Mighty Earth to file a groundbreaking complaint with the SEC against JBS’ $3.2 billion in “Sustainability Linked Bonds” because their climate claims didn’t stack up to the fact that every year, they slaughter more animals and haven’t taken action to tackle deforestation.
➡ New York State Attorney General (and legal dynamo) Letitia James sued JBS for making similar false claims in their marketing of meat in the state.
➡ The Department of Justice and SEC fined JBS $256 million for an enormous bribery scheme, publicly blasting the company for “Engaging in bribery to finance their expansion into the U.S. markets and then continuing to engage in bribery…reflects a profound failure to exercise good corporate governance.”
➡ Caitlin Smith and Changing Markets Foundation published “The New Merchants of Doubt,” exposing how JBS spends just $20 million annually to meet its net zero goal…and $294 million on advertising.
➡ Raisa Pina, a researcher at the Universidade de Brasília, published an investigation into how JBS used public funds to support its global expansion, but didn’t deliver commensurate returns for the Brazilian people.
➡ Andrew Shalit of Green Century Funds is marshaling a multi-billion-dollar investor coalition to persuade JBS customers to adopt major changes.
➡ Caroline Dihl Prolo of fama re.capital is mobilizing investors to transform the Latin American carbon majors.
➡ And we at Mighty Earth are working directly with retailers like Carrefour and Tesco to drive JBS to drop hundreds of suppliers linked to deforestation, cut methane pollution, and shift to alternative proteins.
This perfect storm – and the change it’s driving on the ground – were the topic of our webinar last week about novel legal strategies, public campaigns, and insider engagement. It shed light onto how one of the world’s most climate consequential industries are being driven to change. Hope you find it as fascinating as I did.
